Credit Card Contracts and the Right to Information: Case of Financial Institutions in Peru

Abstract

Purpose:  It was decided to determine the influence of credit card contracts on the right to information of customers of financial institutions, Peru.   Theoretical framework:  The violation of the right to information has become a habit on the part of financial entities, since the regulatory and supervisory entities do not comply with overseeing and sanctioning this type of companies, therefore, the theoretical background found allowed to go deeper into the subject.   Design/methodology/approach:  A quantitative methodology was considered, under a non-experimental descriptive correlational design, surveying 60 people, made up of 30 lawyers and 30 clients of financial entities, Peru.   Findings: The findings showed that when credit card contracts are prepared in an inadequate manner, which only benefits the financial institutions, clients' information rights will be inadequate. Likewise, a significance of less than 0.05 was reached.   Research, Practical & Social implications: Clauses that exclude legal rights have a direct and significant influence on the right to information of customers of financial institutions. Considering the Spanish legislation in article 32.3 of the new Credit Card Payment Services Law and in Colombian legislation in Article 333 of the Political Constitution of Colombia, by allowing private initiative to carry out economic activities and warning that it does not allow companies to abuse their position of dominance, Paradoxically, it grants the financial sector all the faculties and tools to define its excessive and exaggerated charges that harm a population that loses purchasing power every day. It is recommended that the legislative and executive powers reform the 1993 Political Constitution of Peru, where it should establish that small bills that cause economic damage to consumers of financial entities are prohibited.   Originality/value:  It is essential that the state supervisory entities verify compliance with the clauses of the contracts, since this ensures that the right to information of each client in the financial sector is not violated.