Financial institutions increase the delivery of benefits to their clients to encourage card purchases, including loyalty programsdiscounts in stores, and interest-free installment payment facilities (in the case of credit cards).
The bank disbursed ¢64,021 million in 2024—most recent data—for benefits to its clients, which implies a 53.4% growth compared to the ¢41,730 million reported in 2020, when the Central Bank of Costa Rica (BCCR) assumed the regulation of the credit card system and began to account for the information.
Most of these incentives went to the loyalty programs, for an amount of ¢57,527 million, through the accumulation of points, miles or cashback.
Other incentives granted were discounts in shops, access to VIP lounges at international airports, valet parkingmarching payment raffles, tickets to concerts, referral bonuses for new credit clients, among others.
By type of plastic, the amount associated with credit clients increased from ¢39,884 million in 2020 to ¢62,857 million in 2024, which is equivalent to an increase of 57.6%. In contrast, benefits for debit cardholders decreased by 36.9% in the same period, going from ¢1,846 million to ¢1,165 million.
According to the technical study Ordinary setting of maximum commissions of the payment system payment cards 2025made by the BCCR, for customers with credit cards, commercial benefits represented 1.08% of the total value of payments reported by issuers (financial entities) in 2024, while for debit cards they represented 0.01%.
Promote digital payments
Bernal Alfaro Chaves, director of Personal Banking at Promerica, explained that the total increase in the amount disbursed for benefits responds to the fact that financial entities have strengthened its value propositions through rewards programs, commercial alliances, promotions and benefits associated with the use of digital payment methods.
“The goal is to improve the customer experience and foster a long-term relationship based on convenience and tangible benefits”, he commented.
Additionally, the Communication Office of Banco Popular considered that the growth could reflect a greater commitment by the financial system to promote the use of electronic payments, strengthen customer loyalty and promote greater financial inclusion.
In a similar vein, Claudia Salas Picado, director of Commercial Issuance and Operations at Banco Nacional, considered that digitalization has allowed each payment to be easier and safer, and at the same time an opportunity for the client to receive a benefit in return. “It is a strategy that seeks not only to build loyalty, but also to build more sustainable and close relationships with Costa Ricans,” he commented.
In the case of BAC, the largest card bank in the countrythe general portfolio of cards from 2020 to 2024 grew in quantity by 15%, according to Laura Moreno, vice president of Corporate Relations of the entity. According to what was reported, this is reflected in a increase in expenditure in the benefits itemin addition to the fact that some loyalty plans have increased their benefits.
“Loyalty plans can include accumulation of points or miles, flexible financing, Zero Rate, travel benefits with access to a platform such as “MI VIAJE” (where you can redeem points on flights and accommodations), in addition, access to a VIP lounge at the airport, Valet Parking, access to concert tickets, referral bonuses, cashbackamong other benefits that imply an important but necessary investment within the added value we offer,” Moreno explained.
Loyalty programs lead benefits
Loyalty programs are the main benefit accessed by cardholders in Costa Rica, especially in credit. According to the Central Bank’s technical study, 27 of the 34 credit card issuers offer this type of incentive, while only two of the 36 debit card issuers provide it to their customers.
The Central Bank document details that in 2024 the loyalty programs were effectively received by the 96.5% of credit clients (just over two million people), of which 38% received a benefit of up to ¢10,000, 34% up to ¢25,000, 15% up to ¢50,000 and only 15% more than ¢50,000.
In the case of debit clients, the technical study of the monetary authority indicates that only 0.44% of customers (just over 26,000) received this type of benefits, where 76% received a value less than or equal to ¢10,000.
The director of Personal Banking at Promerica explained that loyalty programs have become one of the more effective mechanisms to generate value for the personsince they allow you to offer rewards, accumulation of points, discounts or differentiated experiences.
“For this reason, they are a central component within the credit card offering in many markets, by strengthening the relationship with customers and accompanying their consumption habits,” Alfaro explained.
Meanwhile, the director of Commercial Issuance and Operations of the National Bank considered that loyalty programs are one of the strategic pillars of the BN credit cards, since They not only add tangible value to the customer, but also strengthen the long-term relationship.
