There are 12 financial institutions in the country that offer credit card which does not charge the annual membership fee to date, according to information from the respective websites of the entities, as well as from their telephone exchanges.
What annual membership? It is a bank commission charged for the service of managing the benefits that are provided according to the type of card, such as, for example, the administration of reward programs (points or miles).
Commissions are fees for additional and / or complementary services to operations contracted with users, provided by financial institutions.
There are 16 banking companies in the financial system: Banco BBVA, Banco de Comercio, Banco de Credito del Peru (BCP), Banco Pichincha, BanBif, Scotiabank, Citibank, Interbank, Mibanco and Banco GNB.
Banco Falabella, Banco Santander, Banco Ripley, Banco Alfin, Banco ICBC and Bank of China are also involved in the Peruvian financial system.
There are 10 financial companies: CrediScotia, Compartamos, Confianza, Qapaq, Oh !, Effective, America, Mitsui, Proempresa and Credinka.
While there are six rural savings banks: Cencosud Scotia, Raíz, Los Andes, Prymera, Incasur and Del Centro.
It should be noted that banks and finance companies may issue and manage credit cards, in accordance with Law 26702, the General Law of the Financial System and the Insurance System and Organic Law of the SBS.
Municipal savings banks, rural savings banks and edpymes may also do so by complying with certain requirements established by SBS, in accordance with Law 26702.
It is important to emphasize that, in order to facilitate and expedite the issuance of credit cards, SBS approved in April 2021 a simplified authorization procedure for microfinance entities that require it.
Non-charged bank members
These are the following financial institutions:
• BBVA Bank offers BBVA Zero credit cards with Fixed Fees.
• Banco de Credito del Peru (BCP) has a Visa Light credit card.
• Interbank has Visa Access and Vea Privada credit cards.
• Scotiabank offers non-member Visa credit cards.
• BanBif has a BanBif Zero Membership credit card.
• Banco Falabella has CMR Visa Basic credit cards.
• Banco Ripley offers the Mastercard Basic credit card.
• Banco GNB offers three cards: Visa Platinum, Visa Gold and Visa Classic.
• Banco de Comercio offers Classic Credit Cards Without Membership.
• Financial Oh Offer the Ceroh Credit Card!
• CrediScotia Financiera offers MasterCard credit cards without membership.
• Cencosud Scotia offers the Visa Simple credit card.
It should be noted that as of August 29, 2020, the Superintendency of Banking, Insurance and AFPs (SBS) regulations amending the Financial Conduct Management Regulations of the Financial System have come into force.
The rules establish the obligation for companies that provide companies to have at least one card that does not charge the annual membership fee in order to provide greater alternatives for users of credit card contracts.