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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 Insidecostarica.com: "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".
Source: InsideCostaRica.com
More on this topic
March 2011
The Economy Ministry presented the quarterly survey on credit and debit cards, through October 2010.
Regarding credit cards during for this period, there were 29 issuers with 403 types of plastic.
If debt was distributed equally among the economically active population, it would represent a per capita debt of $ 837, which is almost double the minimum wage.
February 2010
New regulation to be enacted by the Economy Ministry has created controversy among credit card issuers.
Velia Govaere, vice minister, commented that the proposed changes will introduce more information transparency.
On the other side, Gerardo Corrales, CEO of BAC San José, argues that the changes would increase costs and complicate the operation of credit card issuing companies.
March 2009
The balance of credit cards increased by 44% in 2008 but it is only expected to grow by half in 2009.
The different credit card companies are preparing for a year of lower growth relative to 2008.
According to the article in elfinancierocr.com, the economic crisis and unemployment have led issuers to take steps to avoid increases in delinquencies, which include: "Being more careful in issuing new cards, tightening the analysis of the customer's capacity to pay, offering to buy credit card balances, making payment arrangements, agreeing to raise the minimum earning level and lowering the amount of indebtedness."
October 2009
A new regulation code overseeing credit cards, by the Economy Ministry (MEIC), will come into effect on November 3.
Automatic teller machines will be obliged to show on-screen any fees charged for cash withdrawals or statement queries.
From Elfinancierocr.com: "Issuers will also be required to issue detailed credit card statements, showing the main balance, current interest, interest applicable to the specific period, interest for delayed payments, and the monthly interest rate".
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