The Board of Directors of the Central Bank of the Argentine Republic (BCRA) decided, through Communications A6911 and A6912, to promote a sharp reduction in the financing rates of all credit cards, both bank and non-bank. The measure was adopted in the context of consecutive cuts in the monetary policy rate and the slowdown in inflation, with the aim of protecting the most vulnerable sectors and boosting the recovery of consumer credit.
Regarding the financing rate of bank credit cards, it was established that banks may not charge more than 55% nominal annual interest.
In relation to non-bank credit cards, the BCRA decided to annul decisions of the previous administration that modified the basis for calculating the rate and raised it considerably. From now on, the interest rate of these cards may not exceed 25% of the average personal credit rate of financial institutions, excluding the rates of non-financial credit providers.
Accompanying these measures, the Board of Directors also decided that banks will not be able to communicate to users for 180 days increases in the fees they charge or report the creation of new ones, except for those that to date have already been reported to the BCRA.
