Know the banks that offer credit cards with no handling fees

One of the most surprising announcements this week was Bancolombia, which presented its first credit card to the country without management fees. It is the free American Express card, developed to complement the wallet the organization has for its customers.

In this sense, the specifications of the card have been defined, which offers quotas between $ 400,000 and $ 10 million, billing in pesos and dollars, the possibility of canceling the debt in the time that the customer prefers., modification of the term of purchases, as well as advances of the total amount with disbursement on account. The card can be requested now at # 263. It will have shares ranging from $ 400,000 pesos to $ 10 million Colombian pesos.

“Our premise as a bank is about listening to our customers, and that’s what happened here: We understand that people want to have a means of payment, which at the same time finances their consumption needs and has no associated charges “, says Cristina Arrastía, Bancolombia’s Vice President of Business.

To meet the demand for a product without a handling fee, the organization eliminated the costs of having special benefits associated with a credit card, such as insurance, medical care, home, travel, and accumulation. points, among others.

Finally, Carolina Lamiaux, American Express Regional Head of Business Development, said, “American Express is proud to introduce this alliance that demonstrates our brand’s commitment to the country, as well as a desire to continue investing in the market. Colombian with the best value proposition for customers “.

The competition

In this sense, Bancolombia responds directly to NuBank, which arrived in the country at the beginning of October, and which in just 24 hours received requests for access to its card from 20 thousand people. Here begins a new credit card race.

It also responds to Rappi, whose card will be available to Rappipay users. and will allow them to manage all their information from the Rappi app.

Another advantage offered by this card, like the Nubank one, is that they won’t have lifetime management fees; They will also be able to receive cash back for their purchases and a referral program.

Finally, they can also have a personal banker who will be in charge of giving personalized attention to each of the users.

Similarly, this launch allows Colombians to formally enter the credit market in the country. “Offering credit makes all the sense in the world because it offers more possibilities for companies to sell in installments and gives users new facilities to buy in the app. The credit card comes to make life easier for our users with a non-premium premium product, ”said Gabriel Migowski, director of RappiPay in Colombia.

The demand for cheaper products for the pockets of Colombians, who continue to be affected by the coronavirus crisis, has banks in Colombia struggling to attract customers.

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