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Credit Card Interest Rates As
High as 50%
The Ministerio de Economía,
Industria y Comercio (MEIC) has
concluded its first comparative
study of the credit card market
and found that there are
currenlty 337 different types of
plastic money available to
consumers with annual interest
as high as 50.4%.
The study was done in compliance
with article 44 of the consumer
protection laws.
The credit cards with the
highest annual interest rates
were found to be issued by the
Banco BCT at 50.4% ,followed by
Aval Visa by Banco Uno at 49.2%
and American Express cards
issued by Credomatic at 49.56%.
In contrast, credit cards with
the lowest annual interest rate
were issued by Banco Cuscatlán
at 20%, followed by Banco
Popular and visa cards issued by
the Banco de Costa Rica, both
state banks, at 24.5%.
The interest rate on all the
other cards fall in between.
Of all the cards on the market,
245 have no annual fees
associated with them, while 92
of the cards costs customers
between ¢3.500 and ¢100.000
annually.
The MEIC recommends shopping
around for interest rates before
sighing the contract.
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