Apply for the Bancolombia Credit Card: What is it, Types, Requirements, Benefits, Features and MORE

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Are you a Bancolombia client and want to know how Apply for the Bancolombia Credit Card? Here we are going to tell you how to do it. But also, we are going to provide you with information that will allow you to choose the product that suits you best and adapts to your needs.

Remember that a purchase with a credit card is like a loan that must be repaid. With which, that loan has a percentage rate that you must pay if interest charges accrue. Keep reading to find out about this and other things that can help you when applying for the card.

Do not stop! Continue reading!

What is the Bancolombia Credit Card?

It is a financial instrument that allows holders to borrow funds to pay for goods and services with merchants that accept payment cards.. This is on the condition that cardholders return the borrowed money, along with interest, before the billing expiration date.

With the Bancolombia Credit Card you also have a cash line of credit that allows you to request cash advances. You can access them through bank tellers, ATMs or credit cards.

Bancolombia credit cards work as a rotating quota, which is assigned after having analyzed your credit history. Which is added to the analysis of your income and your ability to pay, to decide if you are eligible to have a credit card.

Types

In Bancolombia there is no single type of credit card, on the contrary, its product portfolio includes the MasterCard, Visa and American Express franchises. Each of them has particular service conditions, namely:

  • Variable interest rates.
  • Balance transfer program.
  • Rewards program, which accumulates points that can be exchanged for rewards according to the purchases you make.
  • Credit cards:
  • Premium, which offer many advantages and benefits, such as concierge services.
  • Retailer, related to specific stores that offer rewards or discounts on your purchases at that store.
  • Insured, which require you to make a security deposit against the credit limit.

Requirements and Documentation to Apply for the Bancolombia Credit Card

The requirements for Apply for the Bancolombia Credit Card they vary depending on the type of credit card you want to apply for. They exist from financial instruments for very young people with little income, to cards for people with a solid credit and financial life with multiple benefits such as a travelers club.

However, we can find some requirements that are common to all products and that are mentioned below:

  • Be of legal age and possess a valid identity document.
  • Have a minimum income level according to the type of card you want to obtain.
  • Have a credit history and not be reported in credit data.
  • Have a receipt that can certify the income you present. This certificate can be for payroll or the movement of a bank account in your name in case of generating your income independently.
  • Have the invoice of a public service that can prove your address and that it corresponds to the one indicated in the bank.

How to apply for the Bancolombia Credit Card?

Applying for the Bancolombia Credit Card is very simple, as you can apply online. You just have to follow the steps shown below:

  1. Entersa in the Bancolombia official website.
  2. Select the credit card you want to request. For this you can use the option to compare or the facilities that they offer you to prioritize according to the use you want to give it.
  3. Enter all your basic personal and work information.
  4. Authorize Bancolombia to contact you through your cell phone number and / or email.
  5. Press the «Next» button.

A bank employee will contact you and inform you of the steps to follow and the requirements you need. Remember that you can also make the request through the chat or the telephone or physical branches. The minimum income requirement to apply for a card is a minimum wage.

Benefits offered by the Bancolonbia Credit Card

A credit card is a convenient financial product that can be used for everyday purchases like gasoline, groceries, and other goods and services.. It can also be a great resource for buying expensive items like televisions, travel packages, and jewelry. Well, the funds for these items are not always immediately available to us.

The convenience of having a credit card is determined by the advantages they offer us. Reason why, we expose some of its benefits so that you can make the right decision:

  • They generate credit history.
  • They have rewards programs like cash back or mileage points.
  • They protect against credit card fraud.
  • They provide greater purchasing power.
  • It is not linked to checking or savings accounts.

Additionally, Bancolombia Credit Cards provide you with other benefits if you are an employee or pensioner and receive your payments through Bancolombia. These benefits include:

  • 100% exemption on the handling fee for traditional MasterCard, Visa or American Express personal credit cards. This is done during the first 12 months after the card is issued.
  • Application of the revolving credit Crediágil. If you are an employee or pensioner and you receive your payments through Bancolombia, we give you a 100% exemption on the handling fee. This during the first 3 months after purchasing the product.
  • Application of special interest rates throughout the term of your Free Investment Credits. If you receive your salary or pension from Bancolombia, you get an interest rate below the rate assigned to you.

If you work in a company with a settlement agreement with Bancolombia or receive a pension from FOPEP or Protection, you opt for credits with favorable rates. Do not worry about the date of your credit installment, it is deducted from your payroll or pension.

Credit Card Features

When used responsibly, credit cards can be valuable tools for earning rewards, traveling, managing emergencies, and building credit.. Banks generally develop services for cardholders, which allow credit cards to have certain characteristics.

A credit card can have rewards programs, that is, it rewards the cardholder for making purchases. Rewards may vary by franchise and card type.

Some rewards come in the form of cash back, discounts on gas station purchases, and even travel miles. For those who use their cards regularly, earning rewards is one of the main advantages of credit cards.. Since cardholders can redeem them for things they were already going to buy, as well as an occasional gift.

Credit cards can also be beneficial when traveling. This is because some of the major hotel and car rental companies require a hold on a credit or debit card to reserve a vehicle or room.

This procedure can take several days and during that time, the amount of the hold is not available for use.. Because you may not have the necessary funds in your bank account, credit cards increase your purchasing power, providing you with the necessary funds when you need them.

Other characteristics of the Bancolombia credit card

  • Having the credit card in your possession, you must activate it immediately by calling the service line 01800 912345.
  • After activating it, you can make use of the available space of the card in all the channels enabled by the bank.
  • They have up to 36 months for national purchases and automatically 24 months for international ones.
  • The program Recognitions offers you something different every day so that you are always enjoying new experiences.
  • You also have the possibility of acquiring unemployment insurance, where they will help you with your credit card payments while you get a new job.

Like most financial products, credit cards are best enjoyed when used responsibly.. It is essential that anyone who decides to open a line of credit consider how they plan to make payments and how to use their new purchasing power responsibly.

It can be beneficial to use a credit card for purchases that allow you to pay off the balance within a reasonable time. However, if there is no plan to pay off the balance, you will likely continue to accrue interest.. This reduces purchasing power and potentially limits the benefits of having a credit card.

A good rule of thumb for using credit cards responsibly is not to use them for impulse purchases or unaffordable items.. Especially if you cannot pay them within a reasonable period of time.

We hope that the information we present will help you to Apply for the Bancolombia Credit Card that best suits your needs. As well as, to use this important financial product in a responsible way.

Thanks for reading!

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