Credit Cards

To further establish yourself in Colombia (and to increase your chances of getting a loan in Colombia when you’re ready to buy property in Colombia), you might want to consider getting a credit card in Colombia.

Costs and Benefits

It’s easy to get a credit card if you work for a Colombian company. You can usually get your application approved after receiving regular income for three months. Of course, you should know what you’re getting into: credit cards come with a high APR in Colombia–we’re talking 34%.

However, by using it responsibly and establishing good credit in Colombia, you can earn yourself a home loan with 9% interest. If you’re not interested in or able to make a real estate purchase in cash, this benefit alone is enough to warrant getting the card.

Credit Card Use in Colombia

You’ll notice as you use your card that you will have an option to make multiple cuotas, or payments, on almost anything you buy, from new furniture to a meal at a restaurant. Cards are widely accepted, but you will run into smaller shops and restaurants that accept cash only.

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Related Topics of Interest for You:

Popular Business for Expats in Colombia
How to Sell Your Property in Colombia
Mergers & Acquisitions in Colombia

If you want a credit card in Colombia, Colombia Legal & Associates can assist with many credit applications. We have qualified, experienced Colombian accountants who can produce income certifications, tax returns, and financial reports as needed. Contact us for more information or to get started.

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