Credit Cards and Overdrafts can be dangerous for those who do not have a good financial education, but rest assured because here at Digital Seguro you will be informed of all the details on this subject.
Yes, it can be a big hassle to understand how credit card revolving interest and overdraft interest work, but nowadays we have the internet that can make all of this easier, without you having to go to the bank to ask your account manager.
Check out everything you need to know about how credit card revolving credit and overdrafts work below.
Credit card revolving, overdraft and their changes
In 2019, the card revolving credit changed by 33.5%, reaching 318.9% per year, compared to 285.4% in 2018. This increase made the revolving credit interest rate currently one of the highest among Brazilian banks.
Regarding the minimum wage payment, at the end of 2019, the registered mark was 287.1%, an increase of 19.1% when compared to 268.0% per year at the end of 2018.
Interest rate on non-regular revolving credits – understand
This is when you did not make the minimum payment on the invoice, it ended 2019 at 339.6% per year, against 297.7% per year in 2018, an increase of 41.9% in just one year.
But after all, what about the Special Check?
The special check is perhaps one of the worst rates, the special check rate was 312.6% at the beginning of the year, however, to the surprise of many, it ended at 302.5% in December, a reduction of 10.2%. In addition, the rule created by the Central Bank at the end of November imposed a limit of 8% of interest per month on the special check.
Anyway, are you still in doubt about these rates and interest rates? Click here and check it out other exclusive subjects that will certainly help you understand how these values work in practice.