The Board of Directors of the Central Bank (BCRA) today ordered that consumptions of more than 200 dollars financed by cards pay the interest rate corresponding to that regulated by law for credit cards issued by entities financial.
So whenever credit card purchases over $200 remain unpaid when the summary expires—equivalent to about $48,000—they will have to pay an interest rate close to 83.23%, a rate which usually depends on each bank.
Indeed, the Credit Card Act establishes that banks can charge up to 25% more than the rate they receive for personal loans.
According to Central Bank data, the average for the entire financial system for personal loans is 66.58%, so 25% above this level is equivalent to 83.23%, although, being an average of all the banks, there will be entities that charge more and others less. In any case, reports the BCRA, banks “must notify cardholders before applying this measure”
The BCRA ordered that the rate regulated by law be applied to credit cards issued by #financial entities when the account statement for the month records consumption in foreign currency of more than 200 dollars: https://t.co/F56z6vZHyK#Credit card
— BCRA (@BancoCentral_AR) July 28, 2022