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Dominican Republic nixes the 1% fee on credit card purchases abroad

Santo Domingo.- Dominican Republic’s Banks Association (ABA) and the Banks Superintendence on Wednesday  agreed to eliminate the 1% fee on credit card purchases abroad.

The charge on international consumption had been agreed to this month to partly compensate for the decline in interest rates, but the wide rebuke forced its repeal.

Banks and S & L such as the Reservas and Alaver decided not to charge their customers, despite the Superintendence’s consent.

Lawmakers, economists and the consumer protection agency (Proconsumidor) had also urged its suspension.

Banks superintendent Rafael Camilo and the ABA had noted that credit card companies charge the commission to banks and other entities, which would be transferred to consumers, in this case 1% on purchases abroad.

ABA would reportedly issue a statement on the reversal in the next few hours.

Source: DT

Category: DR News |

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Last updated March 25, 2017 at 5:40 PM
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