Credit card statements that expire between September 1 and 30 can be financed in twelve months, with a three-month grace period and nine fixed installments, at a rate of 40% plus VAT, according to a resolution taken today by the Board of Directors of the Central Bank of the Argentine Republic (BCRA).
The financing plan is automatic and in the event that a payment is made (for example, by automatic debit) there is a period of 30 days to ask the bank to reverse the operation.
Financing installments can only accrue compensatory interest of 40% per year (plus VAT) and no other surcharge. Persons may cancel in whole or in part, at any time and at no cost, except for the compensatory interest accrued until the time of payment.
Index for Lease Contracts
The Board of Directors also approved the method of calculation of the Index for Lease Contracts of real estate intended for residential use, established in Article 14 of Law 27551.
The law establishes that rental prices can only be adjusted annually, using an index made up in equal parts of the monthly variations of the consumer price index (CPI) and the average taxable remuneration of stable workers (RIPTE).
The index prepared by the BCRA will be daily, will be available on the bank’s website and will make it possible to calculate the adjustment regardless of the day of the start of the lease contract.
