Study on Credit and Debit Cards

The quarterly survey conducted by the Ministry of Economy, containing data up to April, shows that there are 29 credit card issuers in the country, which together offer the market a total of 369 types of cards.

In the case of debit cards, there are a total of 26 financial institutions offering a total of 319 types of accounts or financial instruments of this type.

More details from the study can be found here: http://reventazon.meic.go.cr/informacion/estudios/2011/tarjetas/agosto/debito.pdf

Source: Costarican Ministry of Economy, Industry and Commerce

More on this topic

Panama: Credit Card Law Reform

September 2009

The proposed modifications, recently introduced before the National Assembly, intend to better regulate credit cards.

They are based on the law regulating increases in credit card interest rates in the United States.

"It also refers to the use of debit cards, pre-paid ones and financing or electronic payment cards", reports Laestrella.com.pa.

Costa Rica: New Credit Card Regulation Code

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".

Funes Comments on Credit Card Reform Decree

October 2011

Salvadoran President Mauricio Funes commented over the decree approved by 853 representatives which amends the Law on the Credit Card System.

A press release from the Presidency of the Republic of El Salvador reads:

The observations are essentially based on three considerations:

Panama: Project for Changing Credit Card Law

October 2009

Its main objectives are setting fixed interest rates and limit customer's credit card debt.

The project also proposes to regulate credit card issuers, by forcing them to obtain a banking license awarded by the Banking Superintendence.

From laestrella.com.pa: "Alcibiades Vásquez, project sponsor, considers regulation is needed, as there is a lot of abuse, and no limits for credit nor interests".