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. "
Source: Prensa.com
More on this topic
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".
August 2009
The Banking Superintendence is working on a Law Project that will seek to limit credit card fares.
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.
June 2010
Experts estimate that financial companies will issue 20% less credit cards when the new regulations come into force.
This was confirmed by Banking Superintendent Víctor Urcuyo , who explained that the more restrictive regulations will exclude many individuals from making the cut for a credit card.
May 2011
300 service stations will gradually phase out the acceptance of credit or debit cards as payment
The decision taken by the Employers and Distributors Association of Petroleum Adepetro, and the Salvadoran Association of Distributors of Petroleum Products is in response to reduced profit margins resulting from the application of the new formula for establishing the sales price .
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