The average interest rate charged by banks on the revolving credit card in 2022 rose 13.9 percentage points from November to December, informed on Friday, Jan. 27, the Central Bank.
The rate rose from 395.4% to 409.3% per year.
At the end of 2021, the interest was 347.4% – an increase of 61.9 percentage points in one year.
The revolving credit card is granted when the total bill payment is not made by the due date.
In the case of the installment payment, still within the credit card, the interest went from 180% to 182.4% per year.
The total credit card interest, which considers the sum of revolving and installment operations, decreased from 100.5% to 94.1%.
In December of the previous year, the rates were 168.5% and 63.6%, respectively.
Since April 2017, there has been a rule that requires banks and credit card operators to transfer, after a month without payment, the debt from the revolving to the installment plan, with lower interest rates.
The measure was intended to reduce the risk of default because, in theory, the value of the payment falls with the migration to the installment plan.
The average interest rate of free credit has stopped rising and stabilized at 43.5% per year. The previous value was 42%. In December 2021, it was 33%.
For individuals, the average interest rate on free credit went from 57.9% to 55.8% between November and December, while for companies, the figure went from 23.3% to 23.1%, also remaining stable.
In free credit for individuals, the rate went from 133.5% to 131.9% per year.
The average interest rate on total credit, including free and directed operations (with funds from savings and the BNDES), went from 31% per year in November to 29.9% in December. In 2021, the value was 24.3%.