Panama Credit Card Rates Hold Steady in 2025, Delinquencies Dip – But Risk Varies Widely
PANAMA CITY, Panama – November 7, 2025 – Panamanian consumers have a clearer picture of credit card costs thanks to a newly released comparative study by the Authority for Consumer Protection and Defense of Competition (Acodeco). The report, published this week, shows that annual nominal interest rates and associated fees have remained largely unchanged from 2024, even as the country’s credit bureau, APC Experian, reports a slight improvement in overall credit card delinquency rates. This is urgent breaking news for anyone considering a new credit card or managing existing debt in Panama.
Acodeco Report: A Consumer’s Guide to Credit Card Costs
Acodeco’s comprehensive analysis, mandated by Law 81 of 2009, meticulously breaks down costs across different card types (Classic, Gold, Platinum, Business), brands (Visa, Mastercard, American Express), and issuing banks. The goal? To empower consumers with the information they need to make informed financial decisions. The report isn’t just a list of numbers; it’s a tool for navigating the often-complex world of credit card financing.
The study reveals that the most competitive rates – hovering around 18.99% – are currently offered on Visa or Mastercard Clásica, Esencial, or Standard cards by MMG Bank Corporation, Global Bank Corporation, and Banesco (Panama), SA. This is particularly significant as these basic-level cards are the most common among Panama’s banked population. Interestingly, Citibank, S.A. stands out by offering 0.00% nominal interest on its business/corporate cards, a potentially huge benefit for entrepreneurs and businesses.
Spotlight on Annual Fees: From Free to $160
Beyond interest rates, Acodeco’s report also shines a light on annual fees, which can significantly impact the overall cost of a credit card. These fees range from zero – offered by several banks on select cards, including Banco General, Coopeve, and Cooperativa de Servicios Múltiples Edioacc, RL for Classic/Essential Visa and Mastercard – to as high as $160 with Banesco Panama and Multibank. Choosing a card with no annual fee can save consumers a substantial amount over time.
Delinquency Rates Show Improvement, But Risk Remains Uneven
While Acodeco focuses on costs, APC Experian’s data provides a crucial look at the health of the credit card market. As of September 2025, overall credit card delinquency rates stood at 8.8%, a welcome improvement from 9.8% the previous year. This represents a roughly 10% reduction in relative terms. However, the data also reveals a stark disparity in risk levels across different types of issuers:
- Banks: 4.95%
- Cooperatives: 7.49%
- Financial Institutions: 16.97%
- Other Issuers: 46.90%
The significantly higher delinquency rate among “other issuers” underscores the importance of carefully vetting the lender before applying for a credit card. This data is a critical reminder that lower advertised rates don’t always tell the whole story.
Understanding Interest Rates: Nominal vs. Effective
Acodeco’s report also provides a helpful refresher on the difference between nominal and effective interest rates. The nominal interest rate is the advertised percentage, while the effective interest rate accounts for compounding, providing a more accurate picture of the total cost of borrowing. Understanding this distinction is vital for comparing offers and avoiding hidden fees. Think of it this way: the effective rate is what you *actually* pay over the life of the loan.
Looking Ahead: A Stable Market with Opportunities for Savvy Consumers
The stability of credit card rates in Panama, coupled with the slight improvement in delinquency rates, suggests a relatively healthy market. However, the wide range of costs and risk levels highlights the importance of careful comparison shopping. Consumers who take the time to understand their options – and leverage resources like Acodeco’s report – can secure the best possible terms and avoid costly mistakes. The key takeaway? Knowledge is power when it comes to managing your finances.
For more information on personal finance and consumer protection in Panama, visit Archyde.com. Stay informed and take control of your financial future.
