If you usually buy your credit card, pay attention: Since May 1, the current banking interest for this type of credit rose to 25.97% annual cash, which represents an increase of 35 basic points (0.35) compared to the rate in force in April (25.62%). This was certified by Colombia’s financial superintendence based on the reports of the country’s credit establishments.
This means that 35 more basic points will be charged in interest in May for using your credit card. This rate is key because it serves as a basis for calculating the interests that banks can be charged for consumer and ordinary credits, such as your credit card. Although the increase may seem small, any additional point impacts the total value that ends up paying for financed purchases, cash advances or fees.
In addition, with this new certification, the limit of interest in usury – that is, the legal maximum they can charge – is located at 25.97% annual effective. This means that if your bank is charging you a higher rate at this level, it could be incurring a punishable practice by law.
Productive credit
Keep in mind that in other credit modalities interests are significantly higher. For example, Urban productive credit has a certified rate of 36.85% and urban productive credit reaches 59.36%.
The best thing, they say analysts, is to use the credit card in a responsible manner and avoid the minimum payment, which ends up being the most expensive path for your pocket.
Previously, the market was shown with an expectation of fall in front of May data, since this indicator is associated with the movements of the interest rate, which fell from 9.5% to 9.2%
The closest to usury
Banco Falabella, cooltefinanciera and yours are the banks with the interest rates closest to the usury, with (25.6%), (25.5%) and (25.4%), respectively.
It should be noted that the data is supplied through the Financial Superintendency Rate Comparator tool, dated April 18, and presenting the average weighted average rate of the entity. In contrast, The banks farthest to usury are Lulo Bank, Av Villas and Bancolombia, with (17%), (17%) and (18.4%).
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