Chile's Financial Market Commission issues new rule regulating credit cards
Chile’s Financial Market Commission (CMF) has issued General Rule No. 537 (NCG 537), through which it has introduced amendments to Chapter 8–41 of the Updated Compilation Regulations for Banks (RAN) and to Circular No. 1 for Non-Banking Card Issuers. The amendments establish guidelines for calculating minimum credit card payments and specify the exceptional circumstances under which debtors may be exempt from this obligation.
NCG 537 came into effect on June 4, 2025. However, the provisions included in Chapter 8-41 of the RAN will be applied gradually, beginning 12 months after the rule’s publication, according to the provisions set forth in NCG 537.
The regulation incorporates a new section 5 into Chapter 8–41 of the RAN entitled "Specific Rules on Credit Cards." This section establishes a formula and designates certain variables for calculating the minimum amount that debtors of money credit operations involving the use of credit cards – either through a revolving or consolidated credit line – must pay monthly in order to avoid defaulting.
Furthermore, NCG 537 adds a section 6.6 entitled "On the Minimum Payment in Credit Cards," to Title II of Circular No. 1 for Non-Banking Payment Card Issuers. Through this addition, the instructions regarding minimum payments on credit cards established by the Central Bank of Chile and the CMF, as set forth in Chapter 8–41 of the RAN, are made applicable to companies that issue non-banking payments.
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