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How much will the increase be?

How much will the increase be?

The announcement that is expected on Monday afternoon will be under the name of the “Strengthening of credit to the private sector and improvements in the regulatory framework” scheme. The goal is to sustain consumption.

After knowing the hard inflation data for April, Sergio Massa communicated a series of measures to moderate the sharp rise in prices. In the last hours, the Minister of Economy reached an agreement with banking chambers and will announce this Monday that the limits of the Credit cards.

The announcement that is expected in the afternoon will be under the name schedule of “Strengthening credit to the private sector and improvements in the regulatory framework”. “It is an important measure in this context because it is oriented in sustain consumption, increase investment and reduce the damage of drought”reported sources in the Ministry of Economy.

Promotion of consumption with credit cards

The agreement was reached with the Association of Argentine Banks (Adeba), which brings together national capital entities, and with Abappra, which brings together public and private banks.

“More than 20 million Argentines will be able to buy 30% more. For every $10,000 pesos available in a payment, 3,000 more pesos are added; and if a family had 50,000 pesos of credit on their card, now they will have 65,000 pesos,” they added from the Palacio de Hacienda.

In turn, from the banking sector, they assured that “This effort must be complemented with actions by the State and by political leaders from all sectorsthat allow the macroeconomic ordering necessary to achieve the reduction of inflation”.

“Modifications to the regulatory framework are also required in order to promote the channeling of society’s savings towards credit, efficiently and avoiding the generation of distortions, especially those generated by setting minimum rates,” they added.

These measures are in addition to the two announced last week that seek to sustain retail consumption, such as the reduction in the Now 12 rate and interest balances for credit cards, in addition to the increase in refunds to vulnerable sectors for card purchases debit.

Credit cards: how will the increase be

  • Purchase margins on credit card installments will increase by 30%.
  • The margins of purchases with credit cards will be increased by 25% in one payment.
  • Advance margins on checking accounts for MiPymes will increase by 25%.

Credit cards: another benefit

Since May, the limit has been increased to $40,000 to withdraw cash with a debit card in businesses. Until now, customers could withdraw $30,000 from merchants where they paid for their purchases with a debit card. This practice is called extracash, a modality that already represents 4.14% of the total volume of consumption with a debit card, according to the latest Prisma Medios de Pago index for the first quarter. In order to withdraw money, the customer must make a purchase with a card.

Source: Ambito

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