Credit cards in Belgium explained
If you are exploring the market in search of a newer credit card, you will be overwhelmed by the number of options for credit cards in Belgium. You can get numerous cards, and each has its own offerings and rewards, zero-interest rates, and the opportunity to build good credit. Therefore, it can be confusing for you to choose the right card for your wallet.
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#1 -The best Belgian bank
N26 is a smart bank for expats which gives more control over your money. No hidden fees and free worldwide withdrawels. Checking account is a must have. N26 works together with Mastercard. |
N26 is a smart bank for expats which gives more control over your money. No hidden fees and free worldwide withdrawels. Checking account is a must have. N26 works together with Mastercard. |
9.1
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Visit n26.be |
Get your Prepaid Mastercard at KBC for just 1 euro per month. Pay worldwide thanks to the Mastercard network. With a prepaid Mastercard you determine in advance what you will spend when reloading the card . |
Get your Prepaid Mastercard at KBC for just 1 euro per month. Pay worldwide thanks to the Mastercard network. With a prepaid Mastercard you determine in advance what you will spend when reloading the card . |
8.7
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Visit KBC.be |
#2
ING is another bank in Belgium which is also great for expats due to its vast list of services and customer satisfaction. This bank is often used by expats. |
ING is another bank in Belgium which is also great for expats due to its vast list of services and customer satisfaction. This bank is often used by expats. |
8.4
| Visit ING.be |
#3
American Express offers a variety of different cards depending on which fits to your needs. They also offer business cards. |
American Express offers a variety of different cards depending on which fits to your needs. They also offer business cards. |
8.2
| Visit American Express.be |
Credit cards vs debit cards
First, find out what type of credit card offer you are eligible for. You can do it by checking your credit score. With a better credit score, you will have a higher chance of getting approved for cards with better offerings.
If the credit score is not as per your expectations, you can check the credit reports to see the issue. You can then begin to figure out ways to enhance it, from changing the spending habits to making an error on the reports. The federal law has allowed people to get at least one free copy of their credit report from each of the primary 3 bureaus each 12 months. Following are the levels or credit scores:
- Very poor: 300 – 579.
- Fair: 589 – 669.
- Good: 670 – 739.
- Very good: 740-799.
- Excellent: 800 – 850.
Once you find your range, you can use that information and fine-tune the credit card search. You should consider the cards with a credit equal to or less than yours. In addition, you should look for cards with a good credit score that state a fair or good credit need.
Even if the credit score is within the good range, that does not guarantee you will get the approval for the credit card needing good credit. This is because card issuers will look at factors other than the credit score, including monthly housing and income payments.
Shop around for the best offers
Once deciding the type of credit card requirements. It is time for you to shop for the best credit card offer. You should consider the categories for the rewards, the intro period for the zero per cent APR card, and the credit tools for the cards you could use to build.
Moreover, remember to factor in the fees and interest amount when deciding. That includes the annual fees, APRs, foreign transactional fees late payment fees.
If you have a hard time choosing a card, you should consider submitting the pre-qualification form online and see whether you may qualify. You can also submit several pre-qualification requests without affecting your credit score.
Be wary that the pre-qualifications are not guaranteed whether you will be approved for the card and when you make another submission, it will affect your credit score.
If you get the pre-qualification for any credit card, it can be a good sign of the best credit card in Belgium.
Decide the type of credit card which suits your need
Credit cards are categorized into the three types, such as 0%, Building credit, and APR. If you have zero debt, you can also try to get a free credit card Belgium. If you have maintained good credit, the rewards credit card will allow you to offset the purchasing costs and pay for the upcoming travel.
Rewards are available in all sizes and shapes, with the card offering points, cash back, or miles in the common spending categories.
If you are looking for ways of getting out of debt or want to finance another purchase, the 0% APR credit card will be a good tool that offers zero interest on the balance transfers, purchases, or both.
During the interest-free period, you can also take advantage of the savings rather than carrying the credit card balance, which gives a higher interest rate. It is where some amount of your payment will go to the interest charges.
If you have a credit score lower than 669, you must build your credit. A good score is a secret ingredient that will help you to unlock the best rates and enhance the chances of getting good credit cards, loans, and mortgages. Some credit cards are made for building credit, which can help you enhance your credit score.
Conclusion
Choosing the best credit card in Belgium may be hectic, but it is essential. You can use your credit correctly and make a significant amount of money. If you want to establish credit, pay the bills and do not use your current credit. You should stick to the debt payoff plan and get 0% APR.