Credit cards: what fees the banks offer to buy in installments

The reduction of monetary policy rates carried out by the Central Bank on December 5, generates a change in quota financing rates. Although banks are still adapting to these new values, Knowing the annual nominal rate (TNA) for financing became fundamental. This information is key to assessing payment options and determining whether it is more convenient to make a purchase in installments or in a single payment, which allows more informed decisions and save more efficiently.

In this sense, banks accommodated the TNA of payments to 12 installments to 92% TNA (from a previous 99%). These rates remain higher than simple quota, which now costs almost 49% although it is limited to three and six payments.

The return of fees without interest, driven by banks and the desire of shops to encourage consumption in a challenging economic context, was a key factor. In addition, competition between banks allowed a Increase in financing limitsadjusted to inflation, after a long period in which these increases did not follow the rhythm of the CPI, always considering delinquency levels.

Example of how it can be spent with simple quota:

• 3 installments: 7.65%

  • If you make a purchase for $ 100,000 you will pay 3 installments of $ 35,884.33
  • TNA: 48.60%

• 6 installments: 15.61%

  • If you make a purchase for $ 100,000 you will pay 6 installments of $ 19,268.50
  • TNA: 48.60%

What is the TNA to cuotify with virtual wallets

In the case of Mercado Libre, one of the most popular platforms among users, it is possible to finance purchases in up to 12 installments with the main cards. However, the annual effective rate (ASD), which reflects the real rate paid or charged, It varies significantly: it ranges from 132% for financing in 12 installments and up to 222% in 2 installments. This high variability in ASD considerably increases the final cost of the purchase, which, in many cases, to finance in installments it is not the most convenient option.

Private financing with credit cards continues to grow

As for the Use of cards, banks have not only raised credit limits, but also have unified limits Between purchases in cash and in installments, providing greater flexibility to users. According to the LCG consultancy, personal loans and credit cards The main engines of financing to the private sector remain. In December, almost half of the growth was explained by an increase in consumption loans, with a real monthly growth of 5.1%, highlighting personal loans with a 7.9%rise.

The total balance of credit cards reached $ 15.5 billion at the end of December, which represented a nominal increase of 8.5% compared to the previous month, above inflation. In interannual terms, consumption loans increased real 60.1%. This growth was driven by Christmas sales, although it is expected that in the coming months it will be observed how the offer of fees without interest evolves and if the market can maintain this growth both nominal and real.