Banking


Credit Card or Debit Card : What is the difference?

Banking in the US works in a different way from the ones used in France.

With Debit Cards, you will be debited directly from your bank account immediately, just like a bank in France.

With Credit Cards You will receive a monthly invoice, including all of your purchases. You then have to send a check or pay via internet the credit institution (bank or other one) to pay this invoice. You will have the possibility of paying the totality of the invoice or only a part of it, the minimum being from $15 to $25 according to the financial institution or a percentage according to the amount. Unfortunately, if you do not pay the totality you will pay interest. Interest can vary from 6 % to 30 %.

Credit History

The “credit history” is your banking history, referring to any credit card payments/purchases. This history is viewable and can effect whether or not you are eligible to buy a car. If you want to apply for a card in a store, of Macy’s or others, or you want to make a credit purchase, to buy a car, to ask for a loan for an accommodation, or to open a bank account, first the store will check your ” credit history “.

“Credit history” consists of an accumulation of points going from 350 to 850 points. The more you have, the better is your “credit history” and better will be the rates which will be proposed to you to make a credit purchase, buy a car or ask for a loan for an accommodation as indicated higher.

To establish your “credit history” you will have to use your card at most. The more you pay with your credit card, the more you will earn points every month. More points you will have, better will be your ” credit history “. A good level of credit history has to be up to 700 points.

You have the possibility of asking to consult your “credit history”, free of charge, once a year. You can get in touch with one of the three official institutions : Experian, Equifax or Transunion.

Our Banking partners

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BANK OF THE WEST

 Belongs to BNP Paribas. Thanks to the close relationship with its parent, you will be able to have a credit history.
https://www.bankofthewest.com/

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HSBC

 With more than 7 200 subsidiaries worlwide,  HSBC offers a wide range of banking services.

The HSBC International Banking Center provides customers options to open personal deposit accounts outside the U.S. as well as inside the U.S. for non-U.S. residents
http://www.us.hsbc.com/