2013-10-30 | Resolución SBS 6523-2013Added
Resolution SBS No. 6523-2013 approves the Credit and Debit Card Regulations, applying to multiple-operation financial entities authorized to issue and administer these cards. The regulation establishes definitions, contract content requirements, and specific payment allocation orders for credit cards, while also setting rules for debit card operations. It mandates minimum information on cards, limits validity to five years, and aligns provisions with transparency and market conduct regulations.
SBS published 7 documents in the last 30 days — get each new one by email the day it lands.
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Lima, October 30, 2013 Resolution S.B.S.
No. 6523-2013
The Superintendent of Banks, Insurance and Private Pension Fund Administrators CONSIDERING:
That, Article 221, numeral 34 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banks and Insurance, Law No. 26702 and its modifying norms, hereinafter General Law, authorizes financial system companies to issue and administer credit and debit cards, in accordance with what is provided in Chapter I of Title III of the Second Section of the General Law; That, the Credit Card Regulations, approved by SBS Resolution No. 264-2008 and its modifying norms, establishes norms regarding contractual conditions, information reporting and applicable security measures, with special emphasis on the verification of the identity of the holder or user and the establishment of liability limits in the fraudulent use of said cards; That, credit and debit cards constitute a means of payment, a substitute for cash, which has stimulated the intensification of their use, for which reason it is necessary to approve provisions that reinforce the established measures, with respect to the issuance and administration of credit cards and establish similar measures in the case of debit cards; That, likewise, it is necessary to adapt and issue provisions on credit and debit cards, in accordance with what is provided by the Regulations on Transparency of Information and Contracting with Users of the Financial System approved by SBS Resolution No. 8181-2012 and its modifying norms; That, for the purpose of collecting the opinions of users and the general public regarding the proposed modifications to the financial system regulations, the prepublication of the draft resolution on the matter was ordered on the electronic portal of the Superintendence, under the protection of what is provided in Supreme Decree No. 001-2009-JUS; Having the approval of the Adjunct Superintendencies of Banking and Microfinance, Risks and Legal Advice, as well as the User Products and Services Management;
2/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 In exercise of the powers conferred by numerals 7, 9 and 19 of Article 349 of the General Law; RESOLVES:
Article First.- approve the Credit and Debit Card Regulations, as indicated below: 1
“CREDIT AND DEBIT CARD REGULATIONS
CHAPTER I
GENERAL ASPECTS
Article 1°.- Scope
This Regulation is applicable to multiple-operation companies, referred to in letter A of Article 16 of the General Law, authorized to issue and administer credit and debit cards, hereinafter companies.
Article 2°.- Definitions
For the purposes of this Regulation, the following definitions shall be considered:
3/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239
9. Authentication Factor: in accordance with the definition indicated in letter j) of Article 2 of the Regulations for the Management of Information Security and Cybersecurity. 2
10. General Law: General Law of the Financial System and the Insurance System and Organic Law of the Superintendence of Banks and Insurance, Law No. 26702 and its modifying norms.
11. Micropayment: operations for insignificant amounts and with a maximum limit, which do not require reinforced user authentication.
3
12. Affiliated businesses: companies or persons who accept credit or debit cards as a means of payment for the products and/or services they offer.
13. Regulations: Credit and Debit Card Regulations.
14. Market Conduct Management Regulations: Market Conduct Management Regulations of the Financial System, approved by SBS Resolution No. 3274-2017 and its modifying norms.
4
15. Superintendence: Superintendence of Banks, Insurance and Private Pension Fund Administrators.
16. Card: credit and/or debit card, as applicable.
5
17. Point-of-sale terminals: access devices such as computer terminals, mobile phones and computer programs, operated by affiliated businesses or users to carry out card operations.
18. Holder: natural or legal person to whom, as a consequence of the celebration of a contract with the companies, a card is delivered.
19. User: natural person who is authorized to use the card.
20. Installment debt: in accordance with the definition of the Minimum Payment Circular. 6
21. Revolving debt: in accordance with the definition of the Minimum Payment Circular. 1
22. Statement date: date on which a billing period closes. On the statement date, the total revolving debt recorded up to that date is determined, the sum of the installments to be paid in the period, the commissions, the expenses, the compensatory interest generated by the revolving debt in the billing period and the default interest applicable in case of non-payment within the period established in the statement of the previous billing period.
17
23. Present card operations: Operations in which the payment instrument interacts with the information capture device. 8
24. Non-present card operations: Operations in which the payment instrument does not interact with the information capture device. 9
25. Cybersecurity Regulations: Regulations for the Management of Information Security and Cybersecurity, approved by SBS Resolution No. 504-2021 and its modifying norms. 10
Article 3°.- Credit card 11
The credit card is a payment instrument that may have physical support or electronic or digital representation and that is associated with one (1) credit line, granted by the issuing company. In accordance with what is established in the respective contract, through the credit card, the holder (or user) can make payment for goods, services or obligations, as well as make use of additional services in accordance with what is established in this regulation.
Article 3-A°.- Types of credit lines 12
The credit line can be:
Article 4°.- Debit card 13
The debit card is a payment instrument that may have physical support or electronic or digital representation, which allows carrying out operations charged to previously constituted deposits in the issuing company. Through the debit card, the holder can make payment for goods, services or obligations, make cash withdrawals or make transfers, through the channels made available by the issuing company or other associated services, within the limits and conditions agreed.
CHAPTER II
GENERAL PROVISIONS APPLICABLE TO CREDIT CARDS
Article 5°.- Minimum content of the contract
The credit card contract must contain, as a minimum, the following information:
For this purpose, the application of the payment must consider the following:
9.1 First it must be applied to cover the minimum payment, considering the components of said concept provided in the Minimum Payment Circular.
9.2 Payment for amounts less than the minimum payment is applied in the manner determined by the companies in accordance with article 87 of the Code. With respect to capital, the payment is applied first to the installment debt, starting with those obligations to which a higher interest rate corresponds, until reaching those to which a lower interest rate corresponds, and subsequently, to the resulting balances of the capital of each revolving debt, divided by the revolving factor, following the descending order described.
9.3 If the amount subject to payment exceeds the minimum payment made in accordance with numeral 9.1, the excess is applied as follows:
(i) First, to the existing revolving debt at the time of payment. In this case, the application is made starting with those obligations to which a higher interest rate corresponds, until reaching those to which a lower interest rate corresponds.
(ii) If the debt indicated in the preceding subsection (i) is fully covered, and there is still a balance to apply, the following must be considered:
a. If the balance is greater than two future installments of that installment operation to which a higher interest rate corresponds, the amount is applied as an advance payment, proceeding to reduce the number of installments with the consequent reduction of the credit term. In case there are two or more future installments with the same interest rate, priority is given to the payment of the oldest one, otherwise, it starts with those obligations to which a higher interest rate corresponds, until reaching those to which a lower interest rate corresponds.
b. If the balance is less than or equal to the equivalent of two future installments of that installment operation to which a higher interest rate corresponds, the amount is applied to the revolving debt incurred, to the interest on said debt and to other charges generated (commissions or expenses), if applicable. If there is no revolving debt, or in case the balance exceeds the revolving debt on the statement date, it is applied to the installments included in the new minimum payment, starting with those obligations to which a higher interest rate corresponds, until reaching those to which a lower interest rate corresponds. 18
9.4 The order of payment application established in the preceding numeral is not applicable when:
18 Numeral 9.3 modified by SBS Resolution No. 6617-2016 published on 12/25/2016, grants an adaptation period until June 30, 2017.
6/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 (i) There is effective negotiation; that is, when the holder has been informed about the economic consequences and implications of the negotiated payment allocation rule and the clause containing it does not constitute a mass condition that is part of the adhesion contract and conditions its signing; and it is allowed to evidence that the holder has influenced the content of the clause; or, (ii) The client, on each occasion that payment is made, requests its application in a different order, in which case the company must keep a record of said decision; or, as an advance payment, for which the indication in letter a. of subsection (ii) of numeral 9.3 is applicable. 19
10. The general conditions under which the authorization of the credit line excess operates, which must be fixed up to a reasonable amount that responds, among other criteria, to the holder's payment capacity, as well as to the ordinary profile of this consumption amounts.
11. Information on the provision of the services associated with credit cards indicated in article 7 of the Regulations.
12. General conditions under which the incorporation of the services indicated in article 7 of the Regulations operates, when applicable.
20
12-A. General conditions for carrying out micropayments and associated responsibilities, if this possibility is offered, including the channels in which the maximum amount will be disseminated. 21
13. Others established by the company or the Superintendence, by multiple letter.
Article 5-A°.- Order of payment application 22
The order of payment application must consider the following:
7/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 a. If the balance is greater than two future installments of that installment operation to which a higher interest rate corresponds, the amount is applied as an advance payment, proceeding to reduce the number of installments with the consequent reduction of the credit term. In case there are two or more future installments with the same interest rate, priority is given to the payment of the oldest one, otherwise, it starts by applying the payment to those obligations to which a higher interest rate corresponds, until reaching those to which a lower interest rate corresponds.
b. If the balance is less than or equal to the equivalent of two future installments of that installment operation to which a higher interest rate corresponds, the amount is applied to the debt that is paid by applying a revolving factor incurred, to the interest on said debt and to other charges generated (commissions or expenses), if applicable. If there is no debt that is paid by applying a revolving factor, or in case the balance exceeds the debt that is paid by applying a revolving factor on the statement date, it is applied to the installments included in the new minimum payment, starting with those obligations to which a higher interest rate corresponds, until reaching those to which a lower interest rate corresponds.
4. The order of payment application established in the preceding numeral is not applicable when:
(i) There is effective negotiation; that is, when the holder has been informed about the economic consequences and implications of the negotiated payment allocation rule and the clause containing it does not constitute a mass condition that is part of the adhesion contract and conditions its signing; and it is allowed to evidence that the holder has influenced the content of the clause; or, (ii) The client, on each occasion that payment is made, requests its application in a different order, in which case the company must keep a record of said decision; or, as an advance payment, for which the indication in letter a. of subsection (ii) of numeral 3 is applicable.
Article 6°.- Minimum information, conditions and validity applicable to the credit card 23
Credit cards with physical or digital support are issued as non-transferable and must include as a minimum the following information:
8/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239
Article 6-A°.- Contractual termination of the credit card at the cardholder's request 2425
In the event of contractual termination at the request of the credit cardholder, the credit card associated with the account will be cancelled at the time the request is submitted.
Once the card has been cancelled, no new charges may be made, except for those corresponding to transactions in transit prior to the request for contractual termination.
The company must not establish conditions or limitations for the exercise of the right to contractual termination. If it is not possible to effect the termination at the time the request is submitted, the company must block the credit line and inform the user of the procedure to be followed and other applicable aspects. Among these, it must inform the estimated timeframe and channel through which it will communicate: (i) the definitive cancellation of the product; or, (ii) the possibility or impossibility of terminating the contract due to the existence of debt; in which case, payment corresponding to the debt will be requested to proceed with the termination. The credit card contract shall be understood as terminated upon payment of the total debt. Contractual conditions, such as fees, expenses, and interest rates, will remain in effect until the debt is cancelled and the contract is consequently terminated. Upon cancellation of the card, the annual membership fee cannot be charged, unless the annual membership period has elapsed prior to the request for contractual termination made by the cardholder.
Article 7°.- Services associated with credit cards 26
Companies may offer the following additional services:
9/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239
Article 8°.- Additional credit card
The additional credit card is issued to a user, at the request and under the responsibility of the cardholder, under the contract celebrated with the cardholder and from the same credit line granted to them or part thereof.
The additional credit card to the main card may only be issued when there is express authorization from its cardholder, using the means established by the companies for this effect.
Only the cardholder of the credit line can choose the additional services associated with the additional credit card requested, in accordance with the provisions of Article 7 of this Regulation. The additional services of the additional card, with the exception of overdraft, must be able to be enabled or disabled by the cardholder independently of the additional services of the main card. 27
Article 9°.- Charges associated with credit cards 28
Companies will charge the amount of goods, services, and obligations that the credit card user acquires or pays, as well as the services described in Article 7 of the Regulation, in accordance with the current legislation on the matter, the contract signed between the parties, and the authorization of the credit card user.
Article 10°.- Minimum content of the credit line statement 29
The credit line statement must contain as a minimum the following:
10/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239
13. Breakdown of the minimum payment (in each currency, if applicable), in accordance with the Minimum Payment Circular, showing the amount corresponding to principal, interest, fees, and any other applicable concept. Following this information, it must be indicated in a prominent and easily identifiable manner, that if the customer only makes the minimum payment, they will make a higher payment for the concept of interest, fees, and expenses.
The statement must highlight the information from subparagraphs 3, 4, 5, 6, and 7, as applicable.
The statement may only include information on operations carried out against the credit line.
Article 11°.- Making available or sending and receiving the statement and complaint procedure 31
Companies must send or make available to the holders of the credit line the statement, at a minimum, monthly, through electronic means (by presenting this information through the website, email, among others). Customers may request that the statement be sent through physical means (delivery to the address indicated by the customer), for which companies must maintain a record that allows accrediting this decision. 32 Companies must comply with this requirement within a period of no less than five (5) business days prior to the maximum payment date. If cardholders do not receive the statements in a timely manner, they have the right to request them from the companies and these have the obligation to provide a copy of them, under the conditions established in the contracts, even in those cases where the non-sending was due to the provisions in the following paragraph. Companies and cardholders may agree that the statement will not be sent or made available in the following cases:
When there is no debtor balance.
In case of default on payment, the obligation of companies to send statements ceases, provided that four (4) consecutive months of default have elapsed. Companies and cardholders may agree on a shorter period than that indicated above.
Cardholders may observe the content of the statements. The foregoing does not negate the rights of cardholders established in the current legal framework to resort to the corresponding administrative, judicial, and/or arbitral instances.
CHAPTER III
PROVISIONS APPLICABLE TO DEBIT CARDS
Article 12°.- Minimum information, conditions, and validity applicable to debit cards 33
Debit cards with physical or digital support are issued as non-transferable and must include as a minimum the following information:
Corporate name of the company issuing the debit card.
31 Article modified by Resolution SBS No. 3274-2017-SBS published on 21/08/2017.
32 Paragraph replaced by Resolution SBS No. 5570-2019 of 27/11/2019, effective from 01/01/2021.
33 Article replaced by Resolution SBS No. 2286-2024, effective from 29/06/2024, with an adaptation period in accordance with article seven of the same Resolution SBS No. 2286-2024.
11/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239
2. Trade name that the company assigns to the product.
3. Identification of the debit card system (brand) to which it belongs, if applicable.
The validity period of debit cards cannot exceed five (5) years, and shorter expiration periods may be agreed upon.
Article 13°.- Additional services associated with debit cards 34
Companies may offer the following additional services:
14/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 fraud patterns, the circumstances that determine when an operation is atypical, the application of amount limits per operation, additional authentication methods for high-risk operations, among others.
3. Identify fraud patterns, through the systematic analysis of historical operation information, which must be incorporated into the operation monitoring system.
4. Establish limits and controls in the various service channels, to mitigate the risk of losses due to fraud.
17.2 The security measures that companies implement as a result of operation monitoring are part of their risk management. Monitoring is not part of the operation authentication process, nor does it alone determine the validity of an operation. The liability of financial system companies for operations carried out by users is determined in accordance with the provisions of Article 23 of the Regulation.
Article 18.- Information Security Measures
The current standards issued by the Superintendency on information security and business continuity management are mandatory for companies.
Likewise, regarding the storage, processing, and transmission of card data they issue, companies must implement the following specific security controls:
15/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 The aforementioned implementations must be carried out following the technical recommendations of the card industry standard, PCI DSS or equivalents. 42 The company must make available to third-party platforms mechanisms to replace card data with a unique identifier generated through cryptographic techniques (tokenization). 43
Article 19.- Security Measures in Affiliated Businesses
Companies must adopt appropriate security measures to determine the validity of the card, as well as to ensure compliance with the conditions of use indicated in the Regulation, by affiliated operators or establishments.
In this sense, when companies sign contracts with affiliated operators or establishments, they must ensure that they include as obligations of these, if applicable, the following aspects:
16/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 The information regarding the communication mechanisms established by the company, to comply with the provisions in the preceding paragraphs, must be published at the beginning of the company's website, in the offices, and in any other medium at the company's discretion, provided it is easily identifiable. The foregoing in this article is applicable, without prejudice to the other requirements established by the current regulatory framework in matters of complaint handling.
Article 22.- Monitoring of Operations that May Correspond to Fraud Patterns
Companies must have procedures for monitoring operations that may correspond to fraud patterns, which must include at least the following aspects:
17/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 The company is not obliged to assume losses associated with unrecognized operations, when it proves the user's responsibility. In the case of micropayment, the mere use of the card or its information does not prove the user's responsibility regarding the operation carried out. 49 If a claim is filed for unrecognized operations, whose liability has not been assumed by the company, it must respond to the user explaining the reasons supporting its position clearly, addressing the questioned facts.
Article 24.- Transfer of Costs for the Contracting of Insurance and/or Creation of Protection or Contingency Mechanisms
Companies may not transfer to users as an expense or commission, as applicable, the cost associated with the contracting of insurance policies and/or protection or contingency mechanisms, which aim to cover losses generated as a result of the carrying out of unrecognized operations, which are the responsibility of these companies in accordance with the provisions of Article 23 of the Regulation.
Article 25.- (Eliminated) 50
SUBCHAPTER III
IN MATTER OF SUPERVISION
Article 26.- Communication to Issue Cards
Authorized companies that decide to start issuing cards must communicate this to the Superintendency, no later than thirty (30) days prior to the start of said issuance.
Article 27.- Manuals Applicable for Card Issuance and Administration
Companies must have manuals related to the issuance and administration of cards, considering for this purpose the compliance with the obligations developed in the Regulation.
Additionally, these manuals must consider the procedures, deadlines, controls, and security measures used in the physical production, key assignment, transport, delivery, and custody of cards.
Article 28.- Treatment of Associated Products 51
The Superintendency, for prudential reasons, may apply the regulatory framework established in this Regulation to current and new products that show an operational model similar to the credit card.
FINAL AND TRANSITORY PROVISIONS
First.- Market Conduct Management Regulation
The provisions regulated in the Market Conduct Management Regulation are applicable. 52 49 Paragraph modified by Resolution SBS No. 3240-2023 of 10/03/2023.
50 Article eliminated by Resolution SBS No. 5570-2019 of 11/27/2019. effective from 01/01/2021.
51 Article incorporated by Resolution SBS No. 5570-2019 of 11/27/2019, effective from 01/01/2021.
52 Provision modified by Resolution SBS No. 2286-2024, effective from 06/29/2024.
18/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Second.- Basic Accounts Cards granted as a consequence of contracting a basic account, and exclusively for the use of said account, are not obliged to comply with the provisions contemplated in Article 15 of the Regulation on the use of cards with integrated circuit or chip, nor the obligations established in the final and transitory fourth provision of the Regulation associated with the implementation and making available of cards with integrated circuit or chip. This provision may be applied to other financial products with prior authorization from the Superintendency. Third.- Submission of Reports Companies must submit to the Superintendency, within fifteen (15) days following the close of each month, Report No. 7 "Credit Cards" of the Accounting Manual for Financial System Companies, via SUCAVE, in accordance with the instructions contained in the report. Fourth.- Adaptation Period To comply with the requirements contemplated in the Regulation, the following maximum deadlines will apply:
19/19
Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Second Article.- The Credit and Debit Card Regulation, approved by the First Article of this Resolution, will enter into force on April 1, 2014, on which date the Credit Card Regulation, approved by Resolution SBS No. 264-2008 and its modifying norms, as well as Article 32° of the Regulation on Transparency of Information and Provisions Applicable to Contracting with Users of the Financial System, approved by Resolution SBS No. 1765-2005 and its modifying norms, will be repealed. Register, communicate, and publish. DANIEL SCHYDLOWSKY ROSENBERG Superintendent of Banks, Insurance, and Private Pension Fund Administrators ---
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Amended 7 times · last 2025-09-19
This document amends: Resolution SBS No. 1765-2005: Regulation on Information Transparency and Provisions Applicable to Contracting with Users of the Financial System
Source: Superintendencia de Banca Seguros y AFP — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works