Until 22 may, the collection average of the banks for a consumer credit was 24,50%. For June, the usury will be 27,18%

For the first half, the rate of usury (maximum interest that a bank or financial institution may charge their customers a credit of consumption) fell by 98 basis points since the start of the year in 28,16% and the Financial Superintendence certified for June will be of 27,18%.

Graph LR

In comparison with may, a month in the governing 27,29%, this index presented a slight reduction of 11 basis points. Meanwhile, since the start of the emergency economic and social, that caused the arrival of the pandemic to the country, the usury rate fell 125 basis points, since march came in at 28,43%. The explanation on why it dropped the most since march and not from January is to February the index rose about 50 points.

Until the 22nd of may, the average interest rates 18 banks we offer financing through credit cards is 24,50%, that is to say, to 268 basis points below the rates of usury for June (27,18%).

Scotiabank-Colpatria is the entity with the highest rate, with 27,19%; followed by Itaú, with 26,45%; Serfinanza, with 26,38%; Davivienda, with 26,06%; and Banco Agrario, with 24,43%, according to the Superfinanciera.

Meanwhile, Coomeva (13,44%), Bank of the West (17,72%), Finandina (17,94%) and GNB Sudameris (20,70%) are the most distant from the riba. It is worth remembering that, for June, each bank will set its interest based on this new reduction certified.

In this regard, the economist and former president of Asobancaria, María Mercedes Cuéllar, described the reduction as a positive for users, but stated that the pattern of rates of usury limits the competitiveness among the commercial banks and, in that sense, he pointed out, should re-think its use and provision to the market.

“The methodology monthly can that cause it to be much more rapid transmission, though this fee should not exist because it establishes a price control, but by a channel that should not be because it is in very few countries and ends up giving control of interest rates or affecting the operation of the market,” said Cuellar.

Meanwhile, with the reduction of 50 basis points in the interest rates, up to 2.75 per cent, by the Bank of the Republic, the manager of the Issuer, Juan José Echavarría, said that, in the medium and long term, the effects of a fall in costs on financing of consumption will be with greater force, to the extent that the national economy reflects recovery.

“The data show that the consumption rates have gone down, but that may because of the uncertainty some banks do not reduce it as fast as we would like, but we hope that the competition leads to such low”, he asserted.

In that sense, the expert in banking from the University of the Andes, Alfredo Barragan, stated that this new drop in the usury and the monetary policy sends a message that is optimal for the banks, because they may access cheaper funding and pass it on to their customers.

The banks have been given grace periods in 13,21 million credits
The Financial Superintendent’s office, explained that, with a cut to 27 may, the periods of grace accumulated has been awarded the banks are $198,20 billion.

The regulator has outlined the measures have benefited 10,01 million of debtors, with 13,21 millions of credits. The portfolio of the consumer segment with grace periods adds up to $71,78 billion, of which $13,99 billion correspond to credit cards from 4,97 million users.

In total, 8.4 million people have received this relief in finance consumption.


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