Credit Card Application

you can forget about it...

That is to say, they will not give newcomers a cc, and if you would find a bank who would do it, then they would demand you put f.e. 1,000$ in a blocked account, and they would give you a card with a limit of 800$. You would however get the interest on the blocked amount.

BP now offers a Visa debit card with chip, and security code which you can use as an atm-card or for purchases on the internet. It is attached to your savings account with them, and the limit is of course the money you have in your account.

Hope this helps.

BelgianK

yes, you will only be able to get financing if the bank knows you since years.

You can get financing privately, but that is a big nono, unless you are comfortable paying 36% interest per year.

BelgianK

cutesheng12 said:

Okat, thanks for the info.

Click to expand...

sorry for the negative but real info

BelgianK

After 2 years here and a savings account with Popular..............
I applied for a Visa credit card, not a debit..................
Was approved (without a cash security) and they have since doubled my line of credit every year (every June)............I'm never late...........
Utilities report your payment records and if NOTHING is late, Popular will give you a Visa CC
Many stores will give you credit with them, but they don't report..........

B in Santiago

If you have a cedula, and something to your name (phone, cable, electricity) with good record, it's just a matter of time before banks start calling you to offer credit cards. And I mean ALL banks, even some you didn't know existed...

I have an account at BHD and they are always asking me what services they can offer me like Credit Card....etc.

I went to popular today to open an savings account with the visa debit card and they said I can't open an account with the temporary cedula. so should I use the temporary residency???

Be VERY Aware, Banks here charge VERY HIGH monthly interest rates if you carry ANY balance forward.
If you already have a "CC" from another country, it should be good here as well.
Some foreign banks ask you to call and authorize them to accept DR charges before you can use your card here.
I think the "OP" is in for a LOT of "DR Surprises"!!!!
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Criss Colon said:

Be VERY Aware, Banks here charge VERY HIGH monthly interest rates if you carry ANY balance forward.
If you already have a "CC" from another country, it should be good here as well.
Some foreign banks ask you to call and authorize them to accept DR charges before you can use your card here.
I think the "OP" is in for a LOT of "DR Surprises"!!!!
CCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCCC

Click to expand...

Credit and debit charges for foreign cards are high in the DR. Up to 5% including poor rate of exchange $ etc. to pesos. Some cards although healthy and working elsewhere internationally do not work in DR.

Open a dollar account with DR bank and transfer money in dollars. tdameritrade will do it for free. You can open an account with them in a couple of days. To open a dollar account in the DR you need need about $500 in cash. Some accounts take a fee when you transfer in money but I believe some banks such as Popular have accounts that do not charge.
They also have peso debit cards good for only the DR but with no withdrawal charges from machines.

Normally a slightly higher rate of exchange outside major banks at moneychangers or banco caribe. Count money carefully before leaving counter if you don't see cashier counting it properly. Ask for notes other than 2,000 pesos if not paying a major bill. Can be difficult to change.

If you must have a DR international credit card expect to deposit twice the credit limit with the bank in a very low interest dollar account. For example for $4,000 credit limit expect to deposit $8,000. Pay off in full every month - interest rates are high.

yapask1

You can get a DR debit card that is good outside of the DR.. BHD has them. You have to ask for it. It is in a Peso account, but it converts to US dollars when you use it.