Switzerland Credit Card

By: EconomyWatch Content   Date: 23 February 2010

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The Swiss economy is predominately cash-oriented. A large part of the population does not use a Switzerland credit card or checks for daily purchases. This is despite the fact that the Swiss credit card market is highly secure. Cornèr Bank was the first bank in the world to employ the Verified by Visa technology. It changes the transaction password on every use to avoid credit card fraud.

Switzerland Credit Card Industry

With intensive marketing from major financial brands, the Switzerland credit card industry is expected to peak gradually. According to Swiss News, an online news publication, the gradual increase in Swiss credit card usage is attributed to an increase in leisure activities and the inability of individuals to meet ends. According to debt experts, credit cards have led Swiss citizens towards less frugal habits.

 

Switzerland Credit Card Issuers

Major Switzerland credit card issuers are:

 

  • American Express

  • Citibank Switzerland

  • Credit Suisse AG

  • Cornèr Banca SA

  • GE Money Bank

  • HSBC Switzerland

  • Little Switzerland

  • Swisscard AECS AG

  • UBS AG

  • Viseca Card Services SA

 

Most of the issuers offer standard, gold and platinum credit card products. Affinity cards and reward programs are also available for select customers.

 

How to Get a Switzerland Credit Card

Unlike the US, Swiss banks follow standard regulations for issuing a Switzerland credit card. These include good to excellent credit ratings, no history of bad reports and a regular source of income.

 

The standard procedure to apply for a Swiss credit card is as follows:

  • The individual should have a banking account with the bank that is issuing the credit card. One can open a new account with his preferred credit card issuing bank.

  • Proof of permanent address - apartment contract, government-approved identity cards or utility bills.

  • Work permit issued by the Swiss government.

 

After fulfilling the above mentioned requirements, one can apply for a credit card. Applications are processed in a few weeks’ time and the applicant is informed about the status.

 

Most Swiss banks charge monthly or annual fees on credit card usage. Eurocard has the minimum annual fees, while Visa or American Express cards charge slightly higher usage fees.

 

 


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