Now 12: everything you need to know about the changes to pay by credit card in up to 24 installments | Chronicle

The Secretary of Domestic Trade made official this Tuesday the renewaln of the maximum discount rates that bank issuers can apply to merchants and the maximum interest limits that locals can charge the consumer for each financing plan of the program Now 12. It did so through resolution 490/2022, published in the Official Gazette.

Currently, the plan to promote consumption and national 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 plan includes goods and services of more than 30 items of national production throughout the country.

In this way, the maximum discount rates direct that the bank issuers can apply to the affiliated business, to be collected within a period of 10 business days after the sale is made for each financing plan, they are 5.11% for three installments; 9.77% for six; 18.18% for 12; 24.55% for 18; and 35.83% for 24.

In turn, although many businesses do not charge interest, new maximum limits were established for each financing plan.

A) Yes, the maximum interest that can be charged on the cash price is 5.39% for three installments; 10.82% for six; 22.22% for 12; 40.53% for 18; and 55.85% for 24.

In the same way, the resolution formalizes the readjustment -announced last Thursday- of the 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%. Previously, they stood at 33% annual nominal and 38%, respectively.

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In this way, the interest rates of Now 12 are still below those of the market, since a personal loan has an approximate interest of more than 60% per year.

Now 12: everything you need to know about the changes to pay by credit card in up to 24 installments on Scribd”> Now 12: everything you have… by Crónica

Explanation of Internal Trade on the changes

Internal Trade stated in a statement that “This adequacy responds to the growth that the program Now 12 has had, and in view to sustainability of the same according to the recent evolution of the monetary policy rates of the Central Bank of the Argentine Republic (BCRA) and to the policy of the National State of tending to the harmonization of interest rates”.

According to the recitals of the resolution published today, “The expected financing rate means a stimulus for the promotion of sales of locally manufactured products and, therefore, it is convenient both for suppliers and businesses, as well as for consumers”.

The program works seven days a weekand all products and services can be purchased online and at participating stores throughout the country, which must display the program’s logo for consumers’ knowledge.

Among the most important items included in the plan are appliances, appliances, computers, notebooks and tablets, mattresses, furniture, construction materials and tools, bicycles, clothing and footwear.

With 24.9 million purchases, the program registered from January to April of this year operations for $411,677 million pesos with an average ticket of $17,585 and, among the items with the highest sales, are clothing, electrical appliances and construction materials.

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