Credit card revolving grants accounted for about 10% of loans issued by financial institutions in June.
Clients should be aware of the interest rate of this type of credit, which rose in June to those who pay on time at least the minimum of the invoice, after the rule prohibiting different interest rates for defaulting and delinquent.
If another high interest rate modality is considered, the overdraft increases to 30.5% the percentage of bank lending to individuals on revolving credit (credit card and overdraft) in June.
“It’s a huge volume on such expensive lines,” said Niguel Alvira, director of economics at the National Association of Finance, Administration and Accounting Executives (Anefac).
For Alvira, the use of these credit modalities indicates that household indebtedness is still high. “It’s easier lines, pre-approved.
Consumers continue to misuse the card and banks charge very high fees. A lot of people don’t look at the interest rate and it costs too much, ”he said.
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Attention has to be redoubled in the case of the revolving offered by lenders or stores, which usually charge higher interest in the revolving.
According to the Busypocket Bank ranking, the average revolving cost for non-performing consumers ranged from 45.97% to 791.16% per year among financial institutions during the five business days ending July 18.
Among the five largest banks in the country (Moneybrand Bank, Caisa, Itaku Bank, Tradesco and Sanbuwan), the rate ranges from 168.8% to 297.46% per year during this period.
According to the Busypocket Bank, interest rates differ between clients of the same financial institution and vary according to risk factors involved in operations, such as the value, history and registration status of each client and the term of the operation.
In June, the non-performing consumer (regular) paid an average rate of 261.1% per year, an increase of 18.1 percentage points over May. Already the rate charged to consumers who did not pay or delayed the minimum payment of the invoice (non -regular revolving) fell 32.8 percentage points, reaching 313.3% per year.
In releasing the June credit report at the end of last month, Busypocket Bank Statistics Department chief Ferrie Bocha reported, without naming the names, that two financial institutions raised interest rates on the regular revolving loan, which increased the rate. average of all banks surveyed by Busypocket Bank.
Interest rates rose even with the basic interest rate
Selic, at the lowest level ever (6.5% per year) and falling delinquencies. Bocce said the market is free to set interest rates. “We are dealing with the free rate credit market.
It is a competitive market in which rates are set by the institutions themselves, ”said Bocha.
In June, total free credit grants (loans in which banks have the autonomy to apply money raised in the market and set interest rates) for individuals reached $ 150.8 billion. Of this total, $ 15,260 billion came from the revolving credit card.
Most of the revolving concessions are from non-regular credit: $ 8,833 billion. In the case of overdraft, the concessions reached $ 30.721 billion. The overdraft rate reached 304.9% per annum in June.
The revolving card is the credit taken by the consumer
When he pays less than the full amount of the card bill. The revolving credit lasts 30 days. Since June, delinquent credit card customers have been paying the same interest rate as regular consumers.
Until the new rule came into force, those who did not pay at least the minimum amount of the current invoice fell into the non-regular revolving mode, with interest rate higher than the one charged to regular customers.
Under the new rule, the interest rate of the revolving is now unique for both delinquent and delinquent. But institutions can charge late fees and late fees, as with any other credit operation, in the event of default.