Monday, 30 November 2020
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Banks cut credit cards of 136,000 “no longer profitable” clients

(QCOSTARICA) Tens of thousands of bank customers saw their credit cards cut by the banks in recent weeks. Some got emails, others got a call with the bad news: the bank informs you that it will close your credit card permanently and you will...

Banco Scotiabank to cancel credit cards of 20,000 clients to meet interest rate cap

(QCOSTATICA) Scotiabank Costa Rica announced this week it will cancel, over the course of the next six months, credit cards to some 20,000 clients to comply with the new interest rate caps, imposed in the usuary law recently enacted. Likewise, the bank explained that it...

President signs law to regulate usury

(QCOSTARICA) On Tuesday, President Carlos Alvarado signed into law the usury law that sets a maximum interest rate of 39% loans in colones and 31.5% in dollars for loans of ¢675,000 colones and higher. For loans of less than ¢675,000, classified as microcredit, the rate...

Commission Regulation Announced On Banking Cards

After the Ministry of Economy, Industry and Commerce (MEIC) requested the Commission to Promote Competition (COPROCOM) on July 27, 2018, the investigation of the interbank rates market in the service of acquiring electronic payment methods, the COPROCOM states that "... it is evident from...

Objections to Commission Regulation on Bank Cards

Not considering the costs of the collection process, nor market conditions, are some of the failures that Costa Rica banks identify in the bill being discussed in the Legislative Assembly. In December 2018, a proposal was presented that seeks that the Banco Central de Costa...

Gas Stations Back Off On Threat After Quick Action By Ministry of Finance

All is cool again at the country's gasoline stations. The threat of not accepting credit and debit cards starting today as announced Monday night was called off thanks to the "prompt" reaction by the Ministerio de Hacienda (Ministry of Finance). This morning, Tuesday, José Miguel...

Gas Stations May Stop Accepting Cards Starting On Tuesday Due To Bank Error

An apparent error in the banking system could result in gas stations across the country to stop accepting credit and debit card payments. According to the executive director of the Association of Fuel Expenders (Asociación de Expendedores de Combustible), Jose Miguel Masis, at the beginning...

Costa Rica Credit Card Debt Up 14%

The number of cards in circulation grew by 13% between January 2017 and the same month in 2018, while the balance of debt on credit cards increased by 14% in the same period. According to a quarterly study on credit and debit cards for 2018,...

How to Save Money Abroad: Thinking Like An Economist

A record number of tourists and business travelers visited another country in 2016, and this year is already on pace to exceed that tally. One thing you definitely need when traveling abroad besides a passport is local currency, such as euros in Europe, yen in...

Costa Rica Credit Card Debt Up 21%

Between April 2016 and April 2017, the balance of credit card debt in Costa Rica grew by 21%, equivalent to 3.7% of GDP, says a study by the Ministry of Economy, Industry and Commerce (MEIC). The MEIC study, through the Directorate of Economic and Market...

Do Not Fall “Victim” To Credit or Debit Card Surcharges

Q COSTA RICA - A practice that is more common than you think, although prohibited, is retailers surcharging customers for using plastic. That is to say, at the time for paying a purchase with a debit or credit card, be it a product or...

Hacienda Plans To Rebate 1% Point of Sales Tax When Using Plastic

(QCOSTARICA) The Ministry of Finance (Ministerio de Hacienda) plans to return one percentage point of sales tax to people using their plastic for purchases. The plan, if adopted, would mean consumers using plastic would effectively pay a 12% sales tax instead of 13%. The deputy minister...

Credit Card Slow Down Though Business Continues To Be Profitable

(QCOSTARICA) The credit card portfolio in the banking sector weakened in the last two years. In April 2013, credit cards grew at a rate of 24%, as compared to only 10.7% in April of this year. The slowdown in economic activity and greater awareness in...

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