The Ministry of Domestic Trade updated the maximum discount rates that bank issuers can apply to trade. are already available maximum interest caps that merchants can charge the consumer for each current financing plan included in the program Now 12. The official statement, issued last week, argued that the rise seeks to maintain “exchange stability”, taking into account the shortage of foreign currency in the BCRA.
The decision of the Secretariat led by Guillermo Hang was made known through Resolution 490/2022 published in the Official Gazette. Currently, the initiative to promote national consumption and production grants the possibility of buying in 3, 6, 12, 18 and up to 24 fixed installments with bank credit cards, with an interest rate lower than that offered in the market.
The maximum discount rates
The maximum direct discount rates that bank issuers can apply to the business, to be collected within 10 business days after the sale is made for each financing plan, are 5.11% for three installments; 9.77% for six; 18.18% for 12; 24.55% for 18; and 35.83% for 24. As for the maximum interest that businesses can charge on the cash price, it is 5.39% for three installments; 10.82% for six; 22.22% for 12; 40.53% for 18; and 55.85% for 24.
Readjustment of interest rates
The Resolution also formalizes the readjustment of interest rates for the program, in force at this stage until June 30. In this way, the Annual Nominal Rate (TNA) for payments in three, six and 12 fixed installments will be 42%, while for 18 and 24 fixed installments it will represent 49%. In the recitals of the resolution published today, it was pointed out that “the planned financing rate means a stimulus for the promotion of sales of locally manufactured products and, therefore, it is convenient for both suppliers and businesses, as well as for companies and the consumers”.
Operation of Now 12
The program works seven days a week and all products and services can be purchased online and at participating stores throughout the country. With 24.9 million purchases, now 12 It registered from January to April of this year operations for $411,677 million pesos with an average ticket of $17,585. One of the important items included is technology. Also the items dedicated to the production and sale of mattresses, furniture, materials and tools for construction, bicycles, clothing and footwear.
In this way, the Government gives continuity to the program launched in 2014, which includes 30 items of products and services produced and marketed with Argentine labor. The objective is “to continue promoting the expansion of investment, production and consumption of families, and at the same time establishing harmonization with the rate structure of the system in order to strengthen exchange stability.”