Yes, banks have decided to charge daily dollar rates for credit card purchases. Find out when this will take effect in Brazil. Many people were not thrilled with this decision; find out why below.
Be aware that, starting in March, purchases made in foreign currency with a credit card must appear on the invoice with the equivalent amount in reais for the day they were made.
It is known that banks could offer this form of billing if they wanted, but most institutions preferred to charge the amount corresponding to the invoice closing date.
When do these credit card changes begin?
Banks will be required to offer the option of using the exchange rate on the day of each expense, as per Circular No. 3918. However, if customers do not wish to opt for this system, they may pay based on the exchange rate on the invoice closing date.
In an official statement, the Central Bank argued that the payment system based on the invoice closing date leaves customers exposed to fluctuations in conversion rates between the date of the purchase and the date of payment.
However, the main reason is because the exchange rate variation that occurred between the date of the expense and the actual payment is currently adjusted on the invoice for the following month, which may generate credit or debit for the customer.
What changes in the lives of credit card users?
The change will take effect on March 1st of this year. However, in practice, each invoice must include: a breakdown of each expense, including at least the date, the identification of the foreign currency, and the amount in that currency.
Do the math and see how this decision won't benefit you that much.
It works like this: the equivalent value in dollars on the date of each expense; the conversion rate from dollars to reais on the date of each expense; and the amount in reais to be paid by the customer.
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