The tool will allow customers to transfer debt from other financial institutions to their CMR Credit Card, benefiting from a preferential interest rate through a fully digital process.<\/p>\n\n\n\n
Managing multiple financial obligations at the same time can make household budgeting more challenging. In Colombia, families currently allocate between 37% and 40% of their monthly income to debt payments, according to figures from the Bank of the Republic (Banco de la Rep\u00fablica)<\/strong> and TransUnion<\/strong>, cited by Banco Falabella<\/strong>.<\/p>\n\n\n\n In response to this situation, Banco Falabella<\/strong> will introduce a solution that allows customers to consolidate credit card debt from other financial institutions directly from their mobile phones through a balance transfer program. The service enables customers to transfer outstanding balances to their CMR Credit Card<\/strong> and access a preferential interest rate.<\/p>\n\n\n\n The option will be available directly through the bank\u2019s mobile app, allowing customers to complete the entire process without visiting a branch office. Customers will be able to transfer debts starting from COP 300,000, review their available credit limit beforehand, simulate the amount they wish to consolidate, and choose their preferred repayment term.<\/p>\n\n\n\n The process consists of four steps:<\/p>\n\n\n\n