Costa Rica: Controversial Credit Card Regulations

New regulation to be enacted by the Economy Ministry has created controversy among credit card issuers.

Monday, February 22, 2010

Velia Govaere, vice minister, commented that the proposed changes will introduce more information transparency.

On the other side, Gerardo Corrales, CEO of BAC San José, argues that the changes would increase costs and complicate the operation of credit card issuing companies. Corrales explained that they would be forced to limit credit to those earning less than $500 a month.

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Credit and Debit Card Market in Costa Rica

January 2014

At the end of October 2013 the number of cards in circulation amounted to 1,723,306.

A press release from the Ministry of Economy, Industry and Trade of Costa Rica reads:

Costa Ricans owe in total $1,496 million in balances on credit cards, which is an increase of $21.5 million (1.46%) compared to the latest study by the Directorate of Economic and Market Research, according to the cut made up to October 31, 2013.

Plastic Money in Costa Rica: Report up to July 2013

October 2013

Credit card debt grew by 1.5% to a total of $1.482 billion, while the number of cards in circulation up to July 31, 2013 was 1,731,673.

A press release from the Ministry of Economy, Industry and Trade of Costa Rica reads:

The Ministry of Economy, Industry and Commerce (MEIC) through the Department of Economic and Market Research has conducted its latest study on debit and credit cards.

Costa Rica: New Regulations for Credit Cards

April 2010

New rules forbid issuers from “stalking” cardholders in order to collect pending payments.

The banking industry stated that limiting their ability to call debtors will result in higher delinquency, and that they will object the measure at the constitutional court (Sala IV).

Costa Rica: New Credit Card Regulation Code

October 2009

A new regulation code overseeing credit cards, by the Economy Ministry (MEIC), will come into effect on November 3.

Automatic teller machines will be obliged to show on-screen any fees charged for cash withdrawals or statement queries.

From Elfinancierocr.com: "Issuers will also be required to issue detailed credit card statements, showing the main balance, current interest, interest applicable to the specific period, interest for delayed payments, and the monthly interest rate".

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