Given the need of Colombians, several banks decided to lower the interest rates of some credit cards.
Bancolombia
Several banks joined, most lowered the rate to 20%. Among them are Davivienda, Scotiabank Colpatria, BBVA, Banco de Occidente, Banco de Bogotá and Banco Pichincha.
Government banks such as Findeter and Banco Agrario also joined in by lowering credit card rates.
Why are interest rates falling?
Faced with this question, Jabar Singh, president of Scotiabank Colpatria, argued that “We stand in solidarity with the difficulties that some Colombian families are experiencing due to the slowdown in the economy and the impact of high inflation”.
This means that getting into debt will cost a little less, yes, do not forget that it is still very high to make purchases with a credit card in various installments.
On what purchases do the rates based on credit cards apply?
“Shopping in categories such as food, clothing and footwear, health, transportation, gasoline. That is to say, those elements that are part of the basic consumption basket”, answered Javier Suárez, president of Davivienda.
Most banks gave the benefit to cards with a quota of up to 4 million pesos, Bancolombia up to $3,900,000.
On which credit cards does the interest rate reduction apply?
Bancolombia:
- Visa Classic
- Classic Mastercard
- American Express Blue
- Mastercard Joven
- Mastercard Ideal
“This is a benefit that applies to 1.3 million credit cardswhich represents close to half of the current credit cards we have today”, added Juan Carlos Mora, president of Bancolombia.
If you are a customer of another bank, remember to check the website of this entity to confirm which credit cards the benefit applies to.
Since when does the benefit apply?
- Bancolombia: March 10
- Davivienda: March 11
- Pichincha Bank: March 11
- Banco de Bogotá: March 13
- Scotiabank Colpatria: March 14
- BBVA: March 15
- Bank of the West: March 15
The decrease in interest rates apply according to your bank and after the date that the entity chose. This information can be checked at the end of the month in your statement.
Another of the questions that Colombians ask themselves is whether it is a good time to get into debt. Finance experts make this recommendation.
“Lower interest rates on credit cards is not to go out and spend like crazy or buy things with money we don’t have. The credit card should be used in installments only in emergency cases. If you are going to buy some tickets, an international purchase, you must have the money”, commented Andrés Moreno, financial adviser.
He added: “Do not finance yourself with credit cards, or with rates of 45% or 25%. They are still very high, use them as a means of payment at a single installment. It’s bad credit, beware. Take advantage of the fact that bank deposit rates are still high and invest, those high interest rates will not last long”.