Superintendence of Banks Rafael Camilo has announced a reduction in the interest rate charged for credit cards. He said the interest would be gradually reduced from the current 7% monthly charge (84% annual charge) to 4.5% (54%) by 2015. In October, banks may only charge 5.5% interest rate on credit card financing. By June 2014, the rate will have been reduced to 5%. He said that consumers stand to benefit from the reduction, adding that half of the three million credit card holders in the Dominican Republic do not pay their bills fully within the month. PLD legislator Francisco Matos said that consumers would receive some RD$8 billion in relief in October that was previously profit for the banks.
http://elnacional.com.do/diputado-afirma-bancos-se-han-quedado-con-8-mil-mm-por-cobro-de-intereses-tarjetas-de-creditos/