2023-08-01 07:08:28
The Bank of the Republic confirmed its pause on the rise in interest rates, so while the Issuer maneuvers with reference rates at 13.25%, now the Financial Superintendence has come to certify the usury rate that continues to drop.
So then, four months in a row were completed in which the cap on credit card interest rates was adjusted downward. For August, the banks will not be able to charge you more than 43.13% if you use those plastics; this represented a drop of 60 basis points compared to July.
The drop in card interest has been supported since May by a rate war between banks, which is driving the use of plastics. According to data from regulators, as of July 21, the average interest rate for credit cards was 25% (for those with a quota above two minimum wages). However, it varies according to the deadlines.
Rates according to quotas
In the first place, the weighted rate of credit cards with terms between seven and 12 months reached 38.35% in July, and from 19 to 24 months at 37.33%.
But the majority of credit plastics is between two and six months of quota, there its average is 41.07%. Almost two points less than the usury limit. With these levels it is worth reviewing what are the bank rates for your credit cards. In this same range, according to the Financial Superintendency, The highest rates for credit cards that defer purchases for two and six months are those of Scotiabank Colpatria at 44%, followed by Tuya at 43.66% and Banco Popular at 43.31%.
The top five of the highest rates in this type of plastics is in Itaú with 43.20% and Finandina up to 42.92%. (See graph).
On the contrary, the lowest interest rates, for those credit cards above two minimum wages and with quotas between two and six months, are at Coopcentral at 19.17%, then Financiera Juriscoop appears at 21.99%, and in third place Banco Pichincha appeared with 23.81%.
“August starts with a lower credit card interest cap, but it’s still kind of expensive, because if the cap is then 44%, that gets us to $44 for every $100 that people pay in interest., a strong number, which continues to focus on telling people to be careful with unnecessary debt. Avoid payments of more than two installments that generate that interest, rates began to drop but they are still expensive,” added Mauricio Montero, a financial analyst at the Universidad de Los Andes.
If the staggered pace that the usury rate has seen for the last four months is maintained, analysts would expect that this cap on credit plastic rates could close the year at at least 40% and even below levels of 37%. or 39%, according to a survey among operators.
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