The interannual growth of credit card operations was 169.3%. This is the lowest data of the last year, always having as February 2024 comparison base When, after the strong weight devaluation (54%)the consumption was very limited by the increase in prices, and also received the impact of the lack of increase in card limits.
It should be noted that the first data that anticipate the February consumption They show a retraction. In addition to credit cards, this Sunday was known that Pyme retail sales They registered in the second month of the year a decline of the 2.9% monthly desestationalizedaccording to the measurement of the Argentine Confederation of Medium Enterprises (CAME).
The balance of credit card operations in pesos reached $ 16.7 billion in Februaryreflecting a nominal increase of 1% compared to the previous month, according to a report by First Capital Group. However, when considering the estimated inflation for the period, this represents a real setback of 0.9%, consolidating a slowdown tendency in the use of this means of financing.
As explained Guillermo BarberoParty of First Capital Group, the growth decline is explained due to the “development of other financing lines”, which currently subtracted prominence from credit cards. Not only that, there is also a lot of cash promotions with discount on the famous “ant expense”, that also take attractive to payment with plastics.
How much does credit with credit card cost?
Last year the Central Bank (BCRA) removed the Maximum interest rate For financing with bank credit cardsalthough it continues to rule a cap equivalent to 25% above the average of the personal loans of each bank, which in February 2025 had a 70% annual nominal rate (TNA). This implies that, Credit card financing rates should not exceed 88% annual nominal (TNA) For this month.
For customers, larger banks charge a Average 80% TNA in financing consumption with credit card. This implies a monthly rate of 6.67% and one 115.7% Annual Effective (TEA)which goes up much more when VAT and expenses are added, to reach the 151.95% Total Financial Cost (CFT) with VAT. This rate is applied when The person pays only the Minimum payment and “kick” the rest for the following month.
Challenges for consumption
“Commerce faces challenges in the next periods, where the evolution of consumers’ purchasing power will be a key factor, since many respondents pointed out a marked Prioritization of essential expenses“The Came.
The relieved data with the SMEs surveyed by Came coincides with the latest report “Social compass” of consumption of Research pulse shows that in February the 70% of Argentines He had to resign some type of consumption in the last month. Among them, it stressed that the 38.9% reduced the purchase of food, food and drinks in general, while another 17% cut in the meat that ingests and a 21.9% limited the amount of exits in general like going to restaurants, theater and cinema.
Source: Ambito
