the relaunch of Ahora 12 accelerates the use of plastic

by time news

2023-06-06 19:53:44

In May, operations with plastic were carried out for an amount of $2,909,016 million. This configures a nominal increase of 11.6% in relation to the end of April.

Mariano Fuchila

In the month of May, the transactions made with Credit cards presented a balance of $2.909.016 millions, which indicates a nominal increase of 11.6% compared to the previous month’s close, driven by the relaunch of programs such as Now 12.

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The number is slightly higher the expected values ​​of inflation for this period. The year-on-year growth was 94,8%, remaining below the annual estimate of the Consumer Price Index and, therefore, experiencing a decrease in real terms. The information comes from a report by First Capital Group.

“As we mentioned in the previous month’s report, we have observed a gradual increase in credit limitswhich has surely accelerated due to the announcements made by the Ministry of Economy about a general increase in these limitsespecially in the National Public Bank and in some provincial banking entities. In addition, the relaunch of installment payment programs such as ‘now 12‘ and the like appears to have fueled portfolio growth, despite not have had an impact throughout the month,” said Guillermo Barbero, Partner at First Capital Group.

dollar credit cards

Regarding the use of credit cards in dollars, there was a year-on-year increase of 10.2%although with an irregular monthly behavior that alternated between increases and decreases. In May, an increase in the 24,9% compared to the previous month, reaching a balance of US$281 million.

“The existence of different debt limits in foreign currency for individualsthe prohibition to finance tickets and stays, as well as the taxes applied to the exchange rate, make it difficult to use credit cards abroad“Barber said.

“The differentiated exchange rates used to settle balances in foreign currency and the impossibility of financing them, or the obligation to convert the debt into pesos at a higher rate than other card debts, have discouraged use by travelers“, he added.

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