Published in Staatscourant 41.470 comparative study of credit cards and debit cards



Official Gazette 41,470 of 29 August 2018 published an official announcement by the Central Bank of Venezuela (BCV), which published the comparative study of credit cards and debit cards. corresponds to the month of May 2018.

Credit cards are divided into levels, in accordance with the circular issued by the BCV on 4 March 2008, which says: Level 1 (classic and similar), Level 2 (golden and similar), Level 3 (platinum and similar) and Level 4 (black and similar). These cards work under franchises Visa, Mastercard, American Express and Diners Club, and have national and international coverage, in the case of cards offered by public banks. Some banking institutions offer private cards that are only nationally accepted in affiliated stores.

With regard to interest rates applied to the general public, the BCV set the interest rates annual funding for credit cards 17% the minimum, 29% the maximum and 3% in addition to the agreed interest rate for non-performing obligations, according to Official notification of 8 May 2018 (G.O. No. 41.397 of February 14, 2018).

(Also read: Argentine deputy asked Macri to put the economy to work and not to those who speculate)

In this sentence Most banking institutions were located at the maximum financing rate. However, the National Credit Bank (BNC) presented a 26% rate on its private card and the Banco del Tesoro, a price of 28%. The default percentage was 3% per year for all institutions.

Notwithstanding the foregoing, The BCV, which exercises its powers in the regulation of interest rates, has granted permission for the application of special active minimum interest rates.as is the case with credit cards "Certificate of Good Living Bicentennial" (15%) and "Certificate of Good Living Tourism" (18%), offered by public banks and which are united in the current "Certificate of Living Well"for which a minimum annual active interest rate of 15%.

Also via Official announcement of September 19, 2013 (G.O. No. 40,266 of October 7, 2013), was stipulated for the Identified credit card "Somos", belonging to the Banco de Venezuela, a minimum financing rate of 14%. This does not include the special minimum interest rates that have been specifically approved for banking institutions that have to be applied to credit cards that are granted as an advantage for their employees, in accordance with the provisions of Article 96 of the Decree with the rank, value and strength of the law of institutions of the banking sector.

Regarding the payment term, the same oscillates between 20 and 30 days and that financing between 24 and 60 monthsthe maximum was offered by the public banks, as well as the Common Fund Bank (BFC), the Western Discount Bank (BOD), Plaza, Caroní and Sofitasa; however, the majority of banking institutions fund 36 months.

Credit cards are accepted in 433,804 outlets, installed in 334,825 member companies in the country. It is important to note that there are 137,664 terminals and 123,980 companies that accept the American Express card issued by Banesco and BOD.

Debit cards

These cards can only be used nationally and are received in 433,804 point of sale terminals, installed in 334,825 affiliated companies, as well as in 10,044 ATMs.

If you want to receive this and other information on your mobile phone download Telegram, enter the link https://t.me/globovision_oficial and click on + Join us. It also follows our profile Instagram, Facebook and twitter.


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Published in Staatscourant 41.470 comparative study of credit cards and debit cards



Official Gazette 41,470 of 29 August 2018 published an official announcement by the Central Bank of Venezuela (BCV), which published the comparative study of credit cards and debit cards. corresponds to the month of May 2018.

Credit cards are divided into levels, in accordance with the circular issued by the BCV on 4 March 2008, which says: Level 1 (classic and similar), Level 2 (golden and similar), Level 3 (platinum and similar) and Level 4 (black and similar). These cards work under franchises Visa, Mastercard, American Express and Diners Club, and have national and international coverage, in the case of cards offered by public banks. Some banking institutions offer private cards that are only nationally accepted in affiliated stores.

With regard to interest rates applied to the general public, the BCV set the interest rates annual funding for credit cards 17% the minimum, 29% the maximum and 3% in addition to the agreed interest rate for non-performing obligations, according to Official notification of 8 May 2018 (G.O. No. 41.397 of February 14, 2018).

(Also read: Argentine deputy asked Macri to put the economy to work and not to those who speculate)

In this sentence Most banking institutions were located at the maximum financing rate. However, the National Credit Bank (BNC) presented a 26% rate on its private card and the Banco del Tesoro, a price of 28%. The default percentage was 3% per year for all institutions.

Notwithstanding the foregoing, The BCV, which exercises its powers in the regulation of interest rates, has granted permission for the application of special active minimum interest rates.as is the case with credit cards "Certificate of Good Living Bicentennial" (15%) and "Certificate of Good Living Tourism" (18%), offered by public banks and which are united in the current "Certificate of Living Well"for which a minimum annual active interest rate of 15%.

Also via Official announcement of September 19, 2013 (G.O. No. 40,266 of October 7, 2013), was stipulated for the Identified credit card "Somos", belonging to the Banco de Venezuela, a minimum financing rate of 14%. This does not include the special minimum interest rates that have been specifically approved for banking institutions that have to be applied to credit cards that are granted as an advantage for their employees, in accordance with the provisions of Article 96 of the Decree with the rank, value and strength of the law of institutions of the banking sector.

Regarding the payment term, the same oscillates between 20 and 30 days and that financing between 24 and 60 monthsthe maximum was offered by the public banks, as well as the Common Fund Bank (BFC), the Western Discount Bank (BOD), Plaza, Caroní and Sofitasa; however, the majority of banking institutions fund 36 months.

Credit cards are accepted in 433,804 outlets, installed in 334,825 member companies in the country. It is important to note that there are 137,664 terminals and 123,980 companies that accept the American Express card issued by Banesco and BOD.

Debit cards

These cards can only be used nationally and are received in 433,804 point of sale terminals, installed in 334,825 affiliated companies, as well as in 10,044 ATMs.

If you want to receive this and other information on your mobile phone download Telegram, enter the link https://t.me/globovision_oficial and click on + Join us. It also follows our profile Instagram, Facebook and twitter.


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