The Board of the BCRA has issued Communications A6911 and A6912 to sharply reduce the interest rate on bank and non-bank credit cards. This measure was adopted in symphony with successive reductions in the monetary policy rate and a slowdown in inflation, with a view to protecting the most vulnerable sectors and boosting the recovery of consumer credit.
Thus, banks can charge up to a 55% annual percentage rate (APR) on credit cards.
As for the rate on non-bank credit cards, the BCRA has decided to override the decisions adopted by the previous administration which considerably increased the calculation basis. From now on, the interest rate on non-bank credit cards may not exceed 25% of the average personal loan rate charged by financial institutions. The rates of non-financial credit providers are no longer taken as a basis for calculation.
The Board has also decided that banks may not increase their fees or create new ones for 180 days, except for those that have already been informed to the BCRA.
