Acodeco presents a report on credit cards in Panama

The first report of the year on the costs, nominal interest rate and annuity of some credit and financial cards issued in the Republic of Panama presented this Tuesday Directorate for Consumer Protection and Defense of Market Competition (Acodeco).

The analysis stated that in business, business or business Visa or Mastercard, Citibank, SA does not charge nominal interest (0.00%), while MMG Bank Corporation charges 9% for the same card.

The lowest average interest rate for classic or traditional Visa or Mastercard cash black is 13.50% from Cooperativa de Servicios Múltiples Profesionales RL and 16% from the National Bank of Panama; while the largest (28%) are Banco Ficohsa Panamá and Banesco (25.85%).

In relation to the amount that the cardholder has to pay as rent for possession credit cardthe report points out that the lowest amount corresponds to the Cooperativa de servicios Múltiples EDIOACC, RL, which does not charge rent on the three types of cards it maintains (classic, gold or gold and platinum).

In a classic, basic or standard Visa or Mastercard card, General Bank and Credicorp Bank they do not charge rent; in a company or company, Citibank NA, exempt from annual payment.

In gold or gold, Credicorp Bank SA and Banistmo; and in platinum, Banco General, Global Bank Corporation and Credicorp Bank, SA also do not charge annuities.

This study was conducted in accordance with Law 81 of 2009, and its data was collected directly, through the Banking Supervisory Board, through sworn statements of those entities dedicated to issuing credit cards and other financing cards in the country.

Acodeco recommends that users consider some variables like cost per annuityhow much you pay for the add-on card, replenishment fee, nominal annual interest rate, credit limit, cost of fraud insurance, cut and payment date, late payment and overdraft fees.

“The information presented in this comparative study offers the cardholder the tools to evaluate and analyze an acquisition, whether it’s a credit card or financing, or a balance purchase from another entity that offers a lower interest rate,” Acodeco points out.

The institution recommends evaluating other additional credit card costs in order to better control your finances.