Installment rate also rose, reaching 183.3% per year, according to data released by the BC this Friday (Dec 27)
The interest rate on credit card revolving credit increased by 6.9 percentage points between October and November, reaching 445,8% per year, according to data released by the (Central Bank) this Friday (Dec 27, 2024).
The card installment rate also rose, going from 180% to 183.3% per year in the same period. The card’s total rate, which includes both revolving credit and installments, increased slightly, rising from 82.2% to 83.2%.
Revolving credit is used when the customer is unable to pay the full amount of the card bill by the due date. In these cases, the bank is obliged to offer payment options, such as debt installments, or more favorable alternatives for repayment within a period of 30 days.
In relation to revolving and installment payments, Congress established a legal limit for interest, with a ceiling of 100% on the value of the original debt.
