2023-12-21 03:13:00
Javier Milei’s decree on credit cards introduces a series of significant changes to “adapt the market to recent relationship modalities and digitalization technologies.” Below are the highlights of the decree:
Deregulation and Simplification: strong deregulation and simplification is proposed in the credit card market, in response to recent changes in relationship modalities and digitalization technologies.
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President Javier Milei on national television. (Photo: TN capture)
Definition of the Credit Card System: the credit card system is redefined as a set of individual contracts with three main purposes: to allow purchase or rental operations of goods and services, to defer payment or refunds for the holder, and to pay to suppliers of goods or services the user’s consumption. Credit Card Issuers: it is established that any entity, within its corporate purpose, can issue credit cards or make payment effective. Denomination of the Credit Card: the card Credit card is defined as a user identification instrument that can be physical or virtual, magnetic or any other emerging technology, emanating from a prior contractual relationship between the owner and the issuer. Repeal of Articles of the Previous Law: several are repealed paragraphs of Law No. 25,065, which suggests a departure from some of the previous regulations. Transparency in Financing Rates: issuing entities are obliged to publicly disclose the financing rate applied to the credit card system.
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Punitive Interest: it is established that punitive interest will not be capitalized. Monthly Summary of Operations: issuers must prepare and send monthly a detailed summary, preferably in electronic form, of the operations carried out by the owner or his authorized persons. Summary Reception Time : it is specified that the summary must be received by the holder at least five days before the payment obligation expires, and in case of non-receipt, the holder must have a communication channel available to obtain the balance of the payment. account and the minimum payment.Content of the Standard Contract between Issuer and Supplier: the minimum elements that the standard contract between the issuer and the supplier must contain are detailed, including validity periods, maximum limits per operation, commissions, interests, administrative charges, and other requirements.
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