What are the 3 municipal savings banks that would issue credit cards in 2024?

The economic recession that Peru is experiencing has changed the consumption habits of citizens and currently, the majority of people assume debts with banks to make their purchases. In that sense, the Federation of Municipal Savings Banks (Fepmac) announced that, for this first half of 2024, three of these financial institutions would issue credit cards.

Let us remember that, in March of last year, Law No. 31711 was published, which enables municipal savings banks to issue these products without prior authorization from the Superintendence of Banking, Insurance and AFP (SBS). Next, we will tell you which are the 3 municipal savings banks that would offer their financial plastics during this year.

Which municipal savings banks will issue credit cards in 2024?

The only municipal savings bank that issues a credit card for working capital is Caja Cusco since August 2023, after accessing through a simplified SBS procedure. According to Jorge Solispresident of the Peruvian Federation of Municipal Savings and Credit Banks, in statements to Andina, “two or three savings banks are going to come out in the first half of 2024 with competitive interests, but in a very limited way,” to serve clients.

These would be Caja Arequipa, Huancayo and Piura. Let us remember that Solís had already communicated this decision to The Republic and had anticipated that these entities were going to deliver this financial product by the end of 2023. In the case of Caja Piura, Javier Morante, Administration Manager, indicated to this newspaper that its first credit card would have rates that could go up to 30%. and 35%, which is taken as a weighted average of the loans, which reaches up to 22%.

Finally, the president of Fepcmac assured that “they will go out in a limited way this year to give more offers to clients, so that they do not have to go into debt with other entities.”

What are the requirements to apply for a credit card at Caja Cusco?

According to the Caja Cusco website, these are the requirements to access a credit card:

• Be a natural person with a business (SME)
• Have business documents on hand.
• Have a seniority in the activity greater than or equal to 12 months.
• Have a photocopy of the ID of the holder and spouse.
• Obtain a 100% Normal qualification in the Financial System. Last 18 months.
• Possess the property ownership document (if applicable).
• Have a copy of the water or electricity bill.

What is the evolution of delinquencies in credit and consumer cards?

According to data from the Superintendency of Banking, Insurance and AFP (SBS) analyzed by economist César Antúnez for this newspaper, delinquencies on credit and consumer cards reached 6.02% and 3.90% in October 2023. Likewise, the number of people who have consumer credit debts until September of this year reached 5.4 million, out of a total of 8 million unique debtors in the financial system, with a year-on-year increase in October 3 ,4%.

It is worth noting that, until October, consumer loans reached S/74,069 million, increasing by 10.84% ​​compared to the same month of the previous year. Finally, the issuance of credit cards by multiple banks stood at 6,459,000 units, which represents a decrease of 2.71% compared to the same month in 2022, according to INEI data.