American Expatriate Costa Rica

Debt with credit cards grew 15% last year

Costa Ricans’ debts with credit cards exceeded ¢1.2 billion in April, according to the latest comparative study conducted by the Ministry of Economy, Industry and Commerce (MEIC). This figure is 15% higher than the one issued at the end of last year (+ ¢154.166 million), but 2% lower than the one issued at the end of the previous quarter, when it reached ¢ 1.23 billion.

In the last year, delinquency exceeding 90 days was reduced from 4.50% of the loaned amounts to 4.32%.

Of the total of credit cards in colones, more than half have annual interest rates above 45%. In the case of cards in dollars, three quarters have interests higher than 30%.

Regarding debit cards, the study found that there are currently some six million cards in use, while by July 2010 the total was 4.6 million. On the other hand, the money in bank accounts associated with cards represents a total ¢ 5,121,659 million.

Of the 28 debit card issuers, nine charge for the use of their own ATMs, of which eight give debit cardholders between three and 10 withdrawals free of charge; If the amount of withdrawals is exceeded without cost, you must pay an amount that varies between $0.25 and $2.25 for each transaction. In addition, 22 of the issuing entities also charge commissions for the use of other ATMs, and the payment varies according to the issuer and the network used, in a range of $0.50 to $3.

Another data that stands out in the accounts associated with debit cards is that 55% of the accounts are constituted in colones, 42% in dollars, and 3% in euros.

crhoy.com