HomeDatos ÚNDatos ÚN- Most credit cards have low limits

Datos ÚN- Most credit cards have low limits

3 out of 10 claim to have an active credit card in bolivars.

Until not long ago, credit cards in bolivars were considered obsolete objects; some joked that they served little more than to open doors. However, during the last year a gradual growth in credit limits has been perceived and in recent weeks some banks, public and private, have pleasantly surprised users with significant increases. This is part of an expansion of credit in general, both for companies, enterprises and producers, as well as for individuals. It has even been seen the reactivation of credits for vehicle purchases, another item that had practically disappeared as a result of the economic crisis of recent years.

Credit in Venezuela was restricted by the need to establish control policies due to the volatility of the exchange rate and inflation figures that reached historic levels when the country received the shock of the blockade and sanctions imposed by the United States.

Some analysts place credit growth above 80%. This is the case of José Grasso Vecchio, managing member of the Venezuelan Banking Association, who in an interview last week He said that “the portfolio at the end of March stood at 1.602 million dollars and had an annual growth of almost 82% (…) it came from a low amount and is growing.”

En Datos ÚN We decided to survey our audience on the current use of credit cards in bolivars. We also take the opportunity to measure the proportion of the use of national currency in payments versus the use of foreign currency, as well as the holding of accounts in foreign currency. We published a digital survey on latestnews.com.ve and between Monday, May 12 and Thursday, May 16, 1.233 people participated. These are the results.

One third

When asking participants if they currently have an active credit card, 30,8% said yes and 69,2% said no. We can say that 1 in 3 are currently using a credit card.

Now, as interesting as this is to know the amount of the credit limit that is currently managed on the cards. We asked the question to those who claimed to have an active card.

A majority of 51,3% said that their card limit is less than 1.000 bolivars. However, it is interesting that in second place is the option that expresses the highest amount: “more than 4.000 Bs” with 17,4%. Then the other options in descending order: “between 3.000 Bs and 4.000 Bs” with 14,7%, “between 2.000 Bs and 3.000 Bs” with 10,8% and “between 1.000 bs and 2.000 bs with 5,8%.

We also ask if your card is Visa or Master: 57,9% use a Visa card and 42,1% use a Master.

Next, we asked credit card users to answer whether their bank had recently increased the limit on their credit card.

42,4% answered yes and 57,6% said no. So we have that, of current credit card users, 4 in 10 have recently received a limit increase.

The bolivar has strength

The survey also served to measure the bolivar-dollar relationship in everyday payments. Here we asked all the survey participants again. We obtained that a majority of 81,3% affirms that they mostly use the bolivar to pay. 18,7% said they pay more with foreign currency.

Finally, we ask our audience if they currently have an active dollar account in national banking. 50,9% answered yes and 49,1% said no. We have, then, that at least half have opened a dollar account in the national bank.

These data show us a snapshot of the economic moment in terms of credit and use of the bolivar. We observe that the recovery of credit in the card modality is incipient but important, reaching a third of the population. We also see that the trend regarding credit limits remains at low amounts, despite the fact that an important sector has higher credits. Likewise, it is notable that half of the people claim to currently manage a dollar account in the national bank, although the bolivar remains the main means of payment in the country.

Angel González
I write #ElInformante and #DatosÚN in Últimas Noticias.

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