Credit Card Balance Transfers

Costa Rican banks have resumed the purchase of balances and debt consolidation on credit cards with lower interest rates.

Tuesday, July 24, 2012

With this operation, customers can pay off debts owed to other credit card issuers and have them reassigned to a single card with a lower interest rate, reducing monthly payments.
Electronic Media Director of Banco Nacional, Marco Vinicio Calderon told that since January 2011 the bank has purchased about $7.4 million in credit card balances.

"According to the bank, a person with an outstanding balance of ¢2 million ($4,000) at a rate of 50% interest, over a 48 month term, pays instalments of ¢97,000 ($194), but if the debt is consolidated, the monthly payment may go down to about ¢65,200 ($130)", reported

More on this topic

Credit and Debit Card Market in Costa Rica

January 2014

At the end of October 2013 the number of cards in circulation amounted to 1,723,306.

A press release from the Ministry of Economy, Industry and Trade of Costa Rica reads:

Costa Ricans owe in total $1,496 million in balances on credit cards, which is an increase of $21.5 million (1.46%) compared to the latest study by the Directorate of Economic and Market Research, according to the cut made up to October 31, 2013.

Plastic Money in Costa Rica: Report up to July 2013

October 2013

Credit card debt grew by 1.5% to a total of $1.482 billion, while the number of cards in circulation up to July 31, 2013 was 1,731,673.

A press release from the Ministry of Economy, Industry and Trade of Costa Rica reads:

The Ministry of Economy, Industry and Commerce (MEIC) through the Department of Economic and Market Research has conducted its latest study on debit and credit cards.

Growing Demand for Fixed Rate Loans in Costa Rica

May 2011

Interest rates fixed for 20 years being offered by banks are increasing the demand for mortgages.

Four banks are currently promoting mortgage loans with fixed interest rates.

Credit for housing rose by almost 6% from February 2010 to February 2011, an increase which could accelerate at the end of the year because of these programs.

Costa Rica: National Bank lowers interest rates

February 2009

Effective February 15 the bank will reduce its interest rate for housing loans lower than $89.000 (¢50 million) by 2 percentage points. reports on its website: "The Popular Bank also agreed to reduce its interest rates by 2 points starting on March 1.

These banks have joined the Bank of Costa Rica and the Bancredito Bank in reducing their rates at the request of the Government in order to deal with the economic crisis."

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