Banks should inform AFIP about the activities of users’ accounts and credit cards with a minimum amount of consumption
30/09/2022 – 17,48hs
After poor inflation figures in August of 7%, INDEC reported a few days ago that Basic Food Basket registered a growth of 7.1% last month, And it increases by 60.8% in the first eight months of the year.
In this context, Argentines are increasingly using them Credit Card To be consumed both in local currency and in dollars. This trend continues to grow, especially through promotions, discounts or installments made through electronic commerce.
in present, Debit card operations in August are practically double that of credit. Debit card transactions reach 183.6 million for COP 623 billion that monthThis represents a 21.7% year-over-year increase in volume and a 12.3% increase in volume.
In operations with credit, there are Positive inter-annual variations of 2.3% in volumes and 8.6% in quantitiesMaking 92.6 million payments for $633.9 billion, according to the Monthly Report on Retail Payments prepared by the Central Bank of the Republic of Argentina (BCRA).
AFIP controls your card expenses
In this context of increase in credit card transactions, banks should report activities in users’ accounts and credit cards based on the minimum consumption amount.
The final amount, released by the Federal Administration of Public Revenue (AFIP), rose $30,000 to $90,000 . until Minimum number to report Accreditation, Withdrawals, Account Balances and Fixed Deposits.
By what amount should banks notify AFIP of account activities?
With these modifications, banks will be able to streamline operations and in turn, They will receive automatic and permanent information on monthly recognition, withdrawal, account balance, fixed deposit and card consumption.
New rates: How much will it cost to refinance the card and now 12
From mid-September, the annual effective rate for fixed deposits has increased to 107.1%. This equates to a dollar count for September 2023 with a liquidity or MEP of approximately $600.
After the new improvements, total financial cost This increased to 132% per annum (77% per annum nominal and 111% per annum cash) for deferred card payments.
Now, it’s almost impossible to salary An increase of 132% per annum, to be equal to the cost charged by the cards, if only the minimum payment is made and the balance is kicked in.
The time of pandemic is far behind in which cost of refinancing consumption With the card it remained at 43% per annum (55% of CFT), with inflation of 36% for that year 2020.
Very different from when it was created, more than a decade ago, “now 12” This means no longer buying at 0% interest.
New rates: The total financial cost in all cases will exceed 100% per annum
Financial cost, after last update, already increased to 97.8% per annum, In line with inflation over the last 12 months. Also salary improvement. But it is no longer “free” logically.
This CFT is likely to be over 100% with yesterday’s update on Thursday. final resolution of trade secretariatIhey: “The new direct rates shall take effect from the fifth business day of the day the Central Bank of the Republic of Argentina revises the reference rate,” states resolution 5/2022, published in the Official Gazette.
It’s clear: it’s one thing to enable subsidies when annual inflation It is 20% or 25%, and when it jumps to 95%, it is quite different, as it is most likely to end this year. If not more.