Wednesday 16 June 2021

Central Bank defines maximum interest rate for credit cards

37% for colones and 30% for dollars is the maximum interest rate established for credit cards

(QCOSTARICA) The Banco Central de Costa Rica (Central Bank) published early Friday morning the maximum interest rates for credit operations in colones, dollars, and other currencies, in accordance with the new Ley de Usura – usury law – now in effect.

Through a press release, the Central Bank announced that the maximum interest rate for all types of credit (including credit cards but excepting microcredits) will be 37.69% for colones and 30.36% for U.S. dollars.

For other currencies, ie euros, the rate maximum rate is 7.44%.

- Advertisement -

From El Financiero, banks with credit card products and interest rates. Column in red the number of credit card products over the usury law

For microcredits (less than ¢675,000 colones), the maximum interest rate will be 53.18% in colones and 42.99% in U.S. dollars.

The usury law enacted last month obliges the Central Bank to update the usury rates in July and January of each year.

Charing interest rates higher than those established by the BCCR will be considered usury for the purposes of the Penal Code.

- Advertisement -

Important to note that the usury law is not retroactive, only applies to future credits. According to the credit card study by the Ministry of Economy, Industry and Commerce (MEIC), almost 70% of credit cards in the country have interest rates of over 39%.

Also important to note, that usury law prohibits automatic deductions from a worker’s salary that affects minimum wage.

On Thursday, the private bank BAC announced the cancellation of some 187,000 credit cards, the closure of 11 points of service and the layoff of 373 employees, and the reorganizing of its credit product line, citing the usury law as the reason.


- Advertisement -

We strive for accuracy in its reports. But if you see something that doesn’t look right, send us an email. The Q reviews and updates its content regularly to ensure it’s accuracy.

"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

The “rebound” effect boosted growth in Costa Rica’s economic activity

QCOSTARICA - Costa Rica's economic activity registered in April 2021 a...

Are the days of the US dollar below ¢600 no more?

QCOSTARICA - The last time we saw the dollar exchange below...


Tourism’s path to recovery

QREPORTS - A new travel trends research paper released today by Tripadvisor®, the world's largest travel guidance platform, reveals that vaccine rollouts globally are...

The “rebound” effect boosted growth in Costa Rica’s economic activity

QCOSTARICA - Costa Rica's economic activity registered in April 2021 a year-on-year growth of 8.8%, a figure affected by a “base” or “rebound” effect,...

Apple extended the life of its older iPhones

QTECH - Whether due to the global economic crisis caused by the Covid-19 pandemic or due to shortages of electronic components, raw materials, factory...

Despite investigation, construction of road works by H. Solís will continue

QCOSTARICA - Five major road works under the responsibility of the H. Solís company will continue in development despite investigations for alleged corruption involving...

Nicaragua government assures that detainees violated one of the Ten Commandments

TODAY NICARAGUA – The vice president of Nicaragua and First Lady, Rosario Murillo, assured that those who feel persecuted are for the crimes they...

Today’s Vehicle Restriction: June 12, “ODDS”

Today, Saturday, June 12, only ODDS can circulate. The measure is countrywide and applied between 5:00 am and 9:00 pm, save for those under the...

Costa Rica passes law to attract foreign pensioners and rentiers with $150K capital

QCOSTARICA - Costa Rica's legislature approved, in the first debate, a bill that reduces the minimum amount that a foreign pensioner or rentier must...

COVID vaccines in the workplace: Can I ask who got their shots?

(DW) Jon works for the local government in the US state of Virginia. The 40-year-old received both his COVID shots in April. Most of...

Direct flight will connect Guanacaste with Austin starting in November

QCOSTARICA - American Airlines announced that starting November 2, 2021, it will offer a direct flight between Austin, Texas and the Daniel Oduber International...


Get our daily newsletter with the latest posts directly in your mailbox. Click on the subscribe and fill out the form. It's that simple!

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.