He Central Bank reported this Friday that it will control the banks to comply with the refinancing plan for credit cards. “The Superintendency of Financial and Exchange Entities will initiate an ex officio investigation to determine whether the banking entities correctly applied the financing plan for credit card balances,” said the entity.
At the beginning of social isolation, the monetary authority implemented a refinancing plan for card balances in order to alleviate the financial burdens of consumers who bought with credit through the card.
The regulations established that the entities of the financial system had to automatically refinance unpaid credit card balances, which had expired between April 12 and 30, with a one year and 3 month grace period. He The repayment of these debts was set at 9 equal and consecutive monthly installments, with an annual rate of 43 percent”.
“The Superintendency has not registered complaints from users of the system for the application of the quota plan, but in any case it will control that the rule is being applied correctly,” said the Central. In August, the three-month grace period expired and the first of the nine installments began to mature.
“Banks had to apply this plan in a mandatory and automatic way to users who left outstanding balances as of April 30,” said the entity. At case that is being charged more for the refinancing of the installments the Central will intervene to reverse the inconveniences. Users can make claims at the following link on the Central Bank’s website: https://www.bcra.gob.ar/BCRAyVos/reportes.asp ”, the entity reported.
The debate started this week because some users found that in the card statements a total financial cost of more than 70 percent applied to the refinancing of balances due between April 12 and 30.
Part of the difference is due to the application of taxes but the monetary authority will review the situation to avoid maneuvers by the banks in account summaries. The financial institutions tend to take advantage of the lack of transparency in the account summary with costs not applicable to your customers.
From the Cerx consulting firm indicated that the refinancing plan for the cards was massive. “There are about 2.5 million households that entered this scheme. They were given 3 months of grace and in the August summary the quotas began to arrive ”, he stated. He added that “there are disparities between what it charges, in some it is 43 percent and in others it is not, which is disconcerting.”
It was further mentioned that Many people who entered thought that they would pay 147 pesos for every 1000 pesos of quota. But they got more than 400 for every 1000 quota. “Is that the account is more complex: because the 147, in addition to not including VAT on interest, is not charged on 100 of each installment but in each installment 147 are charged on every 1000 of the total initial debt, not on the debt that is remaining “, the report detailed.
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In detail it was specified that “in Each installment must be calculated 147 plus VAT on interest (that gives 158.8), but on the total debt. For example, to calculate the installment on a debt of 41 thousand, 148.8 x 41000/1000 = 6514 are paid, including VAT. Assuming that the Bank does not add other costs other than the TNA ”, indicated Cerx.
The consultant added that “the expiration of the plan occurs when the quarantine continues, the families are very indebted and the income has not recovered. Although the 43 percent rate implies a strong reduction over the rate that the banks had in March, for many families in the current context, it is unpayable ”.
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