Credit Card Interest Rate Nears 300 Percent per Year in Brazil

According to the Central Bank, the revolving credit card rate rose from 298.6 percent in April to 299.8 percent per year in May. Interest on the special cheque fell from 323.3 percent to 320.9 percent a year.

By Contributing Reporter

RIO DE JANEIRO, BRAZIL - The average interest rate charged by financial institutions on revolving credit cards reached 299.8 percent per year in May, according to data released by the Central Bank (BC) on Wednesday, June 26th.

This is the highest level of card interest rates since May 2018 (303.6 percent). In April, the average rate was 298.6 percent per year.

The revolving credit from the credit card can be called upon by those who cannot pay the full amount of their bill on the due date but do not want to be in default . . .

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