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Financing on Credit Cards: Control on Banks

The Superintendence of Financial and Foreign Exchange Institutions (SEFyC) has launched an investigation to determine if banks have correctly applied the financing plan on credit card balances established by the BCRA, pursuant to Communication A6964. Under this regulation financial institutions must refinance automatically unpaid credit card balances falling due between April 13 and April 30 to a one-year term, with a three-month grace period, in 9 equal and consecutive monthly installments, at a 43% APR.

The SEFyC will monitor banks to ensure regulatory compliance, even though it received no complaints from financial users concerning the installment plan.

Upon the three-month grace period, the first maturity of the nine installments came due in August.

Users may submit their claims through link.

August 21, 2020.

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