Credit card interest rates

Card surcharges prohibited – The Defensoría del Pueblo announced that there is no law that authorizes surcharges on payments with credit or debit cards. Complaints should be addressed to the financial institution issuing the card, at the Superintendencia de Bancos, or some kind of judge.

It is prohibited for businesses to charge different prices for payments in cash and payments by card. The commission of 4% for credit cards and 2% for debit cards needs to be paid by the business and not the customer.

Michael J OKeefe:

City: Cuenca
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