The Board of Directors of the Central Bank (BCRA) ordered today that consumption of more than 200 dollars that are financed with cards pay the interest rate that corresponds to that regulated by law for credit cards issued by financial entities.
In this way, whenever credit card purchases of more than US$200 are left unpaid when the summary expires -equivalent to approximately US$48,000- they will have to pay an interest rate close to 83.23%, a rate that It generally depends on each bank.
This is so because the Credit Card Law establishes that banks can charge up to 25% more than the rate they receive for personal loans.
According to data from the Central Bank, the average of the entire financial system for personal loans is 66.58%, so 25% above that level is equivalent to 83.23%, although, being an average of all banks, there will be entities that charge more and others less. In any case, reported 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 summary 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