Bank with millions of clients in Colombia also drastically lowers its interest rates

In recent days, several banking entities have announced a significant reduction in their interest rates on credit cards.

Bancolombia, Banco de Bogotá and Davivienda They have joined the initiative to lower their interest rates on credit cards.

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Davivienda maintained that producers who buy their agricultural inputs with the cards agricultural, Davivienda coffee maker or classic, As of March 11, the bank will lower the rate to 20%.

On the other hand, the Bank of Bogota announced that from monday march 13, the entity’s credit cards will have a special rate for their purchases in the most relevant categories of household consumption. “The special rate for this type of purchase will be 1.53% nominal monthly, which is equivalent to 20% effective per year.

Banco Falabella joins the reduction

Banco Falabella announces this week the reduction of its interest rate of 45.99% to 25% from March 15 in purchases in supermarkets, drugstores, health services and education.

These are some of the categories that have been most affected by the increase in inflation and that directly impact the pocket of Colombians. This benefit will apply to customers of the CMR Clásica Card with quotas up to $3.9 million.

“Taking into account the principles for which we have always stood out and the economic context that the country is going through, today we seek to generate additional relief for our clients by reducing our interest rate in the purchase categories in supermarkets, drugstores, health services and education. We hope that this action will add to the benefits of direct savings that our means of payment already have,” he said. Rodrigo Sabugal, General Manager Banco Falabella.

Along these same lines, the CMR Card also has a “Gasoline Club”, where 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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It should be noted that all the purchases that customers make with their Credit Cards and also with Banco Falabella Debit cards accumulate CMR Points (one of the leading loyalty programs in Colombia), which can be exchanged for thousands of products in Falabella, Homecenter, Linio, Viajes Falabella and many more shops.

It is estimated that around 2.1 million people in Colombia have a credit card with Banco Falabella.