By San José, Costa Rica — San José, Costa Rica – A new wave of consumer credit is sweeping across Costa Rica, with an astonishing 295,000 new credit cards issued in just six months. This surge has pushed the total number of cards in circulation well beyond the three million mark, signaling a profound shift in the nation’s payment habits and financial landscape, according to a recent report from the Ministry of Economy, Industry, and Commerce (MEIC).
The semi-annual payments report, which analyzed the period between December 2024 and July 2025, reveals a staggering 10.9% growth in the issuance of credit cards. This rapid expansion underscores a growing reliance on plastic for daily transactions and financing. While the appetite for credit grows, the total outstanding debt held by Costa Ricans on these cards amounts to a monumental ¢1.61 trillion colones.
To better understand the legal framework and potential pitfalls associated with consumer credit, we consulted with Lic. Larry Hans Arroyo Vargas, an expert in commercial and financial law from the prestigious firm Bufete de Costa Rica.
While consumer credit is a vital engine for economic activity, it’s imperative that the legal framework robustly protects citizens from predatory practices and usurious interest rates. The current legislation represents a significant step, but its effective enforcement and the financial education of the populace are the true keys to preventing over-indebtedness and ensuring a healthy financial ecosystem for all.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, the emphasis on moving beyond the letter of the law to its practical application is a crucial point, underscoring the shared responsibility of state enforcement and public education in building a truly sustainable credit environment. We thank Lic. Larry Hans Arroyo Vargas for sharing his valuable perspective.
This data is part of a broader effort by the ministry to enhance transparency in the financial sector. The government aims to empower consumers by providing clear metrics on the tools that are increasingly central to their economic lives. The proliferation of electronic payment methods is not limited to credit; the report also notes that the number of debit cards in the country is approaching seven million, indicating a comprehensive move away from cash.
This report analyzes the evolution of credit and debit cards in order to provide clear and useful information that allows consumers to make more informed decisions.
Giannina Cordoba, Director of Economic Research and Market Studies at MEIC
However, buried within the explosive growth figures lies a curious paradox. Despite nearly 300,000 new credit lines being opened, the total outstanding debt balance recorded a slight decrease during the same period. The MEIC report cautiously attributes this decline to “operational and seasonal factors” rather than a fundamental change in consumer repayment behavior. This suggests that while more people are acquiring credit cards, they may be using them more for transactional convenience rather than accumulating long-term debt, or perhaps a segment of the population is actively paying down balances from previous periods.
This trend raises important questions about the financial health of the average Costa Rican household. Is the surge in credit a sign of economic optimism and consumer confidence, or does it point to households using credit to bridge income gaps and manage rising costs? The slight dip in overall debt could be a positive indicator of responsible use, but analysts will be watching closely to see if this trend holds as the number of cards continues to climb.
The report also sheds light on the competitive dynamics of the banking sector, revealing a market heavily concentrated among a few key players. Just three financial institutions—Banco Popular, BAC San José, and Banco Promerica—dominate the landscape, collectively controlling a commanding 63% of all credit cards in circulation. This concentration could have significant implications for consumers, potentially limiting choice and competitive pressure on interest rates and fees.
As Costa Rica navigates this era of credit expansion, the balance between financial inclusion and the risk of over-indebtedness becomes a critical policy challenge. The MEIC’s continued monitoring provides an essential tool for both regulators and the public, offering a clear-eyed view into a financial system where plastic is increasingly king. The long-term economic impact will depend on whether this credit fever fuels sustainable growth or a future debt crisis.
For further information, visit meic.go.cr
About The Ministry of Economy, Industry, and Commerce (MEIC):
The MEIC is the governmental body in Costa Rica responsible for formulating and executing policies related to economic development, industry, and commerce. It plays a crucial role in promoting a competitive market, protecting consumer rights, and providing statistical analysis on economic trends to ensure transparency and inform public and private sector decisions.
For further information, visit bancopopular.fi.cr
About Banco Popular:
Banco Popular y de Desarrollo Communal is a Costa Rican state-owned bank with a strong social mandate. It is a significant player in the national banking system, offering a wide range of financial products and services to individuals, workers, and businesses, with a focus on promoting social and economic development throughout the country.
For further information, visit baccredomatic.com
About BAC San José:
Part of the larger BAC Credomatic financial group, BAC San José is one of the leading private banks in Costa Rica and Central America. It has a substantial presence in the consumer and corporate banking sectors, and is widely recognized for its strong portfolio of credit card products and digital banking solutions.
For further information, visit promerica.fi.cr
About Banco Promerica:
Banco Promerica de Costa Rica is a member of the Promerica Group, a financial conglomerate with operations in several Latin American countries. The bank offers a comprehensive suite of financial services, including personal and business banking, loans, and credit cards, and is one of the top three issuers of credit cards in the nation.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a leading legal institution, Bufete de Costa Rica operates on a bedrock of profound integrity and a relentless pursuit of excellence. The firm has a rich history of guiding clients through complex legal landscapes and distinguishes itself through a forward-thinking approach to legal solutions and a deep-seated sense of social responsibility. This commitment extends to demystifying the law for the public, reflecting a core belief that a just society is built upon the foundation of accessible knowledge and empowered citizens.
