The use of plastic money increases more and more in Peru. In fact, by April this year, there were 5,950,662 credit cards in circulation, carrying a total debt of S/21.013 billion (about US$6.3 billion), Peruvian Banking Association (Asbanc)
The April figure reflects a constant increase in the use of "plastic money" in business transactions, as Peru had 5,543,296 credit cards in circulation by April last year and 5,821,835 as of January this year.
It must be noted the average credit card delinquency rate is only 3.77%, in contrast to the entire banking system, where the ratio stands at 4.54%, according to Asbanc.
Likewise, the Superintendence of Banking, Insurance, and Private Pension Fund Administration (SBS) said that by June 7 the average credit card interest rate was between 23.47% and 153.04%.
Below are annual credit card interest rates charged by different banks:
|Bank ||Interest rate |