iciHaiti - Economy : The interest rate on Haitian credit cards 3.5 times higher than in Quebec !

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iciHaiti - Economy : The interest rate on Haitian credit cards 3.5 times higher than in Quebec !
06/01/2020 09:21:41

Since the new monetary policy provisions adopted by the Bank of the Republic of Haiti (BRH), in particular the rise in key rates, the interest rate on credit cards has increased from 3.33% to 4.5% since August 2019 for certain holders, an increase of 35.14%.

Note that due to the compound interest rate on the balance, the equivalent annual interest rate is 69.59% and not 54% (12 X 4.5%).

For comparison in Quebec (Canada), the annual interest rate on credit cards is generally 19.8% for a new customer, or even less depending on the holder's credit score. In Haiti the interest rate is therefore 3.5 times higher than in Canada and one can wonder under the very difficult economic conditions in Haiti, if such a difference is justified !

Let's remember that the BRH announced on November 19 a cut in key rates https://www.haitilibre.com/en/news-29284-haiti-news-zapping.html should credit card holders expect lower interest rates on credit cards ?

PI/ iciHaiti