Credit card interest to be limited in Costa Rica

Congress has reopened discussion of a bill dating from 2005 that seeks to regulate credit card interest rates.

Monday, June 16, 2008

The credit card market could be moving toward more legal limitations.
A bill from 2005 is being revived, in which Congress intends to create new rules for interest rates charged to credit card users.
The Economic Affairs Commission decided not to abandon the bill and to renew discussion on it. It has set up a sub-commission to analyze the text and come up with a report.
At present there are 346 types of credit card in circulation, and interest rates range from 18 to 50 percent per year.

More on this topic

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.

Interest Rates on Credit Cards in Costa Rica

December 2012

A study by the Economy Ministry reveals significant differences in the interest rates charged by credit card issuers.

A statement from the Ministry of Economy, Industry and Commerce (MEIC) reads:

Survey of Credit and Debit Cards

Significant differences have been identified in interest rates charged by credit card issuers

Regulation on Credit Card Interest Rates

October 2011

The Financial Committee of the Legislative Assembly in El Salvador has began to study a bill which will apply to "all financing operations related to the procurement of goods and services."

The item will be incorporated into the usury bill, that will be analyzed in Congress .

New rules for credit cards in Costa Rica

December 2008

Congress is studying the "Credit and Debit Card Market Regulation" proposed law.

One of the elements of the new law is to provide better information on interest rates and charging conditions, like not charging interests when complains are being resolved.

According to the nacion.com article: "Advertising, marketing practices, detail on balances and interests, contractual changes and internet shopping are some of the aspects of credit cards that may face regulation, should the law be approved... It will be the first law to regulate this activity in Costa Rica, and would put the country up to date with similar laws that exist in other nations".

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