In this article, we’re exploring whether or not Panama banks issue credit cards. We’ll also dive into the fees of Panamanian credit card services and other banking services that non-residents need to consider when applying.
This article is part of our free series on Panama banking services. You can access this series right now by using the link above.
In addition to detailed account opening guides, this free series on Panama banking also discusses the largest banks in Panama, Panama opening requirements, the costs of banking in Panama, and much more. Use the link above to start exploring all of your free Panama banking content right now.
Alternatively, use the table of contents to continue exploring more information on Panamanian credit cards.
Table of Contents
- Do Panama Banks Issue Credit Cards?
- Frequently Asked Panama Banking Questions
- Do You Want to Open a Panama Bank Account?
Do Panama Banks Issue Credit Cards?
Yes, Panama banks issue credit cards to their account holders. Most credit cards come with attractive benefits and rewards programs. The cards available to you will vary, so it’s important to review the card’s eligibility criteria before applying.
Credit card offerings will vary between financial institutions and credit card providers. It’s important to note that not all banks in Panama issue debit cards, electronic payment cards, or credit cards. And, of the ones that do, not all cards offer the same benefits and rewards programs and not all credit cards are suitable for every client type. Before applying for a credit card in Panama, it’s important to compare the cards available to you. More specifically, the credit card’s fee structure, rewards programs, interest rates, and eligibility requirements. It’s also important to consider the accessibility feature, whether or not the bank offers mobile banking to check your card balance and pay your credit card balance.
Obtaining a credit card from Panama, whether you’re a resident or non-resident, is 100% possible.
What Are the Fees for Panamanian Credit Cards?
The fees for Panamanian credit cards vary between financial institutions and credit card providers. Common fees may include, interest rates, late payment charges, annual (or monthly) fees, and foreign transaction fees. Before applying for a Panamanian credit card, reviewing the terms and conditions, including the applicable fees, of the cards available to you is important. This way, you choose credit cards you are eligible for, can afford, and that align with your financial needs.
If you are interested in learning more about banking in Panama, don’t forget to visit our comprehensive guide on Banking in Panama, available in the link above.
Alternatively, if you would like to explore all of your offshore banking options, download our free guide and compare Panama to some of the top banking jurisdictions available.
Do You Want to Explore All Your Offshore Banking Options?
Frequently Asked Panama Banking Questions
Below are a few of the most common questions we receive from people exploring if Panama banks issue credit cards. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can You Use Debit Cards in Panama?
Yes, you can use debit cards in Panama. Most major banks in Panama issue debit cards when you open a bank account. These debit cards can be used at various establishments and ATMs in the country. International debit cards can also be used in Panama, though international transaction fees can apply.
Does Panama Have Credit Cards?
Yes, Panama has credit cards. The credit cards available to you will depend on the bank you choose to open an account with. Most credit cards in Panama offer a variety of features, rewards, and benefits. Eligibility criteria, features, and cards will vary between financial institutions. It’s important to explore the credit card offerings of each bank to ensure you choose a card that aligns with your banking needs.
What US Banks Operate in Panama?
The US banks that operate in Panama include Citibank and JPMorgan Chase Bank. Citibank has a general banking license to operate in Panama, whereas JPMorgan Chase Bank has the authority to act as a representative in Panama. Neither of these banks offer retail consumer banking services. Instead, they offer commercial and investment banking services.
Do You Want to Open a Panama Bank Account?
If so, you can access GlobalBanks IQ and start the process of applying in Panama in a few clicks.
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And “yes!” GlobalBanks IQ helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks IQ even helps non-resident, foreign & offshore entities open bank accounts.
To learn more about opening accounts with GlobalBanks IQ, use the link in the top menu. Or, contact us directly with any questions!
