BBVA Perú released information on Apr. 29 about secured credit cards, explaining what they are and how to apply for one in Peru.
A secured credit card requires users to make a deposit as collateral, which typically matches the amount of the credit line. This type of card is designed for people without a credit history or with low scores, offering them an opportunity to build or rebuild their financial record. The bank said that responsible use of these cards can help improve one’s credit score and provide access to better financial products in the future.
The application process involves choosing a financial institution, meeting specific requirements such as being of legal age and having valid identification, making the required deposit, and submitting an application either at a branch or online. BBVA Perú stated that after evaluation and approval by the bank, customers receive their card at home or at a branch. The organization highlighted benefits such as accessibility for those with limited or no credit history, improved control over spending due to the deposit requirement, and increased security when making purchases both online and in physical stores.
The press release also included practical advice on avoiding unnecessary debt. Recommendations include creating a monthly budget, using credit responsibly by paying more than minimum payments when possible, saving for emergencies instead of relying on loans with high interest rates, comparing prices before buying items, reducing non-essential expenses like unused subscriptions or frequent takeout orders, seeking additional sources of income if needed through freelance work or investments like mutual funds, and improving financial education through available resources.
BBVA Perú supports education and social development through programs such as Leer es estar adelante and other foundation efforts aimed at inclusive growth according to the official website. The company provides services throughout Peru via its network of branches and digital channels according to the official website, maintaining local ties while being part of the global BBVA group according to the official website. It operates under strategic governance from its board of directors according to the official website.
As reported by its official site here, BBVA Perú works towards making opportunities accessible across communities in Peru by supporting people’s aspirations through both physical branches and digital platforms. The institution has also partnered with community groups since launching an initiative focused on education and social advancement in 1973.
