Do you use the credit facility on your credit card?

If you would like to know how much credit institutions charge for using this facility, you may be interested in the following information.

When purchasing, for example, a household appliance, a computer or expensive items, the store will frequently offer you the possibility of taking out a credit card to pay your purchase little by little. You may therefore obtain financing without having to take out a loan.

  • The annual nominal interest rate during the first quarter of 2018 for this type of financing most frequently applied by credit institutions was 14.38%, resulting in an Annual Percetange Rate (APR) of 15.94%, for cards with a credit limit of 6,000 Euros.
  • If you already had a credit card and used its credit facility, it would be much more expensive: the nominal interest rate most frequently applied by credit institutions was 18.93%, resulting in an APR of 21.41%, for those cards with a credit limit of 4,000 Euros.

Supervised credit institutions must send Banco de España this information quarterly, so you may check the data each one provides hereAbre en ventana nueva.

You may also check a the fluctuation of a financial service between two datesAbre en ventana nueva by selecting options A.2.5 or A.2.6 from the box Financial Services.

Further information on payment methods for credit cards may be checked in section “payment methods and interest rates

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