On Saturday, February 5th, 2022, the Committee for the Setting of Limits on Exchange Rates published in the Official Gazette the first transitory limits for interchange rates, applicable to all card transactions in Chile.
This committee was created by the Constitutional Court in August 2021, through the promulgation of the Bill that regulates the Exchange Rates of the Means of Payment System and its objective is to set the maximum rates to be charged by issuers in the market of means of payment through credit, debit and prepaid cards.
The transitory rates are as follows:
- For prepaid cards, a maximum rate of 1.04% on the value of each transaction.
- For credit cards, a maximum rate of 1.48% on the value of each transaction.
- For debit cards, a maximum rate of 0.60% on the value of each transaction.
This resolution will enter into force after 45 business days from its publication, that is, on Friday, April 8th, 2022.