Credit Cards: by decree, monthly expense summaries change

He National government made official this Friday new modifications in the communication system of the credit cards made effective in the summaries instance.

through the Decree 361/2024 and under the premise of “remove the obstacles that various laws have introduced in the free functioning of markets through undue interference by the State”, paragraph 11 of article 1 of regulation 9101 of 1972 was annulled to be replaced by those provided for in Laws Nos. 12,906 (Decree N 5428/49), 14,878 and 19,597.

What are the changes that will be implemented for Credit Cards?

As detailed in article 2 of the Decree 361/2024 and for the purposes of sending the monthly summary of operations provided for in article 22 of Law No. 25,065, companies must not mediate opposition from the user when their referral was made electronically.

Furthermore, it was established that, in the absence of the first channel of competition, said document may be notified by telephone, electronic or similar system, “as long as it fulfills its purpose”.

The alteration regulated this Friday is framed within the conjugations indicated in the DNU 70/23aimed at “rebuild the economy through the immediate elimination of state barriers and restrictions that prevent its normal development, while promoting greater insertion into world trade”.

DNU 70: The list of conditions that changed for Credit Cards

Since the entry into force of the DNU 70/23he National government applied since January a series of modifications in the use of credit and debit cards.

• The card issuer can be an entity of any nature, not just a bank or financial institution;
• Virtual credit cards will have the same scope as physical cards;
• The void clauses that existed in the previous law were repealed, such as the one that allows plastic issuers to include in contracts clauses that impose a fixed amount for late payment of the summary, among others;
• The 50% cap on the financing rate for punitive interest over compensatory interest disappeared;
• The obligation of the issuer to deliver a copy of the contract was eliminated, as well as enabling the implementation of the electronic summary of expenses,
• Standard credit card contracts will not have prior authorization from the State.