New formula for minimum credit card payments: What changes from now on?

▤ Summary

Chile’s financial regulator is changing how credit card minimum payments are calculated starting June 4. The new formula will require banks and issuers to include interest, fees, insurance, other charges, and a mandatory amortization of the outstanding debt. The rule will phase in gradually, with the treatment of interest-free installments reaching the full new standard by June 2028. Consumers will likely see higher monthly minimum payments, but they should also pay down balances faster and reduce long-term debt costs.

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