The Central Bank announced new facilities for the payment of credit cards. “The card summaries that expire between September 1 and 30 can be financed in 12 installments, with three for grace and nine fixed installments, at a rate of 40 percent plus VAT,” said the monetary authority. The decision was made this Thursday at the entity’s board of directors meeting.
“The financing plan is automatic and in the event that a payment is made (for example, by automatic debit) there is a 30-day period to ask the bank to reverse the operation,” explained the Central.
It was specified that “the financing installments can only earn the compensatory interest of 40 percent per annum (plus VAT) and no other surcharge.” It was also added that people may pay in advance in whole or in part, at any time and at no cost, except for the compensatory interest accrued until the time of payment.
Last week the Central Bank had already taken measures related to the card sector, informing that it will control the banks so that they comply with the refinancing plan launched at the beginning of the isolation.
In April, users with unpaid card balances between April 12 and April 30 were allowed to refinance maturities with a one-year period and a 3-month grace period. The repayment of these debts was set at 9 equal and consecutive monthly installments, with an annual rate of 43 percent.
“The Superintendency of Financial and Exchange Entities will initiate an ex officio investigation to determine if the banking entities correctly applied the financing plan for credit card balances,” the entity had specified.
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