Credit Cards: Demand up 9%

Between May 2019 and the same month this year, the number of credit cards circulating in the Salvadoran market increased by 9.2%.

Monday, July 27, 2020

According to figures from the Observatory of Credit Cards (OTC), of the Consumer Defense Office, in May 2020 there were 876,197 credit cards circulating in El Salvador, which is more than the 801,822 registered in the same month of 2019.

See "Credits: Potential Market in the Region"

Elsalvador.com reviews that "... As for the number of debtors, the institution's report revealed that in May 2019 there were 610,667 people with card debts, while this year there were 642,507. An important point that consumers should consider when processing a card, are the interest rates offered by different banking and financial institutions, which according to the observatory range from 15% to 65%."

Mauricio Choussy, an economic analyst, said that "... the current pandemic (caused by the covid-19 outbreak) does not reflect an increase in the use of this financial product, partly due to quarantine for more than three months."

CentralAmericaData reports that in El Salvador, of the total number of consumers who are looking to purchase a financial service via Internet, 12% are looking to acquire a credit card.

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More on this topic

Credit Downwards: What Factors Affect Them?

August 2020

Suspension of contracts, uncertainty about the economic future and reduction of salaries, are some of the factors that have affected the banks in Panama to place fewer loans in this context of health crisis.

The amount of new loans granted by Panamanian banks was $589 million during May this year, a 26% reduction compared to what was reported in April 2020.

El Salvador: Loan Portfolio Downwards

August 2020

Given the outbreak of covid-19 and the imposition of restrictions on economic activity, between February and June of this year the amount of loans granted by the banking sector reported a 1.2% drop.

Data from the Superintendence of the Financial System (SSF) indicate that between February (the month before the beginning of the health and economic crisis) and June of this year, the credit portfolio contracted by $149 million, from $13.276 million to $13.127 million.

Financial Services: Business Potential in Central America

June 2020

At a regional level, nearly 16 million people are looking to purchase financial services online. Of this group of consumers, approximately 11% are exploring options for acquiring a credit card.

The interactive information system developed by CentralAmericaData, monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.

Market for Credit and Debit Cards in Costa Rica

September 2014

Up to July 31st 2014 the number of cards in circulation amounted to 1,817,845, 5% more than at the end of April of the same year.

From a press release issued by the Ministry of Economy and Finance in Costa Rica (MEIC):

San Jose 03 September 2014. The third quarterly survey of credit cards up to July 31 shows that there are 28 issuers, 394 types of cards, 1,817,845 cards (plastic) in circulation, representing an increase of 86,172 cards from the previous study (5 %) as well as a balance of effective debt of 836,118 million colones (up 3.1% over the balance of 30 April).

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