2023-08-03 23:11:09
© Reuters. C6 reduces card bill installment fee from 5.99% am to 3% pm
C6 Bank reduced fees for paying credit card bills in installments from a low of 5.99% per month to a low of 3% per month. The digital bank claims that by the end of this month, there will be a further reduction of this floor, from 1.99% monthly.
The bank will also extend the payment period for credit card bills to up to 72 months, according to a press release.
The C6 does not attribute the reduction in the modality’s interest to the rate cut, by 0.5 percentage point to 13.25% per year, carried out on Wednesday by the Monetary Policy Committee (Copom) of the Central Bank.
It states that it is a policy change to give customers access to a line with differentiated conditions, preventing them from entering revolving credit.
Invoice installments happen when the customer does not pay the full amount, but pays at least the minimum established by the bank. It is cheaper than revolving credit, a modality in which banks can keep customers for up to 30 days when they do not pay the invoice, partially or completely.
The government, banks and the Central Bank are discussing alternatives to the revolving credit card, which has the highest rates charged to individuals, above 400% per year. One of the alternatives is to end the modality once and for all, replacing it with invoice installments.
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