On November 13, the Superintendency of Banking Sector Institutions (Sudeban, for its acronym in Spanish) set new minimum and maximum limits for credit card financing, from Bs.S. 1 million (USD 35.76) to Bs.S. 10 million (USD 357.62). Also, the daily limit for POS operations has increased from Bs.S. 10 million (USD 357.62) to Bs.S. 50 million (USD 1,788). The changes are already in effect.
The banking institutions will determine the limit to be approved for each client per instrument regardless of the number of cards the customer has with the bank based on their evaluation of client information and their financial profile.
The financing products applicable to credit cards today has been in effect for debit cards since September. Due to the hyperinflationary situation affecting Venezuela since 2017, Sudeban has been increasing card financing limits several times a year in order to preserve the purchasing value of money. In addition to September, there were increases in May and July of this year.