Interest rates for checks and credit cards are low

The overdraft interest rate declined further in June, according to data from the Central Bank (BC). The rate reaches 304.9% per year, with a reduction of 7 percentage points compared to May. This is the lowest rate since March 2016, when it stood at 300.8% a year

are the most expensive among those offered by banks

The overdraft rules have changed this month. According to the Brazilian Federation of Banks (Febraban), customers who use more than 15% of the check limit for 30 consecutive days will receive an offer of down payment, with interest rates lower than those of the overdraft. set by the financial institution

The average rate of rotating credit cards also fell, reaching 291.9% per annum, with a reduction of 11.7 percentage points compared to May. In the case of the non-compliant consumer, who pays at least the minimum amount of the current bill, the rate reached 261.1% per annum in June, an increase of 18.1 percentage points from May. .

the head of the Statistics Department of British Columbia, Fernando Rocha, the increase in the rate of regular rotation in June was influenced by the increase in interest by two banks. Rocha added that it is not possible to know if other banks will also increase interest on regular revolving credit. "If this increase of the month will be generalized in other institutions or will be reshaped, we still do not know," he says.

Already the rate charged for consumers who have not paid or delayed the minimum payment of the bill (non-regular turnover) has fallen by 32.8 percentage points, reaching 313.3 % per year. The average rate is formed on the basis of data from delinquent and delinquent consumers.

Revolving credit is the credit taken by the consumer when he pays less than the total amount of the bill of the card. The revolving credit lasts 30 days.

In April, the National Monetary Council (CMN) has defined that customers in default on the role of credit card will pay the same rate of interest as regular consumers. This rule came into effect last month. Even so, the final costs charged to defaulting parties and defaulters will not be the same because the banks may add to the charge the interest due on the day of the delay, the fine and the interest on late payment.

Costly Modalities

Card and overdraft fee reductions, these credit arrangements are the most expensive among those offered by banks. The personal credit rate, for example, is lower: it reached 114.7% per annum in June, the same rate recorded in May. The payroll tax rate (with discount) has dropped to 25% per year, down 0.4 percentage point

The average interest rate for households has dropped by 0, 6 percentage point to 53.2% per year in June. The average business rate decreased by 0.4 percentage points to 20.2% per year.