Interest rates in soles on credit cards in Peru exceeded 60% per year on average, according to data from the Superintendence of Banking, Insurance and AFP (SBS).
According to the SBS, as of August 17 of this year, the average TEA (annual effective rate) of the 10 banks that offer this product reaches 56.31%.
However, if the other entities that offer the plastic are considered (two financial institutions and a rural savings and credit institution), whose average rates exceed 65% per year, the total weighted rate will be greater than 60%.
Which financial institutions have the highest rate?
People who have or wish to have credit cards in Peru they should inquire about the interest rates at which they will agree to pay.
That is why we leave the information corresponding to the higher interest rates that apply to financial institutions as of August 17, 2022.
| Financial entities | Annual rate |
|---|---|
| Falabella | 80.09% |
| Cencosud Scotia | 77.83% |
| ripley | 76.83% |
| Crediscotia | 71.85% |
| card oh! | 64.77% |
| interbank | 60.6% |
Which financial institutions have the lowest rate?
| Financial entities | Annual rate |
|---|---|
| Bank of Commerce | 27.35% |
| GNB Bank | 35.20% |
| soctiabank | 39.91% |
| BanBif | 40.86% |
| Pichincha | 42.34% |
| BCP | 45.32% |
What is the higher interest rate due to?
For Jorge Carrillo Acosta, professor at the Pacífico Business School, this occurs in line with the increase in all types of financing in the financial system due to the higher risk that is perceived by the situation and the rise in reference interest rates that the Central Reserve Bank (BCR).
Currently the reference interest rate of the BCR it is at 6.5%, when in mid-2021 it was 0.25%.
What are the recommendations for the use of credit cards?
Carrillo argued that in this context the use of credit cards takes on greater relevance.
“That is why it should be used only under the modality of direct credit or total payment (everything consumed is canceled each month), since in this case the interest rate is 0%, and only the credit insurance will be paid.”, he explained
The specialist specified that, on the contrary, one should avoid consuming and paying in installments or in a revolving manner, since the financial cost is very high.
