The main difference between a debit and credit card is that the first is associated with your balance in the savings account, that is, you spend what you have; while credit allows you to operate with money loaned by the Bank, that is, you can pay what you don’t have. Here you can review more differences between the two:
1. To pay with a debit card in a store, make online purchases, and money transfers, you only need to have a balance in your savings account and a PIN to validate the purchase. With a credit card, you do not need to have a balance in your savings account, but you must stay under your card’s credit limit.
2. With the credit card, you can pay both in Peruvian soles and in international currencies, usually transferred to dollars.
3. Unlike the debit card, you can pay in fixed installments with a credit card. These can be with or without interest, depending on the trade or offer you make the purchase.
4. When using a debit card, the amount of money is instantly charged to your savings account; on the other hand, with the credit card, the charge is made on a fixed day each month, where the invoiced amount is settled and charged at the savings account that you have associated with the payment of your credit card. If you have a credit card but do not have a savings account, you can pay your card’s billing at any branch of the Bank.
5. The credit card charges interest to the holder when withdrawing money or splitting payments. These interests are not frequent in debit cards.
Benefits of a credit card
1. You can make purchases or have money when you don’t have cash.
2. It helps you keep your finances in order and avoid debt.
3. You pay a fixed day each month.
4. In addition, you have the option of paying in fixed installments, which is very useful for more considerable expenses such as studies, technology, or travel.
5. You can make international purchases, buy online and pay your subscriptions to Apps like Netflix or Spotify quickly and safely. Find out here how to buy online with your credit card.
6. Allows you to create a credit history. Thus, if you are responsible for your payments when it comes time to apply for a large loan, it is more likely to be approved at a lower interest rate.
7. You can access hundreds of benefits in stores, restaurants, apps, travel, and more. Plus, you get rewards and points just for using it. These vary depending on whether it is Visa or Mastercard and by category.
How to get a credit card?
Getting a credit card is very easy; we list the requirements that you must take into account:
1. Be 18 years of age or older.
2. Have working seniority greater than or equal to 6 months (if independent, documentation is requested to prove it).
3. Have a minimum income that varies according to the card type.
4. Have the following documents: DNI, a utility bill (electricity, gas, or water) in the applicant’s name, verify the address, the last pay stub, and an income statement.
5. Have Peruvian nationality or residence.
6. Having a positive credit history is a fundamental requirement to obtain a credit card: All credit card applications are subject to a credit evaluation by the financial institution. It is essential not to appear on Infocorp or another blocklist of defaulters.
7. In addition, some basic information is requested:
– Name, date of birth, and ID number.
– Estimated annual gross income.
– Situation concerning the dwelling (owner or tenant and monthly payment).
– Residence and time that you have been in it.
– Signature (or digital signature) and date of the contract.
If you meet all these requirements, you can now apply for your credit card, either in person at our branches or 100% online, in 3 simple steps without leaving home.
How to use your credit card for the first time?
The most important thing to use your credit card for the first time is to activate it, verifying that you are the user through a security code that you will receive on your phone, email, or bank app. Once activated, you can change the password or PIN. We do not recommend using your date of birth or a code that is easy to decipher, choose a safe one that you can remember, and voila! You can now use your card.
Activate it at BBVA through the BBVA Wallet App in 3 simple steps. You can also deactivate it whenever you want if it is lost or stolen.
Remember that to make purchases online, before entering your card details, you must verify that it is a secure site and that the web address corresponds to the store or business you are buying. Check how to guarantee the security of your online purchases here.
Which card suits me the most, Visa or Mastercard?
Both Visa and Mastercard have attractive benefits for you, which vary by category and can change from month to month. In addition, with both, you can accumulate BBVA points to exchange for cash and buy in more than 5,000 establishments. Undoubtedly, the decision of which one favors you the most must be made by you, according to these factors that differentiate them:
1. Minimum required income
2. Interest rates
3. Total costs
4. Penalty for non-payment
5. Additional benefits
7. Insurance required