That's right, Banco Santander will offer a new credit card limit due to the global crisis that the new Coronavirus is causing around the world.
And it's not just Santander, other financial institutions have also taken measures to contain the global economic crisis.
Just this week, according to official information, Santander bank announced a 10% increase in its customers' credit card limits. According to the bank, the initiative aims to provide resources during the coronavirus pandemic.
According to information from Santander, the idea behind the initiative is to minimize the impacts of the pandemic and provide a reserve for account holders and non-account holders.
Let's see what Banco Santander said in an official statement:
"The measure allows us to postpone the payment of some expenses, which can make a difference for those who have already had their budget affected by changes in the economic situation."
But this campaign was not seen positively by customers.
As soon as broadcasting on TV channels and social media was authorized, the campaign began to have a completely negative impact.
Many customers claimed that this was an attempt to take advantage of a fragile moment, and many people accused Banco Santader, stating that the brand was taking advantage of this situation to obtain greater profitability from less privileged customers, which is not a lie.
Furthermore, economic experts also noted that the interest rate applied to revolving credit is among the highest on the market, even with recent reductions by the Central Bank. At Santander itself, the charge is 8.98% per month.
However, the bank responded vehemently to the criticism:
“Some people end up taking advantage of the situation. But on the other hand, it's better to have credit than not in an emergency.”
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