Average interest rate for credit cards was 39.6%

During last January, the average annual effective interest rate that credit card issuers charged to their clients in Colombia for their use was 39.6%.

(Read: Imports into the country grew 26% during 2022).

Said figure corresponds to a verification of what the entities reported to the Financial Superintendence regarding the charges that apply to purchases.

This rate is high, because with the monetary normalization process that the Banco de la República launched since September 2021 increasing interest rates, and that it is not overIn order to combat inflation, rates for deposits (CDT and savings accounts, especially) and placement rates (credits) have been rising.

And in accordance with the increase in the rate of the Issuer, current bank interest and accordingly the usury rate rises.

That is why last January the usury rate was 43.26%, a figure close to the one that some entities had set their rate for purchases with their credit cards.

(Keep reading: Industry and commerce had a good 2022 with slower pace at the end).

In this way, according to the figures reported to the Financial Superintendence, during January the entity that registered the highest rate for its card credit product was Banco Falabella, which charged its clients 43.18% annual cash. that same The bank charged 25.57% in the same month of 2022, that is, a difference of 17.6 percentage points.

Next, in the primes this year was Citibank, since its corporate credit card charged an interest rate of 43.16% effective per year.

Then, in third place was the credit card of the Tuya company, whose effective collection per year to the client was 43%, according to the report to the Superfinanciera and with an increase in one year of 16.66 percentage points.

In fourth place was Bancolombia’s credit card, whose rate was 42.88% effective per year and which is 17.9 points higher than the rate charged in the same month last year.

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Later and with a effective annual rate of 42.64% effective annual, there was the charge made by the credit card of Financiera Juriscoop and that was 21.62 points above the first month a year ago.

Banco Unión, the youngest of the entities under the supervision of the Superfinanciera, had last January an effective rate of 42.41% for your credit card.

Among the three entities with Credit cards that charged the least in the first month of the year were Confiar with 32.65% effective, 8.74 points above from a year ago (23.91% effective per year), Banco Agrario, with a rate of 29.19% effective, 4.66 points above the rate charged in January 2022 (24.53% effective).

In the last place of the list, it is say the one that charged its credit card customers the least interest last January was Banco Coopcentralwith a rate of 27.59%, that is, 6.1 points above January 2022 when the rate was 21.49% effective per year.

The entities that registered the most increases in the interest rates of their credit cards at the beginning of the year were Juriscoop Financial, with 21.62 percentage points in its rates, followed by Banco GNB Sudameris with an increase of 20.31 points.

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