BAC Credomatic and Multibank are the banking entities that have the most expensive average annual nominal interest rate for credit cards, according to a report by the Consumer Protection and Defense of Competition Authority (Acodeco).
With information collected during the first week of February 2018, the report called 'Comparative Cost Analysis, nominal annual interest rate and annuity of some credit cards in Panama', the entity draws the highest interest rates for credit cards. -Visa or Mastercard, whether classic or traditional cash back-that local banks had at that time.
The highest rate, as measured by Acodeco, was held by Banco Ficohsa Panama, with 28.0%. On the other hand, the lowest one was offered by the National Bank of Panama (16%).
In the case of the classic, essential or standard cards, the highest interest rate was held by BAC Credomatic and Multibank, with 24.0%; while the lowest was offered by the Federation of Savings and Credit Cooperatives (FEDPA, RL) and the Cooperativa de Servicios Multiples de Profesionales with 14.0%.
For corporate or corporate cards, the highest interest rates were those offered by Banistmo (23.0%), while the lowest were established by Banco Lafise and Capital Bank (14.0%).
With respect to the products 'gold', 'gold' or 'gold', the Acodeco report showed that the most expensive interest rate was offered by Multibank (22.0%) and the cheapest was the Cooperativa de Servicios Multiples Edioacc (13.0) %), the Cooperativa de Servicios Múltiples de Profesionales, (13.5%) and Banistmo (14.0%).
On the other hand, the highest average annual nominal interest rate for platinum or platinum-type products was held by Banco General (20.9%); while the lowest in this segment was offered by the Multiple Services Cooperative EDIOACC (11.5%).
As for the annuity, Banistmo had the highest for cash back, essential and corporate products, with $ 90, $ 94 and $ 160, respectively; while the Global Bank charges about $ 50.00 of annuity for these same products.
On the other hand, Banvivienda charges the cardholder $ 95 for having a golden, gold or gold card and that same entity charges $ 155 for the Visa or MasterCard platinum or platinum.
Other financial institutions such as Banco General, Global Bank, Citibank (now Scotiabank) and Credicorp Bank choose not to charge the customer the annuity for classic, business, gold or platinum type cards, according to the report.
With information collected during the first week of February 2018, the report called 'Comparative Cost Analysis, nominal annual interest rate and annuity of some credit cards in Panama', the entity draws the highest interest rates for credit cards. -Visa or Mastercard, whether classic or traditional cash back-that local banks had at that time.
The highest rate, as measured by Acodeco, was held by Banco Ficohsa Panama, with 28.0%. On the other hand, the lowest one was offered by the National Bank of Panama (16%).
In the case of the classic, essential or standard cards, the highest interest rate was held by BAC Credomatic and Multibank, with 24.0%; while the lowest was offered by the Federation of Savings and Credit Cooperatives (FEDPA, RL) and the Cooperativa de Servicios Multiples de Profesionales with 14.0%.
For corporate or corporate cards, the highest interest rates were those offered by Banistmo (23.0%), while the lowest were established by Banco Lafise and Capital Bank (14.0%).
With respect to the products 'gold', 'gold' or 'gold', the Acodeco report showed that the most expensive interest rate was offered by Multibank (22.0%) and the cheapest was the Cooperativa de Servicios Multiples Edioacc (13.0) %), the Cooperativa de Servicios Múltiples de Profesionales, (13.5%) and Banistmo (14.0%).
On the other hand, the highest average annual nominal interest rate for platinum or platinum-type products was held by Banco General (20.9%); while the lowest in this segment was offered by the Multiple Services Cooperative EDIOACC (11.5%).
As for the annuity, Banistmo had the highest for cash back, essential and corporate products, with $ 90, $ 94 and $ 160, respectively; while the Global Bank charges about $ 50.00 of annuity for these same products.
On the other hand, Banvivienda charges the cardholder $ 95 for having a golden, gold or gold card and that same entity charges $ 155 for the Visa or MasterCard platinum or platinum.
Other financial institutions such as Banco General, Global Bank, Citibank (now Scotiabank) and Credicorp Bank choose not to charge the customer the annuity for classic, business, gold or platinum type cards, according to the report.
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