The shift from Debit Cards to Credit Cards is becoming more prevalent as Jamaicans seek to build their credit history.
Between 2014 – 2019, Jamaica’s credit card usage rose from 17.4 million transactions to 23.1 million, which is a 33% increase.
What does this mean? Well, we’re here to tell you the 5 BEST CREDIT CARDS you can get, living in Jamaica.
What are Credit Cards compared to Debit Cards?
Credit Cards are borrowed money, when you use a credit card, you’re essentially borrowing money from your bank which you typically have to pay back with interest if you miss the due date.
Using a credit card responsibly will also help to build your credit score which plays a pivotal role in taking out loans and mortgages.
Credit Cards also come with fraud protection, rewards and benefits such as travel points, cashback and discounts.
Debit Cards: A debit card has no interest rates compared to a credit card because you’re using your own money.
Debit Cards offer little to no rewards and don’t help you to build a credit score.
Here are 5 credit cards to consider:
5. JN Bank Visa Gold Credit Card – earn JN reward points with each purchase and discounts from almost 200 JN partner merchants. This card comes with an annual fee of JM$7,500 and a 45% interest rate. The card provides benefits such as Price Protection and Purchase Protection. 
4. Sagicor Bank Visa Gold Credit Card – with several rewards and benefits, the Sagicor Visa Gold allows you to earn 1 reward point per US$1 spent. It also provides Purchase Protection, Customer Assistance Services, and free Auto Rental Insurance from AIG (American International Group).
3. NCB Visa Platinum Credit Card – earn up to 3% Cashback Rewards on your everyday purchases. This card also comes with Purchase Protection and Price Protection. If you buy an item and then later see it at a lower price, NCB may reimburse you the difference.
2. Scotiabank Visa Classic – comes with no annual fee when you spend JMD30,000 monthly. You will however incur a JMD2,500 fee if you do not meet the requirements. You can also add up to 3 additional cards for family and friends.
1. CIBC FirstCaribbean Silver Visa Credit Card – we rank the Silver Visa Credit Card as number 1 as it comes with no annual fee, cardholders earn reward points with every purchase which can then be used for online shopping and traveling. This card is ideal for first-time cardholders who want to save money and build a credit history.
SUMMARY
Our Top 5 Credit Cards all have their benefits that can better suit your lifestyle.
If you’re a traveler then a card that earns you points for traveling is best suited for you.
If you’re an online shopper who wants to earn points while you spend and you’re not a fan of annual fees then the Silver Visa Credit is for you.
We hope this article helps with your decisions. Credit Cards can be quite advantageous. If used correctly, you can avoid large interest rates.
