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2 clusters · 4 sources · 1 days · First seen · Last updated

Argentine credit card regulation and banking issues

Overview

The Central Bank of Argentina (BCRA) implemented new regulations to cap credit and purchase card interest rates for the September billing cycle. The BCRA established a 66.44% annual nominal rate as a reference limit, aiming to mitigate rising household debt and delinquency rates, which reached 12.6% for credit cards in June.

Following these regulatory shifts, a change in credit card expiration dates caused significant concern among consumers. The new deadlines shifted payments to the first business day of the month, often preceding the accreditation of salaries for public and judicial employees. In response to the controversy, some financial institutions, such as Banco de Santa Fe, announced they would not apply interest or penalties to customers affected by the timing of these deadlines. Provincial officials have also intervened to request reviews of these modifications.

Entities

Tarjeta Naranja X · Cencosud S.A. · Pablo Olivares · Coto CICSA · Banco de Santa Fe

Timeline

  1. 23 days ago

    [BUSINESS] 2 sources
    Argentina credit card deadline changes spark customer concern

    Argentine bank customers faced uncertainty after credit card payment deadlines were moved ahead of salary accreditation dates. Banks have pledged not to charge penalties for these delays.

  2. 24 days ago

    [BUSINESS] 2 sources
    Central Bank of Argentina caps credit card interest rates

    The Central Bank of Argentina set a 66.44% annual nominal rate cap for non-financial credit card financing to address rising household delinquency rates.

Sources

0223.com.ar · almomento.net · ituzaingonoticias.com.ar · radioeme.com