Costa Rica: Credit Cards Charge Up to 54%

A MEIC study found that credit card issuers charge interest rates between 20% and 54%.

Friday, December 11, 2009

There are 27 issuers in the country, whom collectively offer 407 different products, according to the study by the Economy, Industry and Commerce Ministry (MEIC).

The most expensive credit cards are: Compra Facil, issued by Medio Pago (54% interest rate), Vista International issued by BCT (50.4%) and Master Card issued by Citi (49.32%).

From "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".

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

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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:

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The Economy Ministry presented the quarterly survey on credit and debit cards, through October 2010.

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

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