Sudeban Established New Limits for Credit Cards
The Superintendency of Banking Sector Institutions (Sudeban), through Resolution No. 091.18, dated December 12, 2018, established a new minimum and maximum limit for credit card financing. This is in accordance with the policies of the Recovery, Growth and Economic Prosperity Program, developed by President Nicolás Maduro Moros, in order to provide the population with a complementary alternative that will allow them to improve their quality of life and face the systematic attack of the economic war.
In this regard, the aforementioned resolution containing the “Rules relating to the increase in the limit for financing by credit cards granted by banking institutions”, a new minimum limit is established for the granting of financing for credit cards for the amount of Bs.S 5,000.00 (five thousand); as well as a maximum limit for the amount of Bs.S 204,000.00 (two hundred four thousand).
The banking institutions, after analyzing and evaluating the client’s information and depending on their financial profile, will determine the limit to be approved for each client per instrument (credit card) regardless of the number of cards held in the bank.
The banking supervisory entity, after evaluation and approval by the Superior Body of the National Financial System (OSFIN), considered it necessary to adapt and update existing standards in order to promote the efficiency and quality of banking services; as well as safeguard the rights of users.
With these measures of a prudential nature and in accordance with the guidelines issued by the President of the Republic, Nicolás Maduro Moros, Sudeban ratifies its commitment to guarantee an optimal performance of the National Financial System and to work for the benefit of the entire Venezuelan population.
Translated by JRE
