Belize Credit Card: Getting Started And Application Process

If you're looking to get a credit card in Belize, there are a few things you should know. Firstly, while credit cards are gaining popularity in the country, they may not be widely accepted outside of tourist areas, restaurants, bars, tour offices, and hotels. It's also worth noting that cash is the more popular option in Belize, so it's a good idea to have some local currency on hand. When it comes to credit cards, Visa and Mastercard are the most commonly accepted, while American Express and Discover cards are less frequently accepted due to their high merchant fees. To get a credit card in Belize, you'll need to follow a few steps. First, decide if you need a personal or corporate account. Then, choose a local bank that offers accounts in the local currency and has a solid reputation. Gather the necessary documents, such as a copy of your passport, proof of address, and employment verification. Finally, submit your application and provide any additional information or documentation as required by the bank.

Choosing a bank

When choosing a bank in Belize, it is important to select one of the major banks that offers a range of services, including ATMs, and has a solid reputation. It is also important to ensure that the bank offers accounts in the local currency, the Belize Dollar, rather than solely in US Dollars.

Some of the popular banks in Belize include Belize Bank Ltd., which offers Mastercard credit cards, and Atlantic Bank, which has a branch at the international airport.

When deciding on a bank, it is worth considering the requirements for opening an account and obtaining a credit card. Most banks will require a range of documents, including a valid copy of your Social Security card, an employment letter or proof of income, and a passport. Some banks may also request a utility bill or other proof of your international address and a reference letter from a bank where you have held an account for a minimum number of years.

It is worth noting that credit cards are not as widely accepted in Belize as in some other countries, especially outside of tourist areas. Therefore, it is essential to have a backup payment method, such as cash, when travelling in Belize.

Required documents

To get a credit card in Belize, you will need to gather the necessary documents and supply them to your chosen bank. This is because Belize has strict regulations to prevent money laundering and financial fraud. Here is a list of documents you may need to provide:

• A valid copy of your Social Security card: This is required to verify your identity and Social Security number.
• Employment verification: You may be asked to provide an employment letter or, if you are self-employed, proof of income. This helps the bank understand your financial situation and ability to repay any credit card debt.
• Notarized copy of your passport: A notarized copy of your passport serves as a primary identification document and helps verify your identity.
• Proof of address: You may be asked to provide a utility bill or another form of proof of your international address. This confirms your place of residence.
• Bank reference letter: Some banks may request a reference letter from a bank where you have held an account for at least two years. This provides information about your financial history and banking relationships.

It is important to note that the requirements may vary slightly between different banks in Belize. Therefore, it is recommended to contact your chosen bank directly to obtain a comprehensive list of required documents for their specific credit card application process.

Application process

The application process for a credit card in Belize is relatively straightforward. Here are the steps you need to follow:

• Decide on the type of account: Determine whether you need a personal or corporate account. The rules and regulations for establishing bank accounts differ for individuals and businesses in Belize, so be clear about your requirements from the start.
• Choose a local bank: Select a reputable major bank in Belize that offers accounts in the local currency and has a network of ATMs. Some options include Belize Bank Ltd. and Atlantic Bank.
• Gather the required documents: You will need to provide various documents to open a bank account and obtain a credit card in Belize. These may include a notarized copy of your passport, proof of address (such as a utility bill), and a reference letter from your previous bank. If you are applying for a personal credit card, you may also need a valid copy of your Social Security card and an employment letter or proof of income if you are self-employed.
• Complete the application form: Fill out the application form provided by your chosen bank. You can usually find these forms on the bank's website or by visiting a local branch.
• Submit the application: Submit your completed application form and supporting documents to the bank. You can do this online through a secure message centre or by visiting the nearest bank branch.
• Understand the terms and conditions: Before finalising your application, make sure you understand the interest rates, fees, and other terms and conditions associated with the credit card.
• Wait for approval: After submitting your application, a banking representative will contact you regarding the status of your application. If approved, they will inform you of the next steps and when you can expect to receive your credit card.

It is important to note that you don't have to be a resident of Belize to obtain a credit card there. Many banks allow non-residents to open accounts and apply for credit cards, but the requirements and processes may vary. Additionally, some banks may have specific eligibility criteria for their credit cards, so it is essential to review their policies before applying.

Using your card

Once you have your credit card, it's important to understand how and where you can use it. Credit cards are becoming more popular in Belize, but they may not be accepted everywhere. They are commonly accepted at restaurants, bars, tour offices, and hotels. However, smaller merchants and businesses in villages may only accept cash.

When using your credit card, keep in mind that you may be charged additional fees for currency conversions when making purchases in foreign currencies. Additionally, some banks may charge a 1% to 3% "transaction fee" on all foreign transactions, whether they are in the local currency or your native currency.

Most major credit cards, such as Mastercard and Visa, are widely accepted in Belize. However, American Express may not be accepted at many smaller businesses due to higher merchant fees. Therefore, it is always a good idea to carry more than one card as a backup.

Credit cards can also be used to withdraw cash advances from ATMs or banks. However, this method can be expensive due to high fees and interest rates. It is recommended to use ATMs for withdrawals, as banks may not provide you with a new PIN number over the phone, text, or email if you forget it while travelling.

To avoid any disruptions when using your card, make sure you know your PIN at all times. While some merchants may not require a PIN for credit card purchases, it is necessary for cash advances at ATMs.

If you plan to use your credit card abroad, it is recommended to notify your credit card company in advance to avoid any blocks on your charges due to suspicious foreign activity. Additionally, carry the card's toll-free emergency number with you in case of any issues.

Card fees

When it comes to card fees, there are a few things to be aware of. Firstly, if you go over your credit limit, you will be charged a fee of $50 Belize Dollars (BZD) or $25 USD. Additionally, if the minimum payment due on your credit card account is not received on time, you will incur a late fee of $60 BZD or $30 USD. It is also important to note that if you file a dispute for a transaction you did not process and it is found to be legitimate, you will be charged a fee of $35 BZD.

In terms of general fees, instant credit card payments are 50% cheaper online than offline. When using your credit card at an ATM or bank branch to withdraw funds, it is recommended to use it at POS merchants or online as this is cheaper than completing ATM withdrawals/cash advances.

If you are using your credit card to make a purchase in a foreign currency, you will be charged several fees, including an FX margin by your credit card company and bank/provider, as well as a foreign exchange fee. These fees can add up, so it is important to check with your card provider to understand the full cost.

Frequently asked questions