The value of outstanding credit card debt in Jamaica's commercial banking system has increased by more than J$3 billion in four months, despite credit cards carrying some of the highest interest rates in the financial sector.
According to the Bank of Jamaica, credit card receivables rose 3.5 per cent to $94 billion for December 2025 to April this year.
Credit card loans remain among the most expensive forms of borrowing, with interest rates on Jamaican dollar-denominated cards ranging from 37 to 52 per cent per annum.
US dollar credit cards carry rates ranging from 17 to 22 per cent per annum.
The central bank says the increase was driven mainly by Jamaican dollar credit cards, with outstanding balances rising five per cent to $86.5 billion from December to April.
Meanwhile, US dollar-denominated credit card debt declined 2.4 per cent over the period to $8.2 billion.
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