Banks Offering Less
Credit Cards
Looking to obtain a
credit card? A recent
study by the Ministerio
de Economía, Industria y
Comercio (MEIC) -
economy, industry and
commerce ministry -
shows that financial
institutions are
tightening credit, as
some 12 credit card
products disappeared
from the market.
The MEIC study for the
month of February
revealed that there
currently are 342 credit
card products, 14 that
were taken off the
market and 8 new ones
added, leaving 12 less
credit card products
than offered last
November.
The MEIC study is based
on article 44 of the Ley
de Promoción y Defensa
Efectiva del Consumidor
- consumer law - that
obligates the ministry
to publish quartelry a
comparitive study of
credit cards in the
marketplace.
According to the MEIC,
Credomatic is the king
of the credit cards,
offering some 81
different products,
followed by Bancrédito
with 41 and Banco
Nacional with 38.
During the last three
months, cards like
Pricesmart Clásica,
Pricesmart Oro and
Premia Interbolsa Oro
disappeared from the
market, while the Banco
Nacional removed 9
products.
The MEIC study also
reveals that the credit
card issuer with the
highest interest rate
was Tarjetas BCT visa
with an annual rate of
50.40%, followed by
Medio Pago MP Visa at
49.92% and Credomatic
American Express with an
annual interest rate of
49.56%.
The cheapest credit was
offered by the BCR on
its Visa card with a
19.5% rate, Banco
Cuscatlán Visa at 20%
nad Scotiabank
Mastercard at 22.5%. |
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