The figure will amount to 140.86% monthly average weighted by amount and in nominal annual percentage. The BCRA communicated it through Communication B and in line with the valuations from December 2023.
He Central Bank (BCRA) made official at the beginning of the week the value of the interest rate applicable for credit operations carried out during January 2024.
Through the Communication B and in line with the valuations from December 2023, the figure will rise to 140.86% monthly average weighted by amount and in nominal annual percentage.
“The value of the interest rate of the financial system for operations of personal loans without real guarantee mentioned in point 2.1.2. of section 2 of the regulations on ‘Interest rates in credit operations’, corresponding to the information from December 2023, will be applicable for operations in the January 2024 billing cycle,” the second of the regulatory text expanded.
Purchases with credit cards: how the increase in interest rates impacts
According to the information that emerges from the Communication A 7937 of the BCRA, the rate may not exceed by more than 25% the average figure of the financial system for personal loan operations without collateral. From January 2024 it will rise to 140.86%.
In real application referred to as a form of calculation, the value will configure the financed balances between the due dates where the amount owed arose.
In addition, it will be the rate to be applied when the payment is not paid. agreed minimum payment recorded in the monthly summary and on the unpaid amount due, so that it cannot be capitalized.
Credit cards: options to pay the card statement
- Minimum payment: This is the minimum amount that must be paid to avoid legal problems. Furthermore, if this amount is not paid, the plastic is blocked at the same time, so the user will be unable to continue receiving said financing.
- Partial payment: This type of payment does not cover the total of the summary for that month. Therefore, The remaining balance remains outstanding and generates interest. The calculation is subject to the amount remaining pending and the delay in cancellation.
- Full payment: This type of payment is carried out when the payment of the total sum of that month’s summary is made. This also includes any interest included and the bank’s administrative expenses.
Source: Ambito
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