Credit Cards and Debit Cards in Chile: how do they work?

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Several types of cards exist in Chile, with the payment landscape evolving rapidly in 2024-2025:

• Debit cards, available with checking accounts (cuenta corriente) and CuentaRUT of BancoEstado - now Chile's leading payment method, accounting for 37% of point-of-sale transactions
• Credit cards, available on request from banks
• Consumer credit cards from retailers (Falabella, Jumbo, etc.)
• Digital wallets like Mach (Banco Bci), Tenpo, Global66, and Klap gaining popularity
• Contactless payments including Apple Pay, Google Pay, and Samsung Pay widely supported

Debit cards

Debit cards allow you to:

• Withdraw cash from ATMs
• Pay in shops that accept RedCompra (Chile's leading card scheme with 44% market share, accepted nearly everywhere)
• Pay online through WebPay Plus, Chile's primary payment gateway operated by Transbank
• Make contactless payments (RedCompra cards now support PIN or contactless payments)
• Use with digital wallets for mobile payments

Credit cards

Credit cards in Chile work like an extra account separated from your current account. The bank gives you a limit (usually $500,000 at the beginning) that you can use as you want in shops or to pay online. This is called your cupon in Spanish.

The amount used is debited from your bank account once a month at a fixed date. If you exceed the limit, the card stops working until the next month. You can still call your bank if needed. They will "force" the debit on your account, and the next day, you will have your full "cupon" available again.

Take care:

Do not use your credit card to withdraw cash at an ATM. The bank will charge you an expensive "cash advance" fee (around 7% of the amount)

Consumer credit cards are very popular in Chile. Yet, you should check the interest rates on these credit cards, which can be very high.

When you pay by credit card, you will often be asked "con quotas" or "sin quotas". This means: "Do you want to pay cash, or in installments?" This happens even if you pay 5000/10000 pesos. Again, you should check the interest rate, although most shops offer payments up to 6 installments without interest.

Current Digital Payment Trends (2024-2025)

Chile's payment ecosystem is rapidly digitizing:

• E-commerce growth: Market projected at $12.9 billion in 2024, with 19% annual growth through 2025
• Buy Now, Pay Later (BNPL): Fastest-growing payment method with +189% YoY growth
• Digital wallets: Mach, Tenpo, Global66, and Klap gaining significant adoption
• Banking penetration: 74.3% of population owns bank accounts - highest in Latin America
• Contactless adoption: Widespread support for Apple Pay, Google Pay, Samsung Pay

Payment Method Hierarchy (2025):

1. Debit cards (37% of POS transactions)
2. Credit cards (Mastercard 29%, Visa 27%)
3. RedCompra (44% market share for debit processing)
4. Digital wallets and BNPL growing rapidly

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