However, its use for operations in dollars decreased in the last month and in year-on-year terms.
The operations through the Credit cards they registered a 6.7% increase in April compared to March, marking a value close to the inflation. In year-on-year terms, growth was 85.7%, below the estimated inflation levels, which is why it represented a drop in real terms, according to a First Capital Group study (FCG).
In April, operations for $2,606,987 million were registeredwhich means a nominal 6.7% increase compared to the end of last month, some $163,089 million above March and very similar to the expected inflation values for this period.
While, year-on-year growth reached 85.7%by below inflation levels estimated for the year, with a drop in the portfolio in real terms suggesting a “difficult situation that may affect the future of the credit card market,” the FCG report said.
“If we limit ourselves to the analysis of the variation of the last month, we observe a portfolio stability in real terms, although the factors that limit growth have not changed, such as the rise in the cost of financing, the lower offer of installments, the limitations in family budgets, the decrease in the number of cardholders and prudence in the face of risk on the part of financial entities; the credit limits they begin to be updated gradually as the year goes by, although not in a massive“, explained william barberpartner of FCG.
Use of credit card in dollars
Meanwhile, the use of credit cards in dollars registered a year-on-year drop of 9.3%, although with an irregular monthly behavior. In April there was decrease of 0.9% compared to the previous month, with a balance of US$225 million.
“The differential exchange rates used for the cancellation of balances in foreign currency and the inability to finance the same or the obligation to transform the debt into pesos at a higher rate than the rest of the card debts have curbed the use of them by travelers“, finished Barber.