Monday 30.5.2022
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Last update – 22:39
As of the next card closure, financing outstanding balances will be more expensive. The Central Bank of the Argentine Republic (BCRA) increased the credit card debt refinancing rate for those who cannot cancel the summary, pay the minimum amounts or want to refinance.
The decision was reported through communication “A” 7512, published by the entity led by Miguel Ángel Pesce on Thursday, May 12. After it became known that in April inflation was 6%, in addition to increasing the rate paid by retail time deposits and Leliqs, the Central determined that the annual nominal rate for the financing of credit card balances would rise from 51% to 53%.
This is the third rise so far this year. The figure remained at 43% since the beginning of 2021, to go to 49% in January of this year. In March the Central Bank modified it once more, reaching 51%.
This measure will come into force as of June and will apply to credits of less than $200,000.
In this way, the Total Financial Cost of Credit Cards will exceed 80%, reaching around 82% Annually (including VAT, Insurance, other expenses).
