Credit Card Payment Facilities

Credit card bills due between September 1 and September 30 may be refinanced twelve months ahead of maturity, with a three-month grace period and nine fixed installments, at a 40% APR plus VAT, according to a resolution adopted today by the Board of the BCRA.

The financing plan is applied automatically. In the case of automatic debit payments, customers may ask the bank to reverse the transaction in the next 30 days. Financing installments can only accrue a compensatory interest of 40% annually (plus VAT) and no additional amount can be charged. Individuals can make partial or total payments in advance, at any time and at no cost, except for the compensatory interest accrued up to the time of payment.

Rent Index

The Board has also approved the method for calculating the Rent Index to be applied to Real Estate Rental Agreements for residential use, as provided for in Section 14 of Law No. 27,551.

The Law provides that rentals can only be adjusted on an annual basis, using an index made up in equal parts by the monthly change of the Consumer Price Index (CPI) and the Average Taxable Remuneration of Stable Workers (remuneración imponible promedio de los trabajadores estables, RIPTE).

The index will be developed by the BCRA and posted daily in its website. Thus, rental adjustment will be calculated, regardless of the starting date of the rental agreement.

August 27, 2020.

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