According to the report prepared by Acodeco and the Superintendency of Banks of Panama (SBP), the National Bank of Panama has the credit card type Visa cash back Classic or Traditional at an annual interest rate of 16%, In Ficohsa Bank, the rate rises to 28% per year, about twelve percentage points of difference.
For the Classic Visa, the official report reveals that the lowest interest is offered by the Towerbank, with a rate of 17%. Banistmo offers that card at 25.55%.
In the case of Corporate or Corporate Visa, Metrobank offers the lowest average annual interest rate in the market, with 12.99%. Banistmo’s interest rate for that same product is 23%, same as last year.
The report highlights two more Visa cards. In the case of Visa Dorada, Gold or Oro, three entities offer their account holders an annual rate of 15%, Credicorp Bank, Aliado Bank and Towerbank. For its part, Banistmo, comes in at the highest rate of 26.55%.
The remaining category is Platinum or Platinum, for which the Edioacc Multiple Services Cooperative, RL charges a rate of 11.5%, unlike Banco General, which offers it at an average annual interest rate of 20.99%.
According to Acodeco, for other types of cards, such as the Classic, Essential or Standard MasterCard, Fedpa RL has the lowest rate of 14%, unlike Banistmo, which offers it at 25.55%.
The last card in the Acodeco report is the Gold, Gold or Gold MasterCard where the Edioacc Multiple Services Cooperative, RL, calculates an annual interest rate of 13%. The Multiple Professional Services Cooperative, RL charges 13.5% and Banistmo, 14%. For its part, Banistmo maintains the highest market rate for that category of cards, with 26.55%.