We live in a situation that is testing our resistance at different levels, in the first place, it could not be otherwise, there is health, the origin of all this problem, also our life habits, our social life, has been affected and thirdly, we cannot forget about the economy.
In previous publications I have commented that both companies and people, whether they have a family or not, have increased their savings in anticipation of what may happen until all this becomes clearer.
But not everyone can reduce spending and save, for those who have to use other options to weather the storm I am going to talk today about the revolving cards that have the highest interest rates in Spain.
On March 4, 2020, the Supreme Court described as abusive the interest, an annual 27%, that the Spanish online bank WiZink has charged, to a person who used one of its revolving cards.
In its ruling, the highest instance of the Spanish justice considers that this interest rate is abusive and falls within what is called usury, usury, as you already know, is the application of excessive interest on a loan.
Revolving cards allow you to postpone the payment of the money that we spend with the card in monthly installments, these cards work according to the Bank of Spain, as “a credit that is automatically renewed at its monthly expiration, (…) in reality it is a revolving credit comparable to a permanent credit line ”.
So today we are going with a classification or Ranking, as you prefer, of the eight cards that still at this time, and despite the Supreme Court ruling, continue to apply very high interests.
The card that charges the most expensive interest is from BBVA, specifically the “After Gold” card, on this card the financial institution is applying an APR of 27.49%.
In position number 2 of this classification of usurers, because a usurer is the one who lends with usury or excessive interest, there is the Bankia “Shopping” card that reaches an APR of 26.08%
In third position we find another card from the same bank that is located in the first place in this classification, BBVA, this card is called “After BBVA”, on this card the interest that is being applied is 25, 41%.
They are not the only ones who cross the border of what the Bank of Spain considers usury, CaixaBank with its “Visa & Go” card charges 24.9%, WiZink has a card, “Oro”, which applies 21.94% , the Carrefour Visa Pass, with an interest of 21.99% and number seven is the “Spymp” card from the EVO bank, with an APR of 20.99%.
The rest of the cards do not exceed the percentage “marked” by the Bank of Spain to affirm that usury interest is applied, it is very important to understand how dangerous it is for any economy to use this “plastic money”.
If you have no alternative, resort to them, but be aware that each time you use them brings you one step closer to economic bankruptcy, with the first payments you will notice it less but if you use them assiduously you will collapse your ability to pay and that will it can lead to financial bankruptcy.
Try to adjust your expenses, it is the only effective strategy that will allow you to survive in this very delicate economic situation that, by the way, has only just begun and is going to get progressively worse.
Your future is yours alone and you know, better than anyone, what your needs and resources are, using them properly will allow you to survive this situation that will remain with us for a long time to come.
Contact us, we have been doing this work for many years and we have learned something, we can help you by optimizing your resources and reducing your expenses so that you can move on and see your future life with a little more peace of mind.
At SEL-DEK we work with people and companies contributing our experience so that you have an ally to collaborate with you and help you live a little better every day.
We are independent professionals and we work every day with one goal, to improve the economic situation of the people and companies that ask us for help.