Last year, credit card loans fell 5% against the similar period of the previous year, according to the Central Reserve Bank (BCR) and still do not recover the levels prior to the pandemic.
According to SBS information, at the end of November 2024, the credit card portfolio for banking people closed at S/17,836 million (a constant exchange rate) and this amount is lower in S/5,197 million in front of November 2019, prior to the health crisis.
In a situation like that, what can be expected from financing with plastic money? A BCR survey revealed that the prospects of this product by banks are favorable for this year.
The XLVIII Survey of Credit Conditions (ECC) of the BCR about the behavior and perspectives of the supply and demand of credit of the banks realized that, in the last quarter of 2024, the entities more flexible the credit conditions of the credit cards, modifying its restrictive position of the previous quarter. However, the bank remained pessimistic about people’s demand for plastic money.
“Regarding the conditions of offer of credit cards, these were strengthened, thus moving to the optimistic section. (…) Regarding the perception of credits demand, an improvement was observed in consumption, mortgage and credit cards; However, the latter would remain in the pessimistic section, ”said the monetary authority.
The study of the BCR was carried out to representatives of the areas of risk, commercial and finance of the different commercial banking institutions of the country, between January 1 and 17, 2025. The survey also incorporates the expectation of the banks of the next three months on the performance of the credit market.
According to the results, the bank is optimistic about the flexibility that will be provided in credit cards, as well as in the prospects for the demand for product users in the next three months.
“In the case of credit to people, the conditions of consumption offer would improve and those of mortgage would remain neutral. (…) Regarding demand expectations, on the side of credits to people, the expectations of the banks is that the demand for credits also expands, ”said the BCR.
The monetary authority concluded that the expectations of the conditions of supply and demand of the next 3 months for all segments of companies and people are in the positive or neutral section for the first time since September 2021.
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