Dominican Credit Card

Forget it mate. The only way to get a credit card here is to know someone in the bank that’s gonna help you work around the system. No one is gonna help you.

its funny that I’m currently at the bank now trying to unblock my debit card for the 9th time this year.

from this 9 times, 5 I managed to unblock by phone, other times, like this one, you have to come to the bank and waste your life.

@ynotbdiving Hey thanks for sharing that info, it was definitely helpful knowing this. I applied for a credit card at both at Popular and BHD months ago and took them all of the credentials they asked for and both banks advised me that the United States has put some sort of hault on loan approvals and to wait on further instructions. I beleive its because there's been a Hugh exodus of Expats leaving the United States to move here and the US isn't liking it. There's no other way to explain it. The Dominican Republic has always welcomed expats because it's bringing wealth into its growing economy but the US controls them with so many restrictions that it makes transitions and transactions very difficult.

This is absolutely normal here.   Credit card rates are 60%.  Loan rates are high. Customer service sucks. No one cares!

8 months history is nothing. Your deposits do not matter.  No one returns calls.  Lots and lots of charges. They do tell you by posting or emailing those ridiculous,small print documents that no one can truly understand!

Forget trying to get a credit card here. Issues will never be resolved. Overcharges will never be resolved. Your card will be constantly blocked because you actually used it! 

A debit card will actually work for travel reservations and far less hassles.

@shaddaione

Yes Sir. They don't like it when you escape the spider's web  But, there are ways around everything, you just have to figure it out.

But just so you know, Banco Popular is a Puerto Rican owned bank (enough said with that). BHD is 100% Dominican although one of the larger banks in Spain has a 5% equity interest.  In fact, BHD just recently opened a branch in Spain, the first Dominican Bank to ever do so.  But you are correct in that the banks here have been feeling the pressure.  It's been a real problem lately as some will not even open accounts for foreigners unless they have have residency but you need a local bank account to apply for residency in the first place.  The "Fed Now" thing is due to go live in July and that is going to be "Big Brother" on steroids.  So, that could be part of this scenario as well.  They don't want you escaping the drag net

I would say for now stick with a Visa or Mastercard debit card attached to your Peso Savings Account (you can't get one for a USD or Euro account).  You can buy off of Amazon with it and of course use it locally as well.  Personally, I have been here 25 years and I don't have a credit card and I don't want one.  They have been chasing me for years and I still get SMS offers from the banks (and telephone cold calls) offering me a credit card.  I have told all the girls in the banks I am NOT paying the bank any interest, I want the bank to pay me interest, not the other way around.

Good Luck,

John

I have a US dollar debit mastercard with BanReservas right now.  So yup you can get them at some places. Its intended for international use.  Which is exactly what I use it for!

To be clear its a DEBIT card not  a CC.

John the changes coming will be interesting.

@ynotbdiving

Here is a secret.  Scotia Bank is THE WORST bank for expats.  You wouldn't think so, you would think it's a Canadian Bank, must be safe, etc.

Of all the regular "Class A" licensed banks you might want to try Banco Santa Cruz.  They are growing and now have an investment department if you want to buy bonds (they head hunted some of the staff from BHD ).

There is nothing wrong with some of the smaller banks, such as Lopez De Haro but just keep in mind they are more like a S & L in the US in terms of the banking license.  Over they years they offer more types of accounts and services than they did in the past but they don't always have the same cadre of services of a "Class A" licensed bank.  Some of the "Savings Banks" are OK as well.  Banco Ademi is OK too, but again just be aware of the banking license they hold which means not all of the same services. Vimenca has a banking license, you can try them.  I have a client that had no problems at all with an account at a agricultural credit union in Yamasa although that may be a bit out of the way for you although they do have a branch in Villa Mella (Santo Domingo) but the branch is not much to look at (I won't lie to you).

Good Luck,

John 

I am Canadian and I detest Scotiabank here.  They are a Dominican bank and behave like a bad Dominican bank.  Grrrrrr.

I have heard only good things about Santa Cruz for  individuals.  They are not great in terms of business needs though.  For that I use Popular and Reservas. But frankly, they all suck.

Appreciate the feedback and suggestions from everyone.  I'll trash the idea of a DR Trajeta de credito.

My partner has an account with Banreserva, with a great English speaking senor rep, so going to turn it into a joint account and move all funds out of Scotiabank.

John, I really like your reference, "banks paying interest rather than acting like a government and always taking money" - would make a great marketing line for a referendum.  But I'm no politician.

I like that line too!  Wish it would happen.

I live here for over a year now. My company helped me getting the DEBIT card (master) from Banreservas, USD Card. Works great, when it's not blocked.

I can get a Credit card, but only if I put money up front, so no thank you!

Trying working around the system now with some friends that work in Popular... lets see how it works.

Popular is more difficult in my experience.

And I agree a CC with a deposit isn't really a CC. Same as a damn debit card!

@planner I have that same US dollar debit mastercard with Banreservas. Since I had 1.5 years with my BHD pesos credit card, I accumulated enough credit history to get a credit card with Banreservas which has separate pesos & USD limits. It is very useful when traveling internationally. The interest rate is high but not 60% like Scotiabank. However, it is great for building credit. You can monitor your Dominican credit through a government platform called Prousario. An Uber driver put me on this application and it has been super helpful. I recommend building a Dominican credit history if you plan to finance a home or property in DR with a Dominican bank.

@planner Popular has also been extremely difficult for me. I have been approved for a credit card but they have yet to issue. In my experience,  Banreservas is much easier work with.

Agreed. Credit history here will be a useful tool for some! 

I’ve never had a problem with the U.S. credit cards here  and the way the thieves are getting their hands on the account numbers of credit cards ,  I wouldn’t know if you would still have the consumer protection you would with the more established cards, just trying to imagine myself explaining to someone from popular that I didn’t buy the item listed on the bill…..🤔

@planner

Banking is a service business, which is to say a "people" business. If you can find the right "people" to help you in the bank life is easier. But you are correct ALL banks in the Dominican Republic are locally licensed Dominican Banks regardless of who the foreign parent bank in another country is.  Ironically, Scotia Bank was the first foreign bank in the country (since 1913 if my memory serves me) and they only had a few branch for more than 80 years.  It was only when BanInter went under and they bought all of their branches for US$15 Million in cash (a very good deal) did they expand overnight as they did.

Regards,

John

Agreed. Sadly most have no concept of service.

Yer know I went and opened my account at Banreservas years ago and the girl was very good , she installed the bank internet on my phone so she could install the bank app for me and I could use the translator on my phone to correspond w/her , she was great, then they moved her to another bank branch… so now I go to the bank and ask the new person about the problem I’m having with the bank app and they say they can’t help me because I hav no internet on my phone and they’re not allowed to hook me up to the bank’s internet …..I ask how am I supposed to do banking at a bank that doesn’t want to fix the problem I’m having, so long story longer I bet yer with the problems every one else is having w/other banks a lot has to do with which bank rep you get that day and how much the bank rep wants to really b helpful…..