Credit Card Rates in Panama

A comparative analysis of costs and nominal annual interest rates has been released giving details for the first week of May 2013 for credit cards and financing cards.

Tuesday, June 4, 2013

From information published by the Consumer Authority of Panama:

Background Information

"Credit Card: Magnetic instruments, electronic instruments or other technology related to a credit agreement contract previously concluded between a financial intermediary and another person, in order to facilitate a lease or obtain goods and services or obtaining cash from businesses affiliated to the system. "

Since the enactment and entry into force of Law 81 of December 31, 2009, "which protects the rights of users of credit cards and other financing cards", Article 38, which establishes rules for making comparative analysis of credit cards or other financial cards, has been assigned to the ACODECO which has the responsibility of developing a timely study for the corresponding periods.



More on this topic

Panama: Report on Credit Cards and Interest Rates

March 2015

An analysis of costs, interest rates and annuities on credit cards and other financing cards issued in Panama to February 2015.

The study by the Authority for Consumer Protection and Antitrust indicates that the average interest rates for credit cards and other financing ranges from 7.5% in the case of Visa Platinum card Coop.

Credit Card Rates and Fees in Panama

August 2013

A comparative analysis of fees and nominal annual interest rates for the first week of August 2013 on credit and financing cards.

From information published by the Consumer Authority of Panama:

Background

"Credit Card: An instrument which is magnetic, electronic or using other technology from the execution of a credit agreement previously concluded between a financial intermediary and another person, in order to facilitate the lease of or to obtain goods and services or obtaining cash from business affiliated to the system. "

Panamanian Finance Company Investigated

March 2012

The Financial company Pronto Cash has issued a MasterCard card that operates similarly to a debit card, allowing payments to be made electronically, without stating its origin.

An article by Rafael Berrocal in Panamaamerica.com.pa reviews the payment system used by Pronto Cash, noting that "the collection of deposits is reserved for formal cooperative banks, and any other system is considered illegal, according to the financial regulators the MICI and the Superintendency of Banks."

The 4 Major Credit Cards in Panama

February 2012

Citibank, with $242 million; BAC International Bank, with $176.5 million; HSBC Bank, with $134 million and Banco General, with $133 million, are the banks that have the highest loan amounts.

The annual amounts of loans taken out using credit cards in Panama last November amounted to $867.9 million, far surpassing the $61.1 million figure for the same period in 2010.

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