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Credit cards from savings banks: how much will your interest rate be compared to that of the banks?

Credit cards from savings banks: how much will your interest rate be compared to that of the banks?

The Congress of the Republic approved by insistence, on Friday, March 3, the law that allows municipal savings banks to issue credit cards without the express authorization of the Superintendence of Banking, Insurance and AFP (SBS). The initiative authorize that you are financial entities manage and manage up to four products: credit cards, checking accounts, cashier’s checks and draft orders. How much would they charge for their interest rates?

Credit cards: how much is the interest from banks?

In order to make informed choices, the SBS records in its web portal the list of financial entities and the reference percentage of their effective annual cost rate (TCEA), depending on each financial product they offer. In this case, we show you how much the TCEA of the entities in the section amounts to: credit cards in installments.

Entity TCEA maximum (%)
GNB Bank 72.97%
Bank of Commerce 91.3%
Interbank 105.37%
Credit Bank 107.2%
Banbuf 108.81%
Scotiabank Peru 112.93%
BBVA 119.41%
financial oh 120.71%
Pichincha Bank 124.72%
Ripley’s Bank 137.18%
Crediscotia 143.4%
Falabella Bank 144.82%
CRAC Cencosud Scotia 147.85%

For credit cards: how much would the interest rate of the boxes be?

According to Jorge Solís, president of the Peruvian Federation of Municipal Savings and Credit Banks (Fepcmac), the municipal savings banks will offer this product with rates between 24% and 32%which will make it possible to level the ground, which is constantly dominated by banks, whose rates range from 80% to 144%. For comparison purposes only, the maximum TCEA of Caja Cusco on a credit card is 29%.

The products of the municipal savings banks are aimed at the micro and small business sector, both business and consumer. In figures, from December 2010 to June 2022, lThe number of clients of the municipal savings banks increased from 859,290 to 2 million 013,378 throughout the country.

Cashiers: what requirements must they meet to issue credit cards?

To issue their own cards, microfinance institutions will have to meet two requirements: have assets of more than 75,000 ITUwhich is equivalent to S/345 million, and have been in operation for more than three years.

Of the 12 municipal savings banks operating today, nine meet this profile: Caja Arequipa, Huancayo, Ica, Mainas, Piura, Sullana, Tacna, Trujillo, and Metropolitana.

Municipal savings banks: since when will they be able to freely issue credit cards?

Let us remember that the autograph was observed by the Executive power in November 2022, when detecting risks to the financial system. Although the edile funds could already issue, from before, credit cards only that they had to follow a regular procedure, which lasts approximately one year. Now, with the project approved by insistence from the Congressthese financial entities may issue the plastic regardless of the authorization of the SBS.

The final step is the promulgationwhich would take place in the coming days and will be in charge of the Congress of the Republic, without the need to go through the Executive.

According to Jorge Solís, in the same way, the SBS will have a key role in regulating the law, which must be known within 60 days from its publication in the Official Gazette El Peruano.

Source: Larepublica

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