401 Different
Credit Cards To Choose From In Costa Rica
Only a few short years ago, credit cards in
Costa Rica were not common, while today they
have become a necessity for many, as Ticos
run up a ¢572 billion colones bill on their
credit cards, according to figures released
by the Ministerio de Economía, Industria y
Comercio (MEIC).
The MEIC says that there 1.384.953 credit
cards in the hands of 1.204.660 Ticos as of
last February according to figures revealed
by credit card issuers at the request of the
MEIC.
The numbers show that some hold more than
one credit card in their name.
Curiously, however, four out of every ten
credit card holders have been issued a
credit card in the last two years and only
25% have been using credit cards for four
years or more.
The increase in the number of credit cards
issued is the promotional offers by banks,
financial institutions and retailers to
attract customers, offering easy lines of
credit.
The MEIC says that in the last three months
alone 62 different credit card products have
been introduced in the market, the leader
being Citi with 56 new products.
In total, Costa Ricas can choose from a
total of 401 different products with as much
as a 30% difference in the rate of interest
charged.
Citi leads the plastic market with 95
different products, followed by Credomatic
with 85 and Bancrédito with 42.
According to the MEIC, the plastic with the
highest interest rates is the BCT Visa with
an annual rate of 50.4%, Medio Pago Visa
with 49.92%, American Express issued by
Credomatic with 49.56%, and Scotiabank Visa
with 47.76%.
On the opposite side, the banks with the
lowest rates are Citi Visa with an annual
rate of 20%, Banco Nacional Master Card at
22% and Bancrédito Visa at 22.50%.
Source. MEIC
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