March 9, 2017 / 6:01 PM / a year ago

Brazil's Bradesco cuts rollover card rates to comply with new rules

SAO PAULO, March 9 (Reuters) - Brazil’s Banco Bradesco SA is cutting rates charged on rollover credit card loans by more than a third to comply with new rules to reduce the cost of borrowing for cash-strapped consumers and companies in Latin America’s largest economy.

Banks are responding to pressure from policymakers to ease the burden of domestic borrowers, who pay the highest rates among the world’s top 20 economies. Bradesco will charge between 3.6 percent and 9.8 percent a month from clients, the bank said in a statement on Thursday. Itaú was the first to announce new monthly rates, on Wednesday. (Reporting by Tatiana Bautzer)

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