On May 27, 2024, Resolution JM-56-2024 was published in the Official Gazette by the Monetary Board, issuing the credit card regulations.
The following is a summary of the same:
The purpose of the law is to regulate what is related to payment capacity, disclosure of information, supervision and compliance with international standards of security in credit card operations, which must be complied with by banks, companies specializing in financial services and other entities supervised by the Superintendency of Banks, which issue and manage credit cards. For the purposes of this law, regulations such as payment capacity, supervised issuers, extra-financing, minimum payment and cardholder are defined and established.
For the calculation of the minimum payment, the supervised issuers will calculate the minimum payment monthly, by adding two percent (2%) of the outstanding balance of the credit line at the cut-off date, interest at the agreed rate, default interest, commissions and other agreed charges of the period and if there are overdue amounts of the minimum payments of the previous months. Notwithstanding the foregoing, the minimum payment, per currency, may not be less than two hundred quetzales (Q 200.00) or twenty-five United States dollars (US$25.00).
The terms for the calculation of the minimum payment in accordance with the provisions of article 59 of the Credit Card Law shall be as follows:
a)From March 1, 2025 to August 31, 2025, a factor of one percent (1%) shall be applied to the outstanding balance of the credit line as of the cutoff date.b)
From September 1, 2025 to February 28, 2026, a factor of one point five percent (1.5%) shall be applied to the outstanding balance of the line of credit at the cutoff date.c)
As of March 1, 2026, a factor of two percent (2%) will be applied to the outstanding balance of the credit line as of the cutoff date.The resolution became effective on May 27, 2024.
For further information, please contact our offices.
Mario Salazar mario.salazar@gt.Andersen.com
Mauro Hernández mauro.hernandez@gt.Andersen.com
Evelyn Guerra evelyn.guerra@gt.Andersen.com
