5 Things to Know About the LATAM Credit Card

South American carrier LATAM Airlines, in partnership with financial technology company Cardless, offers two co-branded credit cards: the LATAM Airlines Mastercard and LATAM Airlines World Elite Mastercard. Both cards are issued by First Electronic Bank.

For loyal LATAM flyers, the cards earn LATAM Pass Miles on purchases and include other benefits, especially if you opt for the version that charges an annual fee.

Here are five things to know about the LATAM credit cards.

The LATAM Airlines World Elite Mastercard has an annual fee, but offers significantly more extras compared to its no-annual-fee counterpart, the LATAM Airlines Mastercard. Here’s how the cards compare (as of this writing):

A percentage of your mile earnings will qualify toward LATAM Pass Elite status. With the LATAM Airlines Mastercard, it’s 10% of your earnings. The LATAM Airlines World Elite Mastercard accelerates your path to status with 20% of your earnings qualifying.

LATAM Pass Elite status benefits include premium seat selection, early boarding, seat upgrades and more.

In exchange for a $99 annual fee, the LATAM Airlines World Elite Mastercard has more to offer:

• Two passes per year to LATAM Airlines’ VIP airport lounges.

• Two courtesy segments per year where you can apply for cabin upgrades. One courtesy segment is for flights within South America, and the other is for flights outside of South America.

The cards charge neither late fees nor a penalty APR, so accidentally missing your due date by a few days won’t cost you. However, don’t miss out on making your payment entirely. Lenders will report late payments to credit bureaus as soon as 30 days after the due date, and this can affect your credit scores.