Ticos Shun Credit Cards
A
recent study by the Ministerio
de Economía, Industria y
Comercio (MEIC) has found that
consumers are shunning credit
cards as 12 products have
disappeared from the market in
the last three months.
The MEIC says this is a
significant reduction of
products in the financial
market, based on data compiled
by the ministry last August.
Currently there are 348 credit
cards offered by both state and
private banks with interest
rates ranging from a low of 20%
(19.75% BCR gold card) to a high
of 50.4% (BCT bank).
The study reveals that of the
348 cards, 254 do not have any
cost associated for having the
card, while others charge
between ¢2.500 and ¢100.000
colones per year for the
benefit.
Some of the cards with the
highest annual interest rates
include the Credomatic American
Express (49.56%) and Promerica
Via (48%). The cards with the
lower rates include Banco
Nacional Master Card (22%) and
Cuscatalán Visa (20%).
|
