Guatemala: Credit Card Law to be Modified

The Banking Superintendence is working on a Law Project that will seek to limit credit card fares.

Monday, August 3, 2009

Édgar Barquín, Banking Superintendent, informed that the proposal, to be presented in Congress early 2010, seeks to control and unify the different charges credit card companies do.

"If we sum all those charges (administrative, commisions, membership and interest), we get the effective tax rate, and this is the one we intend to limit", explained Barquín to Prensalibre.com.

More on this topic

Guatemala: Credit Card Law Made Firm

December 2015

The controversial law limiting interest rates charged by credit card issuers was sanctioned by President Maldonado and will take effect on March 8, 2016.

Despite the request of the financial sector to veto the new law , president Maldonado decided to sanction it, and now the Superintendency of Banks will have to issue the necessary regulations for its implementation.

Panama: New Rules for Credit Cards

May 2011

The new provision of the Superintendency for Banks has set rules for fee collection and charges by banks.

The agreement will come into force on January 1, 2012 and shall apply to
official banks, general license banks and local businesses of general license banks.

"Among the most relevant points in the new rules is the prohibition from charging fees for the cancellation of credit cards, due to lack of use or for other expenses except from the charges for annual membership. " says an article in Prensa.com " Neither can charges be applied when there is a late payment of a loan, no payment or any other equivalent term when interest charges have been applied for the same period. "

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".

Guatemala's credit card debt at 2.37 billion quetzals

June 2008

The Superintendent of Banks in Guatemala reports that credit card debt is growing in the nation despite disturbing economic signals and now stands at 2.367 billion quetzals, or about 315 million dollars.

It said that despite high interest rates and a threatening crisis, the use of credit cards is concentrated in purchases at supermarkets, restaurants and gas stations.

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