Davivienda, Banco de Bogotá and Banco de Occidente joined the announcement made yesterday by bancolombia and said they will lower your interest rate in March for your credit cards. Furthermore, more financial institutions are expected to follow suit.

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bancolombia announced that it will lower it for purchases made with Visa Clásica, Mastercard Clásica, American Express Blue, Mastercard Joven and Mastercard Ideal credit cards. According to the entity, customers with any of these cards will have an effective annual interest rate of 25 percent, which is below the current maximum rate of 46 percent annual effective.

He Bank of Bogota He said that he lowers his interest rate for his Aliada, Clásica, Economy and Joven cards, regardless of the quota assigned and that the special rate is for purchases made in supermarkets, medical services, education and public services. This will be 1.53 percent monthly nominal, which is equivalent to 20 percent effective per year.

Davivienda Announcement that lowers interest rates on the most important purchases such as food, transportation, health, education, clothing, footwear, and agricultural inputs that are made with the classic credit card, going from 46 to 20 percent.

AND Western Bank, a subsidiary of Grupo Aval, announced that, as of March 15, it will reduce interest rates by 57 percent for food and supermarket purchases made by all its customers, with any credit card (except shared cards). . With this measure, the interest rate for these categories will be 1.53 percent MV, that is, 20 percent EA

What rates do the rest have?

At present, the usury rate It is at 46.26 percent, the highest recorded. This is the maximum interest that a financial institution can charge its clients for a consumer and ordinary credit.

This increase is directly related to the measures of the Bank of the Republic to curb inflation, which in turn has made credit more expensive and banks have been raising the rates of their financial products.

According to a survey carried out by this means to some entities, at this time these are the interest rates for credit cards that the rest of the banks are handling for March:

Scotiabank Colpatria manages a rate of 46.24% EA, Banco Finandina 46.16% EA, Banco Popular 46.16% EA, Bancoomeva 46.14% EA and Tuya 46.10% EA

Credit card interest rates:

– Scotiabank Colpatria 46.24%
– Bank Finandina 46.16%
-People’s Bank 46.16%
– Bancomeva 46.14%
– Yours 46.10%
– Av Villas 46.07%
– Bank Pichincha 46.06%
– BBVA Colombia 45.86%