Ending the Consumer Credit Drought

Ending the Consumer Credit Drought

Brazil

Serfín, the Mexican bank, made a much-noticed splash in the credit card market at the end of last year. In September, with a multimillion advertising blitz, the bank launched Serfín Light, a credit card with an annual interest rate of "just" 22%. By Mexican standards, this a small price to pay for credit and one that other banks which charge around 37% a year, have yet to match. Within six months of introducing its cut-rate card, Mexico's third-largest bank more than doubled its credit card portfolio to $358 million through balance transfers and signed up more than 500,000 new accounts. "Serfín Light is everywhere," says Fernando Chávez, a chauffeur who said he got the ca

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