2023-07-01 10:09:10
Once it was known that the Banco de la República stopped its series of increases in the reference interest rates at the last meeting in June (remaining at 13.25%)it was added that three consecutive months were also completed in which the usury rate fell as reported by the Superfinanciera.
During July, credit cards may not exceed the line of 44.04% in their interest rates; this represented a drop of 60 basis points in the ceiling for plastics.
The drop in card interest has been supported since May by a rate war between banks, which is driving the use of plastics. In fact, the average rate closed June at 35.80% annual cash. Or seen in another way, while the authorities have a ceiling of 44.04% for credit cards, the same bank is 8.2 points below that limit level (if credit cards of more than 2 minimum wages as of June 23 are used as a reference).
“Although the usury rate fell, it is still a high interest, we are talking about that for every $100 that a person pays with credit cards, between $30 and $40 are going to interest charges. It is a call to consumers so that they know when it is okay and when not to pay with their cards,” said Mauricio Montero, a financial analyst at the Universidad de Los Andes.
Bank fees
LR carried out an exercise based on the figures reported by the Superfinanciera. Through the ‘interact with the figures’ channel, credit card interest rates were reviewed at the cutoff of June 23 and thus determine the banks with the highest and lowest rates.
According to data from credit cards for incomes above two minimum wages (those with the highest circulation) and with deferred payments between two and six months, the highest level is in Serfinanza at 39.84% effective per year; It is followed by Scotiabank Colpatria at 39.71% and Tuya closing the top three with 39.68%. On the opposite side, the lowest interest rates for the same cards are in Coopcentral with 23.78%, Banagrario 26.24% and Confiar 29.05%.
#Usury #rate #remained #July #limit #credit #card #interest