2024-01-05 02:43:38
The drop occurs before the implementation of the ceiling for the modality’s fees
Epitácio Pessoa/Estadão Conteúdo Interest on revolving credit cards reached the lowest level since March 2023
O Banco Central announced this Thursday, 4th, that the total average interest charged by banks in rotary do credit card fell to 434.4% per year in November 2023, the lowest level since March of the same year, when it reached 433.3%. This drop occurred before the implementation of the cap on the modality’s fees. In the case of installments, the interest increased from 195.6% to 195.2% per year between October and November. Considering the total interest on the credit card, which takes into account revolving and installment operations, the rate went from 97.8% to 91.2%. O National Congress established in law that revolving and installment interest could not exceed 100% of the principal amount of the debtif the banks did not reach an agreement on the matter, endorsed by the National Monetary Council (CMN). As there was no consensus, the ceiling for interest and charges for the modality came into force on January 3, 2024. Furthermore, the president of the BC, Roberto Campos Neto, proposed to the sectors involved a maximum period of 12 months for interest-free installments. He also mentioned the possibility of limiting credit card interchange fees, however, these ideas did not move forward and should be discussed again in the future.
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