Bank Indonesia (BI) will lower the maximum limit on credit card interest rates from 2% to 1.75% per month which will take effect from July 2021.

Governor of Bank Indonesia (BI) Perry Warjiyo said the Central Bank was actively involved in trying to encourage public consumption. The hope is that public consumption can quickly increase with the easing of credit card interest rates.

"This policy is also aimed at increasing public non-cash transactions," he said in the announcement of the results of the Board of Governors' Meeting, Tuesday (25/5).

However, Perry did not explain further regarding other credit card policies.

Thus, the minimum payment value remains 5% of the total bill. The amount of late fee remains 1%.