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Learn moreNov 2018
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In Venezuela, there are regulations for banks regarding interest rates, which are set by the BCV. For purchases made with credit cards the interest rate is capped at 29%, which is much lower than the inflation rate seen in 2018, which amounted to 1,000,000%, according to International Monetary Fund (IFM).
Credit cards are very attractive to consumers as with the presence of negative real interest rates it is a cheaper way to finance consumer goods. Credit cards maintained a level close to 20% of the total amount of the loan portfolio in Venezuela in 2017, between commercial loans with 47% of the total loan portfolio and agricultural credit with 16%.
Venezuelan consumers purchase food and medicine with this financial instrument as prices are constantly increasing and they lack purchasing power. What was once a financial instrument for acquiring white goods, brown or simply items such as a shirt, today is an aid to thousands of Venezuelan families that cannot afford everything they truly need solely with their monthly income.
Banco de Venezuela and Banesco Banco Universal continued to lead credit cards in 2018. Banesco has more than six million clients due to the support that the bank has given to electronic channels, as well as its support for microcredit.
Banco de Venezuela innovates with a new system of financing and continues to promote “Cedula del Vivir Bien Pensionado”, which is directed exclusively at pensioners of the Venezuelan Institute of Social Insurance, for the purchasing of goods and services. Additionally, Banco de Venezuela has maintained a promotion called “Contributions to a minimum”, which allows users to enjoy 60 months of financing through the credit cards issued by the bank.
The public banks concentrate 29% of the total financing by credit cards of the national banking system.
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Discover the latest market trends and uncover sources of future market growth for the Credit Card Transactions industry in Venezuela with research from Euromonitor's team of in-country analysts.
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