Insider Business Cypriots enjoy privileged interest rates on cards

Cypriots enjoy privileged interest rates on cards

Businesses and households in Cyprus enjoy Eurozone’s lowest interest rate charges on cards, overdrafts and roll-over loans, according to latest data from the European Central Bank.

The data shows that the island’s banking system is among three countries in the Eurozone with the lowest interest rates. The Eurozone’s average interest rate on card debt is 16.64% and 5.97% on overdrafts. In Cyprus, the average credit card rate is 10.51% and 4.72% on overdrafts. And for businesses, the average overdraft rate is 3.81%.

Malta has a lower interest rate on credit cards at 8.02%, and 5.73% for overdrafts. Finland also has a low interest rate with an average interest rate for credit card overruns at 8.36% and for overdrafts at 4.49%.

In other countries, differences are big such as Slovakia which has the Eurozone’s highest credit card interest rate at 22.22%, and 9.77% on overdrafts.

The interest rate on cards for both households and entrepreneurs in Spain, Estonia, Germany, Greece, Portugal, Latvia, and Luxembourg  is high.

Specifically, Germany’s credit card debt has an interest rate of 14.76% and for roll-over loans and overdrafts it is at 7.99%. In Estonia, credit card debt has an average interest rate of 17.52% and 15.38% for overdrafts. In Greece, the average interest rate on credit cards is 16.62% and 9.58% for overdrafts.

In Spain, the average interest rate on credit card debt is 19.88%, but only 3.15% on overdrafts.  In Latvia, the average credit card rate is at 19.46% and 5.48% on overdrafts. And in Portugal, the average interest rate on credit card debt is 17.64% and 5.37% on overdrafts.

Read more:

https://in-cyprus.com/four-estonians-held-police-seize-scores-of-forged-credit-cards/

 

Top Stories

How European Banking Supervision can help fight economic impact of coronavirus outbreak in Europe

By Andrea Enria, Chair of the Supervisory Board of the ECB These are dramatic days for Europe and its citizens. The coronavirus outbreak has severely...

U.S. could face 200,000 coronavirus deaths, Fauci warns

U.S. deaths from coronavirus could reach 200,000 with millions of cases, the government's top infectious diseases expert warned on Sunday as New York, New...

Limassol: 45 booked in 12 hours for breaking decree

  Limassol police officers on Sunday booked another 45 people for breaking the stay at home decree as police spokesman Ioannis Soteriades told CNA that...

Two more test positive in Turkish-held north

Two more have tested positive in Turkish-held north Cyprus, bringing the total to 64, the Cyprus News Agency reports. It said that three of the...

Minister rebukes irresponsible behaviour

Health Minister Constantinos Ioannou on Sunday expressed concern over the large increase in the number of confirmed Covid-19 cases saying tracing had shown that...

Taste

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....

Classic Pastitsio

Prepare the mince sauce: heat the butter in a pan and sauté the mince with the onion and garlic until nicely browned, mixing well....

Grilled vegetable and goat cheese rolls

Brush the vegetables with olive oil and season. Heat a pan/griddle and cook them carefully until golden on both sides, making sure their shape...