Entities will receive automatic information on monthly accreditations, withdrawals, account balances, deposits and card consumption
05/14/2022 – 1:51 p.m.
The Federal Administration of Public Revenues (AFIP) updated, through the Official Gazette, the minimum amounts from which the banks must inform the movements of both the accounts and the user cardsoperations that in these months are increasing below inflation.
Through the new resolution, rose from $30,000 to $90,000 the minimum figure to report accreditations, withdrawals, account balances and fixed-term deposits.
With these modifications, banks will be able to streamline operations and, in turn, They will receive automatic and permanent information on monthly accreditations, withdrawals, account balances, term deposits and card consumption.
The rise in interest rates announced by the Central Bank of the Argentine Republic (BCRA) will have an impact on the cost of financing through credit cards. It is that the top annual nominal rate (TNA) went from 43% to 49% since last January 6.
The BCRA raised interest rates for Leliq (Liquidity Letters) and fixed terms, which also forced the TNA of credit cards to move. As 49% is the maximum TNA that entities can apply, it remains in these if they apply a lower interest to their clients.
a person who must refinance their expenses, it is convenient to do it with their card paying the minimum
How much does it cost to refinance credit card payments
From this Friday, the refinancing of the credit card balances will be more expensive: by decision of the Central Bank, that cost will be 53% annual nominal. Two points above what it was until now. In any case, when the associated costs (VAT and bank commissions) are added, the total value exceeds 80% per year.
That Total Financial Cost depends on each bank, but the average amounts to 81% per year. That is, above inflation (58% year-on-year). But behind what a (personal) consumer loan costs in the same banks, which in the best of cases is a few points higher than 90% per year.
This means that a person who must refinance their expenses, it is convenient for you to do it with your card (paying the minimum, for example) before taking out a personal credit in a bank.
Credit card debt vs personal loans
The problem is that the banks have been cutting the limits of the cards, with which many clients have no other alternative than to resort to personal credit to kick their debt forward.
Due to the rise in rates, the cost of financing with a credit card became more expensive
Banks stop financing through credit cards and offer their clients other loans – further from the regulation of the Central Bank -, which are more expensive for those who do not make ends meet or need money circumstantially.
Compared to April of last year, the invoicing of credit cards grew 43.8%. According to INDEC, year-on-year inflation stood at 58%. And 62% in “food and beverages”, which is the item that leads the billing with plastics. A drop of around 20% in “real” terms (discounted inflation) from one year to the next.
This contraction cannot be attributed to a drop in consumption: the main consultancies that measure this variable indicate that, even with a certain slowdown, purchases in supermarkets and neighborhood self-services continue with a positive trend.