In June, there was a real recovery in credit card purchases for the third consecutive month. The recovery was driven by the reappearance of interest-free installments, said Guillermo Barbero, partner at First Capital Group.
The credit card transactions reached $8,489,754 million in Junea nominal increase of 7.8% compared to the previous month, according to the report of First Capital Group.
This way, Spending thus exceeded expected inflationalthough on an interannual level it is lagging far behind the consumer price index (CPI)since it varied only 177% compared to the estimated variation of 274.4%, almost 100 points less.
The real recovery of credit card purchases for the third consecutive monthhe highlighted Guillermo Barberopartner of First Capital Group“The return of installments, with and without interest, allows consumers to access a wider range of goods, while at the same time, some merchants take advantage of the opportunity to offer sales in installments without added interest, thereby making an implicit discount,” he said.
Credit cards: dollar consumption fell 1.9%
As for the consumption in dollars with credit cardthere was a year-on-year increase of 72.3%, although with a drop of 1.9% in June, reflecting an irregular monthly behavior alternating rises and falls.
The balance as of June 30 decreased to US$455 million. “Portfolio balances are approaching those existing before the pandemic, which indicates a normalization of operations,” he clarified.
Source: Ambito
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