Credit Card In DR

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slimshade328

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Dec 4, 2005
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I am American, and working on DR residency. At what point may I apply for an American Express Card, using only my Dominical info (name, address, etc. ). I want to start a new financial future in DR; one that does not link up with my USA financial interests.

Also, how do DR credit card companies evaluate credit over there? I do not have credit in DR yet, so how do I establish some?

Okay, I think everyone has a general idea as-to what I need, so any help is welcomed and appreciated in advance.

Slim
 
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carina

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Mar 13, 2005
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If you have a bank account here, residency or not, as being a foreigner you can apply for a local card, as soon as you can give proof of work, income and an address.
A local card works only in DR, and you will need to deposit about 20.000 pesos, which is 60% of your limit on the card.

Other options are debit cards.

International creditcards are given by AE, Visa international etc, so you can not have any depts or simular.
 
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carina

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Mar 13, 2005
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Addition: This is info I got when requiring on behalf of a person just arrived here at the bank I use, Republic Bank.
Other banks may have other terms.
 
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slimshade328

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Dec 4, 2005
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Okay. I am interested, primarily, in American Express. I cannot have any debts? I wouldn't mind seeing an application for credit with their company.
 
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slimshade328

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I just used the American Express application online at (www.americanexpress.com.do) and I browsed the entire application.

It asked for Name, Address (in DR), phone number (in DR), either passport number, Social security number of local ID number.

Is my local ID number going to be my cedulla number?

I think I should have everything necessary when I establish my own company there, because I would need to verify my own employment (I work for myself). It also asks for my banco information, which may link me to the USA, because I do not really trust a large deposit in Dominican Banks. I wonder if they call and check my balance.

Does anyone know why they need my checking account information (or savings account information)?

Do you all have credit reports in Dominican Republic?
 
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Eddy

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Jan 1, 2002
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slimshade328 said:
I am American, and working on DR residency. At what point may I apply for an American Express Card, using only my Dominical info (name, address, etc. ). I want to start a new financial future in DR; one that does not link up with my USA financial interests.

Also, how do DR credit card companies evaluate credit over there? I do not have credit in DR yet, so how do I establish some?

Okay, I think everyone has a general idea as-to what I need, so any help is welcomed and appreciated in advance.

Slim
Click to expand...
Unless you have a special reason for American Express, I suggest you applying for either Visa or MC. Several businesses do not accept AX. Personally I hate AX but that's another story.
As for a credit rating, Just borrow 40 or 50G's (Pesos) and pay them back within a couple of months. You will have paid a little interest but you will get an instant AAA credit rating.
 
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carina

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Mar 13, 2005
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slimshade328 said:
I just used the American Express application online at (www.americanexpress.com.do) and I browsed the entire application.

It asked for Name, Address (in DR), phone number (in DR), either passport number, Social security number of local ID number.

Is my local ID number going to be my cedulla number?

I think I should have everything necessary when I establish my own company there, because I would need to verify my own employment (I work for myself). It also asks for my banco information, which may link me to the USA, because I do not really trust a large deposit in Dominican Banks. I wonder if they call and check my balance.

Does anyone know why they need my checking account information (or savings account information)?

Do you all have credit reports in Dominican Republic?
Click to expand...

For an international cc any cccompany does the same creditcheck as if applying anywhere in the world.
For a local cc, as per previous posting.

Your local ID is your cedula #.

The bank info they want to check your bank history.

Cedula or not does not really matter for foreigners when it comes to creditcards.
If it international, it is the same checking system as anywhere, and if you want a local card you will still need to deposit money, and give proof of an income of 10.000 pesos or above/month.
 
Tamborista

Tamborista

hasta la tambora
Apr 4, 2005
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The only way you can establish a new credit history is locally, by taking a "secured" loan and paying it back promptly as Eddy suggested.
 
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K

Kiwicanuck

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www.kiwicanuck.com
Try a Swiss Bank

slimshade328 said:
I am American, and working on DR residency. At what point may I apply for an American Express Card, using only my Dominical info (name, address, etc. ). I want to start a new financial future in DR; one that does not link up with my USA financial interests.

Also, how do DR credit card companies evaluate credit over there? I do not have credit in DR yet, so how do I establish some?

Okay, I think everyone has a general idea as-to what I need, so any help is welcomed and appreciated in advance.

Slim
Click to expand...

On a lighter note. Maybe there is only a slim chance of getting a card if one has a shady back ground.

Kiwi Bruce
 
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slimshade328

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Dec 4, 2005
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Well, it sounds like I won't have too many issues with getting a credit card approval in DR once I establish business there. I just wanted to see if there was anything special I needed to do.

Thanks.
 
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ricktoronto

Grande Pollo en Boca Chica
Jan 9, 2002
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You still have to qualify and with a brand new small business you probably won't. And a company like AMEX will want more of a history than 2 weeks and will thus check your US credit record. Did you not pay your bills at the same time you were defrauding someone?
 
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slimshade328

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Dec 4, 2005
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LOL -- I have good credit here.

KEY WORDS: "separate" finances than USA finances.

If I am applying for a card THERE with my DR identification info (driver license #, DR cedulla, etc.), then there is no apparent link to my USA financial affairs.
 
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carina

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Mar 13, 2005
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You need to provide your passport as well. Citizenship also needs to be provided, cedula is not enough, not to apply for a cc or to open a bank account here.
 
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GringoCArlos

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Jan 9, 2002
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Dominican credit cards are hard to get for a foreigner. I have known of only one retired US friend who got a credit card here, and it was through BanInter because he had a substantial savings account with them. He had to make an initial deposit to get the card too.

I got mine by a referral from a friend to management of the bank, and the only thing I had to provide was a copy of my cedula (no deposit or other documents). I don't have any other accounts with them. The bank also doesn't charge me an annual fee for the card.

After using it for awhile, it has now turned into a platinum card with reasonably high limits in pesos and dollars, which my friend says aren't freely handed out here as all of the credit card companies seem to do in the US.
 
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carina

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Mar 13, 2005
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That is correct GringoCArlos, I got mine with a cedula only as well, but having had a savings account with the bank for a long time, and with an amount that the bank "like".
Coming as a newbie, with a new company, neither one with a history businesswise, or bankwise as the OP asked about, won?t even be enough for a local creditcard.

My guess is the bank, any bank, will offer a bankaccount ( that also have requirements to be opened such as 3 references and letter of credit from the foreign bank ) and a debitcard or a prepaid creditcard, or they will ask for a large deposit of 60 % of the limit for a regular local creditcard.
 
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