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.
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