Chile Introduces New Credit Card Regulation for Greater Transparency

Chile's consumer protection agency Sernac has issued a new Credit Card Regulation that replaces the rules in place since 2012. The regulation, developed with input from the Institute of Complex Systems Engineering and the University of Chile's Faculty of Physical and Mathematical Sciences, aims to make credit‑card terms clearer and easier to compare. It requires issuers to provide standardized information on interest rates, the Annual Equivalent Rate (CAE), fees, late‑payment charges, pre‑payment rights and voluntary closure, using a common Summary Sheet format.

Economy and Mining Minister Daniel Mas said the rules mark a “before and after” for consumers, while Sernac interim director Carolina González emphasized that transparency must be understandable, not just disclosed. The changes are intended to help users avoid over‑indebtedness and make more informed choices.