Paying in installments with the credit card will be more expensive

The increase in interest rates ordered by the Central Bank begins to have effects on daily life. In this sense, credit cards told customers that they will increase financing rates from 2 to 24 installments starting this month. In this way, payments in 12 installments with interest jumped from a nominal annual rate (TNA) of 105%, an annual effective rate (TEA) of 168% and a total financial cost (CFT) of 211%; to 115% (TNA), 193% (TEA) and a CFT of 247%.
In the same vein, the Ahora 12 quota program went to a nominal annual rate of 64% for bank cards (from 59% previously). However, not all installment programs are created equal. Now 12 sustains financial costs below market costs because their rate is subsidized. On the other hand, credit cards offer their own plans for banks and, finally, non-bank cards are the ones that charge the most expensive rates. In this sense, banking and non-bank programs saw the rates they charge for installment payments skyrocket. The nominal annual rate charged for all installments increased this month to 108%, from 102% previously. It seems a minor change, but according to the deadline it has very different consequences. If you add all the concepts that are paid together with the fee, such as taxes and administrative costs, the total financial cost (CFT) of financing in three installments went from 189.63% to 207.73% per year. In the case of the six quotas, the CFT went from 193.81% to 212.59% per year. For payments to 12 installments, meanwhile, it jumped from 211.53% to 247.16% per year and, finally, paying in 24 installments will have a total financial cost of 274.85% per year compared to the 231.36% that governed until now.
Finally, the costs are even higher for non-bank cards: the total financial cost reaches 320.22% for the plan in 12 installments. Now 12: How is TNA
3 installments: 10.10% a purchase for $1000 will pay 3 installments of $366.99 TNA: 63.75%
 6 installments: 20.78% a purchase for $1000 will pay 6 installments of $201.30 TNA: 63.75%
12 installments: 45.06% a purchase for $1000 will pay 12 installments of $120.88 TNA: 63.75%
18 installments: 73.79% a purchase for $1000 will pay 18 installments of $96.55 TNA: 63.75%
 24 installments: 107.78% a purchase for $1000 will pay 24 installments of $86.58 TNA: 63.75%

Original source in Spanish

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