Despite Economy, Credit Card Types Keep Growing

Despite Economy, Credit Card Types Keep Growing

By the A.M. Costa Rica staff


Costa Rican shoppers have 13 more types of credit cards, according to a survey by the economics ministry. That brings to 414 the types of credit cards available in the country.

The ministry said Banco Citi, Bancrédito and Banco Nacional offer the best interest rates on colon-denominated credit cards. Other lenders have interest rates that go as high as 54 percent per year. That figure is 30 percent higher than the lowest colon credit card.

One also has to be a careful shopper because Citi offers 94 types of credit cards. Credomatic offers 92. Bancrédito offers 42 and Banco Nacional offers 37. All have different rates and regulations.

The Ministerio de Economía, Industría y Comercio studies the credit market four times a year. This study includes the period from June to August. The ministry noted that the highest rate had increased 4 percent since the last study.

The card with the highest rate, 54 percent, is the Compra Facil local brand put out by Medio de Pago MP S.A., said the ministry. Tarjetas BCT S.A. is close behind with its Visa at 50.4 percent. Medio de Pago MP S.A. holds the third and fourth highest rates, 49.82 and 49.41 percent with its Visas.

The fifth highest rate is with Citi Tarjetas at 49.32
percent with some 28 Visa cards and three Mastercards.

Citi Tarjetas also issues the card with the lowest rate, also a Visa called Signature Internacional, at 20 percent.

Other providers with lower rates are Banco Nacional with both Mastercard and Visas at 22 percent, Bancrédito with a Visa at 23 percent, and both Banco Nacional and Bancrédito in fourth place with Visa and Mastercards that have rates of 24 percent.

Banco de Costa Rica has the next lowest rate card, according to the survey. That includes several types of Visa and Mastercards at 25 percent.

Colon-denominated credit cards carry higher rates than dollar cards, which were not included in the study. There also are other types of cards for professional groups and organizations that have restricted access. They were not rated either.

Some of the cards in the survey have a charge to open an account. The ministry said that 325 types of cards did not required an initial fee. Coopegrecia requires a 3,500-colon payment, about $6. American Express and several prestige cards of Credomatic require an initial payment of 118,000 colons, the ministry said. That's $201 at the current exchange rate. Some cards, but not the majority, require an annual renewal fee, the ministry said.