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SÃO PAULO – In the first quarter of 2019, consumers will have a new payment method for their purchases: a kind of credit card offered by banks but used by credit card . .
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Ricardo Vieira, executive director of the Brazilian Association of Business and Credit Card Services (Abecs), said in an interview with O Globo newspaper that interest rates should be similar to those of payday loans,, 18% and 6.52%. Renewable credit rates, by comparison, range from 3.50% to 20% per month.
The credit must be released at the time of purchase and the charges applied for each of them – at first sight, a disadvantage compared to which is charged only when the consumer does not pay the bill in full and on time. Vieira refutes this badumption by baderting that an "unperceived" interest is already embedded in product prices.
He argues that the credit will allow a "price disinflation" and that it will also be beneficial to the trader, who will receive the value
Murilo Portugal, president of Febraban (Brazilian Federation of Banks), had already informed Agência Brasil of the application of the credit, which would also benefit from a longer payment period in respect of the interest charged by the card. Portugal also said that the main objective of the novelty was to fight against the high interest rate charged by the credit card.
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