The banks that lower interest and the clients to whom it applies

Several banks of the country have announced that they made the decision to Lower interest rates on your credit cards.

(See: This is how you can make your money work in times when ‘everything is expensive’).

The situation occurs after President Gustavo Petro will urge the financial system to make an effort to lower interest rates for its customers.

According to the banking entities, the decision to lower rates was made with the aim of support Colombians in a context of high prices.

“We have listened to the needs of the people and, being aware of the reality of the country, we have the priority of taking care of the financial well-being of Colombians. This is how our purpose materializes”, assured Juan Carlos Mora, president of Bancolombia.

And, then, which are the banks and the cards that lower their interests and to which clients will it apply?

(See: Personal finance: ‘tips’ so that the rise in prices does not affect you).

The bank’s decision is that the annual effective interest rate will be 25%, which is below the current maximum rate of 46% effective per year.

That 25% translates into a nominal month in arrears of 1.88% and the cards to which it will apply are:

– Credit card Classic Visa.

– Credit card Classic Mastercard.

– Credit card American Express Blue.

– Credit card Young Mastercard.

– Credit card Ideal MasterCard.

In addition, it also applies to: customers with a quota of up to 3.9 million pesos.

The entity announced a special rate for its purchases in the most relevant categories of household consumption, which will be 1.53% nominal per month, which is equivalent to 20% effective per year.

(See: Dollar: is it a good time to buy and invest with this currency?).

Applies to all credit card quotas and customers with cards Allied, Classic, Economy and Young.

Bank of Bogota

Bank of Bogota

The bank decided to reduce interest rates by 57% for grocery and grocery shopping made by all its customers, with any credit card, except those with a co-brand.

Thus, the interest rate for these categories will be 1.53% month in arrears, that is, 20% annual cash.

Likewise, the bank recalled that it has an option of alternate Minimum Payment, which allows customers defer their purchases to 48 months, freeing up cash flow. In addition, that for the payment of taxes it offers differential interest rates from 1.31% month in arrears (16.85% annual effective) and that during one Saturday a month it offers 0 interest for purchases over $500,000 in airlines, hotels and agencies Travel.

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The entity reported that the market purchases, gasoline, clothing, education, clothing, footwear, health, insurance, public services and taxes that are made with the Davivienda Clásica credit card, with quotas of less than $4,000,000, will have an interest rate of 20%.

(See: How to be smart about finances this year.)

For farmers who buy their agricultural inputs with the Davivienda Agricultural, Cafetera or Clásica card, the rate also drops to 20%.

Other cards to which it applies are: Classic Mastercard, Visa and Diners, Youth Card and classic cards with allies.

Davivienda.

private file

It announced that it reduces the interest rate for its low-value credit cards, pensioners and public forces to 20% annual cash.

Specifically, the benefit will apply to existing customers and new customers with Visa Clásica, MasterCard Standard, MasterCard Senior and Pensional Senior credit cards (for retirees) and MasterCard Héroes (for the Military and Police Forces) with a quota of up to $4 million in purchases in the categories of supermarkets, clothing and footwear, gas stations, education, health services, taxes and public services.

BBVA

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Began to apply a rate reduction to your Agroinsumos credit card at 24.76% and no handling fee.

The users of this card will be able to benefit from this rate in the purchase of inputs, tools and other raw materials for agricultural production.

Agrarian Bank.

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Will reduce your interest rate to 20% effective per year for purchases in supermarkets, fuel in service stations and restaurants.

This adjustment is equivalent to a reduction of more than 50% of the current interest rate for our private, basic and classic credit cards.

On Saturday March 11, 2023, Pichincha Bank announced lower interest rates to 20% annual cash for all new purchases in stores from all your credit card users.

To this is added a new portfolio purchase offer that is being carried out with rates from 22% effective per year, which allows clients to be able to negotiate their debts and have more comfortable terms to comply with them.

“The purpose of the company is to inspire and reward trust, which is why we want our clients to feel safe and supported at all times by us, being the vehicle to achieve their goals in a responsible manner; These adjustments in our interest rates allow us to restore the trust they have in the Bank and show them that their well-being is the most important thing and that we are their best financial ally.“said ‘Angela María Durán, Commercial Vice President of Banco Pichincha.

The Territorial Development Bank (Findeter)announced a reduction in its interest rates for direct and rediscount loans in 100 basis points for rates indexed to Reference Banking Indicator (IBR) and 125 basis points for those that are tied to the Consumer Price Index (CPI).

These are aimed at large companies, the infrastructure sector and entities
public. It also provides direct loans to territorial entities.

It announced the reduction of its interest rate from 45.99% to 25% on purchases in supermarkets, drug stores, health services and education.

and remembered that the CMR Card also has a ‘Gasoline Club’: 10% of what the customer spends at any service station in the country is returned, with a maximum of $50,000 pesos per month.

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