J O C K E
YWith my partner Domenico, we decided that today would be a great day to go to a "Type A mall (Jockey)" and keep on developing our documentary.
We went to the different banks and companies to see their credit cards and this is what we found and learned.
BCP:
Interest rate: 53%
Anual Membrecy: 60 soles per year
ATM extra cost: 9 soles per use
Late payment penalty: 6.50% of the minimum payment
Maximum quotas: 36
Interest rate: 53%
Anual Membrecy: 60 soles per year
ATM extra cost: 9 soles per use
Late payment penalty: 6.50% of the minimum payment
Maximum quotas: 36
Interbank:
Interest rate: from 19.42% up to 79.79%
Anual Membrecy: 75 soles per year
ATM extra cost: 3.5%- minimum 5 soles, maximum 100 soles
Late payment penalty: 2% of the total loan minimum 35 soles, maximum 100 soles
Maximum quotas: 36
Interest rate: from 19.42% up to 79.79%
Anual Membrecy: 75 soles per year
ATM extra cost: 3.5%- minimum 5 soles, maximum 100 soles
Late payment penalty: 2% of the total loan minimum 35 soles, maximum 100 soles
Maximum quotas: 36
Scotiabank:
Interest rate: Minimum 39.99%, maximum 59.99%
Anual Membrecy: 80 soles per year
ATM extra cost: 9 soles per use
Late payment penalty: day 1: 40 soles, day 30: 45 soles, Day 60: 50 soles
Maximum Quotas: 36
Interest rate: Minimum 39.99%, maximum 59.99%
Anual Membrecy: 80 soles per year
ATM extra cost: 9 soles per use
Late payment penalty: day 1: 40 soles, day 30: 45 soles, Day 60: 50 soles
Maximum Quotas: 36
Banco Falabela (CMR)
Interest rate: Minimum: 29.99%- maximum: 66.69%
Anual Membrancy: 39 soles
ATM extra cost: 7.50 soles per use
Late payment penalty: 4th day: 35 soles, 31 day: 45, 61 days: 55 soles
Interest rate: Minimum: 29.99%- maximum: 66.69%
Anual Membrancy: 39 soles
ATM extra cost: 7.50 soles per use
Late payment penalty: 4th day: 35 soles, 31 day: 45, 61 days: 55 soles
Oh!
Interest rate: 19%
Anual Membrancy: 39 soles
ATM extra cost:5 soles
Late Payment penalty: 5-30 days: 25 soles, 31-60 days: 35 soles, 61-90 days: 45 soles, 91-119 days: 55 soles, 120 or more days: 120 soles
Maximum Quotas: 36
Interest rate: 19%
Anual Membrancy: 39 soles
ATM extra cost:5 soles
Late Payment penalty: 5-30 days: 25 soles, 31-60 days: 35 soles, 61-90 days: 45 soles, 91-119 days: 55 soles, 120 or more days: 120 soles
Maximum Quotas: 36
Ripley
Interest Rate: Minimum:18.72% - maximum: 80.29%
ATM extra cost: 9.90 soles
late payment penalty: 1% of minimum payment daily
Maximum quotas:48
Interest Rate: Minimum:18.72% - maximum: 80.29%
ATM extra cost: 9.90 soles
late payment penalty: 1% of minimum payment daily
Maximum quotas:48
Collecting this information is not simple, especially if you are a minor. I was researching and I learned that in the U.S. there is an agency that checks all of the companies and banks interest rates so they can`t abuse people and eventually legally steal from them. On the other hand, in Peru there's nothing like this! You can see this when finding interest rates that go up to 80%!!! That's stealing!
Peru is a developing country, these means that the poverty levels are relatively high. This means that the knowledge that most of the population has regarding economics and finance is poor. So, seeing things from a banks perspective, the interest rates will be higher since it is riskier for the population to pay completely those interest rates.
Then, banks CEO`s generally have studied in a good university and know what they are doing on their companies. They have a high rank on the company due to their skills and knowledge. As David Fischmans book says: "As you gain power, your ego and greed start to control you; corruption and abusiveness starts incrementing. Banks and companies know that there are people out there that don`t know what interests are or know little about them so they rise their interest levels and gain more money (Not all of the banks).
Many people only pay the minimum wage of their loans meaning that they are only paying the monthly interest but the actual loan is still on place and its not being paid. So people are actually losing a lot of money without noticing it. Instead of paying 2,000 soles they are paying 4,000 soles or more. On other words, money that they don`t have or that shoulden`t be wasted like that.
Peru is a developing country, these means that the poverty levels are relatively high. This means that the knowledge that most of the population has regarding economics and finance is poor. So, seeing things from a banks perspective, the interest rates will be higher since it is riskier for the population to pay completely those interest rates.
Then, banks CEO`s generally have studied in a good university and know what they are doing on their companies. They have a high rank on the company due to their skills and knowledge. As David Fischmans book says: "As you gain power, your ego and greed start to control you; corruption and abusiveness starts incrementing. Banks and companies know that there are people out there that don`t know what interests are or know little about them so they rise their interest levels and gain more money (Not all of the banks).
Many people only pay the minimum wage of their loans meaning that they are only paying the monthly interest but the actual loan is still on place and its not being paid. So people are actually losing a lot of money without noticing it. Instead of paying 2,000 soles they are paying 4,000 soles or more. On other words, money that they don`t have or that shoulden`t be wasted like that.