Bancolombia, one of the most important banks in the country, announced the reduction in interest rates to 1.3 million credit cards.
(See: Bancolombia lowers interest to about 50% of credit cards).
The bank’s decision applies to purchases made with credit cards as of this Friday, March 10, and consists of the annual effective interest rate will be 25%, which is below the current maximum rate of 46% effective per year.
That 25% translates into a nominal month in arrears of 1,88 %.
(See: This is how you can make your money work in times when ‘everything is expensive’).
And what are the cards that will have this reduction in interest? As Bancolombia explained, the reduction in the effective annual rate applies to the following:
– Credit card Visa Classic.
– Credit card Mastercard Classic.
– Credit card American Express Blue.
– Credit card Mastercard Joven.
– Credit card Mastercard Ideal.
In addition, it also applies to: customers with a quota of up to 3.9 million pesos.
(See: Personal finance: ‘tips’ so that the rise in prices does not affect you).
The total number of beneficiaries of the lower rates represents 50% of all Bancolombia credit cards.
“We have listened to the needs of the people and, being aware of the reality of the country, we have the priority of taking care of the financial well-being of Colombians. This is how our purpose materializes”, said Juan Carlos Mora, president of Bancolombia.
(See: How to be smart about finances this year.)
BRIEFCASE