Should you apply online for a Banco Popular Credit Card offer? Banco Popular is a financial institution based out of Puerto Rico. Popular (no pun intended) amongst Hispanic customers, the bank also offers credit cards. In this Banco Popular Credit Card review, we will evaluate the Banco Popular Classic MasterCard and Banco Popular Platinum MasterCard. We will look at their fees and rates as well as any benefits that the cards offer. Read through the Banco Popular Credit Card reviews below and then use our free tool for finding credit card offers today!
Banco Popular Credit Card – Classic and Platinum
First in our Banco Popular Credit Card review, we need to look at the differences between the Classic MasterCard and the Platinum MasterCard. The Classic card is a secured card, meaning that it’s secured with funds from your checking account with Banco Popular. The amount of your credit line will be the amount that you provide from your checking account, along with any unsecured amount that the bank chooses to give you. Over time, if your credit improves, the bank may decide to upgrade your account to a completely unsecured card: the Platinum MasterCard. If your credit is good enough, the bank may decide not to start you on the Classic card, but to approve you right away for a Platinum card. Since there are certain benefits that come with a Platinum account, you probably want to try for a Platinum account if you can.
Banco Popular Credit Card Fees and Rates
Next in our Banco Popular Credit Card review, let’s look at the fees and rates. There are definite advantages to the Platinum account. For one thing, the annual percentage rate, or APR is better. For the Classic card, it’s 18.99%, and 19.99% for convenience checks or cash advances. For the Platinum card, the rates are 9.99%, 13.99%, 19.99% and 22.99%, depending on your credit. The higher end of the rates for the Platinum cards is higher than the rate for the Classic card, but keep in mind that the Classic card is secured. The late payment fee for the Platinum card is only $10, as opposed to $29 for the Classic card. Both types of card have $29 returned payment fees. Both cards also have an annual fee of $20.
Good for Some, But Others Can Do Better
One of the other things we look at in credit card reviews are customer rewards. Neither Banco Popular credit card offers any sort of rewards, which is unusual these days. To close our Banco Popular Credit Card review, we think that the Banco Popular Classic MasterCard is a good way to build credit for yourself. But if your credit is good enough to qualify you for the lowest Platinum card rate, you can probably find a better card that will also earn you rewards. Start searching for credit card offers today!
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