By arrangement of the Central Bank it will be more expensive to finance with credit cards

The BCRA decided to increase the ceiling of the annual nominal rate by 6 percentage points.

Today 09:16 The increase in interest rates announced by the Central Bank of the Argentine Republic (BCRA) will have an impact on the cost of financing through credit cards. It is that the ceiling of the nominal annual rate (TNA) went from 43% to 49% -6 percentage points- since last January 6. Through Communication A7432, the BCRA decided to “replace, effective as of the billing cycle corresponding to January 2022, at 49% annual nominal the limit to the compensatory interest for financing linked to credit cards that financial entities can apply.” As 49% is the maximum TNA that financial entities can apply, it remains in these if they apply a lower interest to their clients.


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Last week, the Central Bank raised interest rates for Leliqs and fixed terms, which also forced the TNA for credit cards to be moved. One of the reasons why the Central Bank was reluctant to raise the interest rate throughout 2021 is that it did not want to affect the cost of money and, therefore, economic activity. A recent study by First Capital Group reported that consumer financing through credit cards closed 2021 with a year-on-year increase of 38.1%, well below inflation for the year. “We are faced with a particularly weak December for the public’s indebtedness with plastic money, the limitations and difficulties to use quotas in tourist services, prevented an expansion of this segment despite the greater volume reached by Christmas purchases,” assured Guillermo Barbero , partner of First Capital Group. Source: Scope.

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