Credit cards

Credit cards

It is an electronic or other technology device resulting from entering into a credit agreement. This device facilitates the purchase of goods, services, or money from affiliated businesses.

Frequently Asked Questions (FAQs)

  • Is there any law governing credit cards?
    A. Yes, there is. Law 81 dated 31 December 2009 regulates credit cards.
  • When can banks process collections?
    A. The banks process collections during their regular business hours, even if the bank has contracted an outsourcing company to perform this function
  • • What is the timeframe to challenge statements of accounts?
    A. You should check in the credit card agreement the time you have to challenge a statement of account. If there is no specific information in the agreement, Law 81 provides that the customer has seven (7) days to challenge the statement of account.
  • • What is the minimum payment one should make?
    A. It is always recommendable to pay more than the minimum established
  • • Is there any minimum purchase limit for credit cards?
    A. No, Law 81 prohibits charging for minimum purchase limits in credit cards.