Women’s-only bank, Banca Kristal plans to expand to 20 branches in 2016, but may not be the best choice for women

(Courtesy / ICR News)

November 30^th, 2015 (ICR News) The controversial women’s-only bank, Banca Kristal plans to open a total of 20 branches during 2016 at a cost of about $400,000 per branch, but if one of its flagship financial products – the Kristal credit card – is any indication, the “pink and chic” bank may not be the best choice for women’s banking needs.

The new bank, which is a subsidiary of Banco de Costa Rica (BCR) and has been heavily criticized on social media in recent days for its “Barbie-themed” bank branches which some on social media say look “more like hair salons than banks,” introduced its Kristal credit card as part of its Monday opening – and the card carries a higher interest rate than any other credit card issued by parent bank, BCR.

At a whopping 36 percent APR, the card carries an interest rate far above even BCR’s highest interest card, the “Pura Vida” card, which is aimed at lower income customers and carries an interest rate of 29.5 percent.

Bank management, however said that purchases made on the card for “health and education” purposes would receive a preferential interest rate of just 26 percent.

The less-than-competitive interest rate comes despite the fact that bank management said that female customers have a lower delinquency rate and better savings rate than their male counterparts as part of its justification for the new female-only bank.

The Kristal card is available with credit limits of up to $10,000 USD.

Pink-and-white Volkswagen Beatles, or what some described as looking like “Barbie cars” could be seen driving around the capital city over the weekend and Monday morning promoting the new bank.

Pink-and-white Volkswagen Beatles, or what some described as looking like “Barbie cars” could be seen driving around the capital city over the weekend and Monday promoting the new bank. The bank’s slogan, which is painted on the doors, reads “No woman is complicated.” (Photo courtesy of CRHoy.com)

Criticism

Hundreds of people, including many women, took to social media on Friday and over the weekend to express their disapproval of the concept, calling Banca Kristal sexist and that the bank is reinforcing stereotypes about women, including in its advertising.

On Facebook and Twitter, many critics said that the “Barbie-themed” bank branches look “more like hair salons than banks.”

“Thank you BCR for reinforcing the worst gender stereotypes possible with their Banca Kristal, a disgusting idea,” Marcia Ugarte in Curridabat wrote on Banca Kristal’s Facebook page using the hashtag #YoNOquierounBancoRosa (“I DON’T want a Pink Bank.”)

The criticism even led bank director Monica Segnini to respond on Facebook, saying that she apologizes for “certain elements” that have appeared in advertising for the new bank, though adding that she continues to stand by the concept.

Critics have even set up a Facebook page demanding that the new bank be shut down.