Credit cards
in Central America
Tuesday, January 17, 2012
In the past four years credit card issuance has reduced by 42.4%.
Credit restrictions applied by banks is one of the reasons for the reduction. According to Juan Carlos Arguello, president of the Association of Private Banks of Nicaragua (Asobanp), the downward trend will be maintained.
Thursday, November 24, 2011
The Superintendency of Competition has presented a study on conditions of competition in the sector of credit and debit cards.
In El Salvador, credit and debit cards are becoming increasingly important as a means of payment, and in the case of credit have become one of the largest sources of consumer loans.
Thursday, October 27, 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 .
Wednesday, October 26, 2011
New technologies will be the basis for changes affecting users of financial services in the future.
Accessing your account from Facebook and financing being offered at the time you buy a product are some of the innovations that we could be seeing in the coming years in the banking industry.
Monday, October 17, 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:
Thursday, October 13, 2011
Salvadoran private sector unions have expressed their opposition to state intervention in the market.
The new law, which sets a ceiling on interest rates for credit cards, is deemed to be a hindrance for the country's economy.
Wednesday, October 12, 2011
The Costa Rican Ministry of Economy, Industry and Commerce has released a quarterly survey of credit and debit cards relating to data up to April 2011.
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.
Friday, September 30, 2011
The Salvadoran Banking Association is opposing the adoption of a reform which sets a ceiling on interest rates that can be charged for credit card use.
Private banking sector representatives noted that the changes were approved without having performed prior technical analysis and this threatens their legal certainty.
Thursday, September 29, 2011
The new law places limits on the maximum interest rates that issuers can charge.
With the aim of establishing an appropriate legal framework, representatives have approved a reduction in the maximum interest rate as part of the Law on Credit Cards.
Thursday, July 21, 2011
The Costa Rican National Assembly has archived the draft bill on Regulating the Credit and Debit Card market.
The project presented under the previous administration sought to establish new parameters for the development of contracts between issuers and cardholders and to set limits on the interest charged.
"The project would put a ceiling of 25% on the rate of default interest and require the company issuing the credit card to use security mechanisms that allow the accreditation of the credit or debit card user to be monitored to avoid detrimental affects to the user.
Friday, June 24, 2011
In order to stimulate consumption, the Government is giving back 8% of the tax on sales made by credit card or debit card.
The refund, which will take place automatically, applies to all purchases made with credit or debit cards for goods or services subject to sales tax.
Friday, June 17, 2011
From the second quarter the company will introduce a project to provide financial services through cell phones.
Brayan Peralta, CEO of remittance products for Visa Latin America and the Caribbean, said that through this service the benefits of the financial system will be extended for reciept of remittances.
Friday, June 3, 2011
The initiative presented to congress contains serious gaps to the detriment of consumers who use plastic money, and who have not been consulted in the preparation of the project.
Carlos A. Mendoza, CABI analyst, warns that the text of the bill on credit cards has been written without consulting financial consumers, and cites as an example the Salvadoran law on the same subject. The result is that the initiative “leaves serious gaps, to the financial detriment of consumers, who would have their rights violated, but now in an explicitly and legally sanctioned way."
Tuesday, May 31, 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 .
Monday, May 30, 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. "
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