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Credit card debt in Costa Rica climbs US$22mn in 4Q13

Bnamericas

Credit card debt in Costa Rica rose 10.8bn colones (US$21.6mn) in the fourth quarter of 2013 to a total of 751bn colones, reported local daily El Financiero citing figures from the country's economy, industry and commerce ministry MEIC.

At end-2013 there were 1.72mn credit cards in circulation, issued predominantly by Credomatic, Banco Promerica and Banco Nacional, while interest rates charged on the cards ranged from 23% to 54%, according to the report.

Debit cards in circulation, meanwhile, totaled 4.87mn, linked to accounts with deposits totaling 2.84tn colones, up 5.99% from 2.68tn colones at end-September.

The biggest issuers of debit cards in Costa Rica at the end of the year were Banco Nacional, BAC San José and Banco Costa Rica, with 75% of the market, according to the report.

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