The most expensive and cheapest credit cards in Colombia: list of banks
Interest rates on credit cards in Colombia continue to pressure consumers' pockets. In April, entities such as Coltefinanciera, Banco Unión, and Banco Falabella lead the list of the most expensive, while others offer more favorable conditions. The context of high inflation and decisions by the Bank of the Republic explain the rising cost of credit.
TL;DR
- Credit card interest rates in Colombia are high, with some banks close to the legal usury limit.
- Coltefinanciera, Banco Unión, and Banco Falabella have the most expensive credit cards as of April.
- Coopcentral, Itaú, and Banco Agrario de Colombia offer the most economical credit card options.
- High inflation and the Bank of the Republic's monetary policy are driving up credit costs.
- The usury rate set by the Superfinanciera acts as a ceiling, allowing high interest rates without exceeding the legal limit.