It turns out that this “good living card” is simply a credit card that will be issued by the now state-owned Banco de Venezuela to people who have their payroll account at that bank, which is the same as saying that it is intended mainly for government employees.

The new “good living card” is to be used exclusively for the purchase on credit of food and other basic basket products. But, according to the President’s take on this new instrument, it will not promote consumerism, but will be for buying “just what’s needed.” What strikes one is that the purpose of the “good living card” is the purchase of products consumed on a daily basis, when what is logical from the financial point of view is that credit be used for purchasing durable goods or in emergencies.

Even more harmful from the financial standpoint is that this “good living card” can only be used in government stores such as the Comersos, Comersitos, the Bicentenario stores, and the Biceabastos or corner shops in low-income areas. In other words, violating consumer protection laws (Depabis Act), Banco de Venezuela would be forcing its users to make their purchases exclusively at predetermined points of sale.

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