The differential rate for credit cards was set at 107%, after rising 19 percentage points from the previous level.
He central bank implemented a rate hike that affects the entire financial system, including purchases with Credit cards. In this way, those who finance their product and service acquisitions with plastics, they will have to pay more for their consumption That so far.
In that way, the differential rate for Credit cards fixed on a 107%after going up 19 percentage points compared to the previous level, which was 86%. This is in line with the increase in the yield of the fixed term to 30 days for up to $30 million, which passed from 97% to 118%.
Raise credit card rates.PNG
“Consumption was threatened due to the drop in the purchasing power of wages and rate hikes worsen the pictureboth for increase in credit as for greater incentive to save“, affirmed the analyst of F2 Financial Solutions, Andres Reschinito Ambit.
In addition, the monetary authority determined a devaluation of the official exchange rate, which began to quote $350 until October 22. This happens after in the middle of the uncertainty experienced by the markets after the good results obtained by the candidate of La Libertad Avanza, javier milei.
How are the interest rates determined by the BCRA?
- Traditional Fixed Term and Leliq 28 days: the new TNA determined for these instruments is 118%which implies a variation of the twenty-one% regarding the previous TNA which was from 97%. In that way, the Effective Monthly Rate (STEM) was positioned in a 9.73%while the Annual Effective Rate (TEA) reached the 209.4%.
- Other fixed terms: as regards this investment instrument, the monthly yield became of the 9.12%since the annual was located in a 111%. So, the TNA increase twenty-one% compared to the previous one, which was 90%. Consequently, the TORCH reached 189.3%.
- Credit card: in this type of financing, the annual rate era of 86% and it happened to be 107%after increasing a twenty-one%. In that framework, the effective monthly cost became of the 8.79% and the TORCH of the 178.9%.
Source: Ambito
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