Acodeco urges consumers to compare rates and fees before getting a credit card

A credit card with a lower interest rate is not necessarily the cheaper choice, Panama’s consumer protection authority warned. Acodeco urged consumers to examine the full cost of a card before applying for one or deciding to keep their current product.

The recommendation followed Acodeco’s August 2026 comparative study of credit cards and financing products. The report, prepared under Panama’s Law 81 of December 31, 2009, compiles annual nominal interest rates and other charges to help consumers make informed decisions.

Rates varied sharply across card categories. Visa and Mastercard Classic, Essential or Standard cards ranged from 15% to 27.12%. Classic or Traditional Cash Back cards ranged from 13.50% to 26.49%. Business, Corporate or Corporate cards showed rates from 0% to 23.50%, while Gold cards ranged from 13% to 26.52%. Platinum cards carried rates between 11.50% and 27.12%.

Acodeco said annual fees also deserved close attention. Some cards charged B/.0.00, while fees reached B/.160.50 for Business or Corporate cards, B/.155.00 for Platinum cards and B/.115.00 for Gold cards. Standard cards ranged from zero to B/.98.00, and Cash Back cards from B/.40.00 to B/.84.00.

The authority also recommended checking fraud and balance-protection insurance, late-payment penalties, overdraft charges and cash-advance fees. Rewards such as points, miles and cashback should be weighed alongside those costs. The comparison may also help cardholders considering a balance transfer, although Acodeco said they should compare every associated charge, not just the new interest rate.