Expat's response to my previous post

 Bancolombia has had in recent weeks pretty well documented issues with their systems. There have been several press articles. They are the most technically advanced bank in the country, and some of their problems aren’t of their own making - for example they use Amazon Cloud extensively which has had it’s own problems. As for the cost of Colombian credit cards are they that expensive? A Platinum Amex card from Bancolombia, if you qualify, will cost you around $15 a month. On the other hand the ‘rewards’ structure is far poorer than in the US, but then the same US card carries a $899 annual fee. The premium Black Visa or Mastercard products from BCO are around $10 a month giving for example airport lounge access. There are many other cards with lower costs that they offer. Interest rates are high, but then the general level of interest rates in Colombia is far higher than in the US, and US credit cards when you run a balance charge high rates as well. Foreigners come to live in Colombia and often try to ‘fly under the radar’ by keeping minimal assets in the country and not reporting income for tax purposes. If they do maintain bank accounts they tend to maintain low ‘working’ balances. They usually have no real usable credit history in country, Many expats come to live in Colombia, decide it’s not for them and return to their home country leaving debts behind them. Credit card lending is unsecured and getting debts repaid in Colombia is far more difficult that the US. Getting a card from a bank that you have no prior relationship with is therefore unlikely. If nothing else they are going to want to see your tax filings.

Bancolombia is the only approved bank in country to receive US social security payments into. The process, set up by the bank with Social Security pays Pesos into your account, generally by the third of the month. No running around the city to find ATMs to take cash out of, no queuing up to make payments for rent and the like. Then you can make all your payments electronically and you’ve a documented source of income when you ask if a credit card might be available.
Actually Bancolombia might have had worse problems. That big Headquarters building in Industriales recently suffered significant flooding in the basement area following one of the recent storms that created enormous problems for them (the computers aren’t in the city) that they are still working to overcome.