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Monday, December 05, 2022

AFIP will control your credit card expenses in November: By what amount

Banking entities must report user accounts and credit card activities with a minimum amount of consumption

Credit cards are one of the variables used to measure popular consumption. While card consumption hasn’t stopped growing until now, with an uncontrolled inflationary process, it took an unexpected turn in September: Growth in its use was 2.6%, well below inflation.,

According to the latest report from First Capital Group, year-on-year growth reached 64.8%, and in this case did not reach inflation levels for the period, resulting in a decline in the portfolio in real terms.

In this context, the government is trying to change the reality that it had come upon and launched for “30 now“There is a plan to buy TV and equipment in fixed installments.

However, low consumption does not mean that it is not used: it happens that conditions such as an increase in product prices arise. Established credit limit is reached too quickly, which not all banks are increasing, and hence the limit is reached even faster with fewer transactions. The relevant point is that it is still being consumed, and It’s about the consumption that’s behind AFIP,

Controls your consumption with AFIP card

Banks must report the activities of users’ accounts and credit cards with a minimum amount of consumption.

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.

How much does it cost to spend with the card and “now 12”

After the final adjustment of interest rates, the total financial cost of deferring card payments rose to 132% per annum (77% annualized nominal and 111% annual effective).

There was an epidemic far behind in time 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” System This means no longer buying at 0% interest,

Fiscal cost, since the last update, has already increased to 102% per annum in line with inflation for the past 12 months. Also salary improvement. But it is no longer “free” logically.

For him “24 now“(24 installments), CFT already climbs up to 116% per year,

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“Now 12” system means no longer buying at 0% interest

credit falling

In this context, loans to companies Dropped not less than 6.6% (in actual terms) Between August and September, according to estimates by consulting firm LCG, based on official data from the BCRA.

In the case of personal loans, the decline in one month was 3.5%, also in real terms.

The objective of achieving positive real rates (above inflation) – something that the Monetary Fund agrees – is being achieved, but there is no doubt that these measures will result in an inevitable cooling of economic activity.

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