Caracas / Venezuela – Today, access to a credit card is essential for consumers and is often perceived as a symbol of prestige and an indispensable financial tool. However, in the late 1990s, Venezuela witnessed a significant milestone when Banco Unión introduced the country’s first secured credit card designed especially for entrepreneurs. This groundbreaking achievement bore the distinctive signature of Luis Alfredo Farache Benacerraf.
Luis Alfredo Farache, a visionary in the financial sector, was the creator of Venezuela’s first secured credit card in 1999. This innovative product was conceived with entrepreneurs and independent workers in mind, particularly those lacking a credit history. Beneficiaries included independent working housewives, taxi drivers, carpenters, dentists, and a variety of other professionals. «Banco Unión, a leader in credit cards, encountered numerous cases of creditworthy customers who did not qualify under traditional credit systems, which motivated us to develop this product,» Luis Alfredo Farache enthusiastically commented.
The launch of this innovative tool was accompanied by an advertising and marketing campaign that challenged conventional norms and immediately resonated with those in need of a credit card but who did not meet the usual requirements. The campaign proved highly successful; in just three weeks, over 25,000 applications flooded Banco Unión’s network. Luis Farache emphasized, «It was a highly successful campaign that generated significant interest in such a short period.»
The Secured Credit Card not only allowed entrepreneurs to pay for their services and begin building their credit history but also provided them access to consumer opportunities and social life, just like any conventional credit cardholder. Luis Farache pointed out, «Another notable benefit of this instrument was that customers who started with the Secured Credit Card could establish their credit history and subsequently qualify for unrestricted credit.»
Ultimately, Luis Alfredo Farache stressed that this innovation not only benefited entrepreneurs but also became a transformative tool for improving the quality of life for its users.
For more information about Luis Alfredo Farache Benacerraf and his influential contribution to the financial industry, please visit www.luisalfredofarache.com.
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