Are you one of the many affected by the postproof or ‘revolving’ payment cards? Be careful, because you must read the small print of the recent doctrine of the Supreme Court. The failure does not imply that automatically The clause that lacks transparency is considered abusive. That is, in practice the claim process is paid, but the need to have to go to court in some cases is not eliminated.
In two sentences dated January 30 to which EFE has had access, the Civil Room explains what requirements Financial entities must comply when they offer this product to the customer, since it is a modality in which the interest payment is carried out very slowly and The loan is lengthened indefinitely.
However, the Supreme Court warns that the mere lack of transparency does not automatically imply that the clause is considered abusive. Remember the Organization of consumers and users (OCU), and Asfin That, although it is a matter of time that this type of cards stop being marketed, for the moment the bank “forces the consumer to travel by judicial means.”
“We have a five years of procedures that have demonstrated the perversity of a complex credit financial instrument such as the ‘revolving’, absolutely discouraged for the average consumer, “adds Asfin. This consumer association has been criticizing the slowness of justice for years, and in relation to these cards , there are numerous procedures pending to resolve.
Asufin maintains open collective demands against up to five entities (Wizink, Carrefour, CaixaBank, Santander and Bankinter); With Bankinter and Santander, there is no news that a trial will be held, after its admission to process in 2021.
Billions of euros on cards
According to Navas & Cusí buffet calculations, In Spain there are about 15 million cards of this type, and the new criteria set forth by the Supreme Court can have an impact of about 12,000 million euros on financial entities.
The Claiming Platform online Claims It emphasizes that, according to the year of hiring the loan and the interest rate of the “Revolving” card, the debt of those affected amounts to some 2,000 euros, although in some cases it rises to 20,000.
In February 2023, The supreme had already considered the interest of this type of cards usual If the interest rate of these products at each time exceeded in more than 6 points.
This has not prevented Spain has become the country with the most expensive ‘stress’ cards in Europe, Navas & Cusí points out, because the entities have been placed at the limit that marked the previous jurisprudence so that it is not considered usury, those 6 points less than the average interest.
And despite these very high interest rates, which are on average in 23%, the hiring of these cards It has grown in recent years in a “consistent” way, For the ease of obtaining a loan without guarantees with very low quotas that the user himself chooses.
What is a ‘revolving’ card
It is a card mode in which The amount granted can be available without having to pay the totality within a certain periodbut the credit is reunited by postponed by paying periodic quotas.
The amount can be a fixed amount or a percentage, normally very low, so that the period of permanence is lengthened and the interests increase, since very little capital is amortized in each quota.
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