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Chilean Senate Looks to Cap Interest Rates on Credit Cards

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Aug. 14 (Bloomberg) -- Chile’s Senate will work with the government to introduce legislation that would regulate the maximum interest rate credit card companies can charge, the Senate said in a statement posted on its website yesterday.

Introduced in part by Senate Economic Committee President Eugenio Tuma, the proposal would complement a bill already under discussion in Congress that would lower the maximum rate banks can charge on some consumer loans, the Senate said. Senators haven’t yet defined a maximum rate for credit cards.

To contact the reporter on this story: Randall Woods in Santiago at rwoods13@bloomberg.net.

To contact the editor responsible for this story: Philip Sanders at psanders@bloomberg.net.

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