Bancolombia has almost halved its interest rates: from 46% to 25%

Bancolombia announced early Thursday, March 9, that it would lower interest rates to 46% to 25% annual cash of 1.3 million from their credit cards, almost half. It is a measure which will be adopted from Friday March 10 and which was celebrated by the President of the Republic, Gustavo Petro, who urged the other banks to do the same.

“It seems very good to me that Bancolombia is lowering its interest rate substantially. Other banks are expected to follow suit.. We are not going to allow ourselves to stagnate financially. It’s time to move on,” he said minutes after the news was shared by the president.

This, to keep in mind, will apply to purchases made with credit cards Classic Visa, Classic Mastercard, American Express Blue, Joven Mastercard and Ideal Mastercard. This means that customers who use some of these cards,

Customers holding one of these cards will benefit from an effective annual interest rate of 25%, which is well below the current maximum rate of 46% effective annual rate. In this sense, Bancolombia has clarified that it is a benefit that will be applied to customers who have a quota of up to 3.9 million pesos, and that it represents the 50% of all Bancolombia credit cards.

“We have listened to people’s needs and, being aware of the reality of the country, we have made it a priority to take care of the financial well-being of Colombians. This is how our goal materializes,” he said. Juan Carlos Mora, bank president.

President Mora added that this measure aims to ensure that each person has the conditions they deem necessary to live with enough money.

“We have evolved in the design of our products based on the wellness concept and in responsible advice that allows us to achieve a healthy balance between people’s needs and their financial health,” Mora added.

News in development…