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COSTA RICA |
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Credit
Cards In Costa Rica Come With 54% Interest
Rate
Everyone knows that using a credit card is
costly especially when paying only the
minimum payment on the balance. But, what is
the real cost of credit card interest in
Costa Rica? Anywhere from 20% to 54% a year.
The Ministerio de Economía, Industria y
Comercio (MEIC) has just completed a study
of the credit card products in Costa Rica
and the differences in the rates are great.
The study reveals that there are 27 emitters
of plastic with 407 different products.
However, that number is a drop of 7 less
products than three months ago.
Using a credit card can be convenient,
eliminating the need to carry large amounts
of cash. However, not paying in full the
charges can be costly.
Of the 407 products, 324 cards are provided
by the financial institutions free of
charges to their customers, while the rest
charge between ¢3.500 and ¢113.000 colones.
The most expensive of all credit cards is
that issued by Compra Facil issued by Medio
Pago which carries an annual interest rate
of 54%, followed by Visa international cards
by BCT at 50.4% and Master Card issued by
Citi at 49.32%.
The cheapest of the cards are the Visa
signature card issued by Citi which has a
20% per year interest rate, while the Banco
Nacional and and Bancrédito Visa comes with
a 22% and 25% interest rate, respectively
and the Credomatic American Express with a
24% interest rate.
The interest rate on all other cards fall
between 26% and 49%. |
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