Credit card interest reach 431% per year
The interest rates on revolving credit card and overdraft rose in 2015, according to Central Bank (BC) data released Wednesday (Jan. 27). 
The interest rates on revolving credit card and overdraft rose in 2015, according to Central Bank (BC) data released Wednesday (Jan. 27). The revolving credit card rate rose 16.1 percentage points from November to December, when it reached 431.4% per year. Compared with December 2014, the rate increased 99.8 percentage points.
The revolving credit is when the consumer pays less than the full value of the card bill. This credit has the highest interest rate, according to BC survey. The average rate of part payment with interest on the installment credit card and installment withdrawal rose 1.4 percentage point from November to December, reaching 136.2% per year.
In the case of overdraft, the interest rate reached 287% per year in December, up 2.1 percentage points compared with November. The figure is the highest since April 1995, when it stood at 288% per year. Compared with December 2014, the increase reached 86 percentage points.
The payroll loan (cash advance until the next payday) rate rose 0.4 percentage point from November to December, reaching 28.8% per year. The personal loan rate fell 2.8 percentage points, standing at 117.6% per year. And the average household interest rate fell 1.1 percentage point from November to December, reaching 63.7% per yearpayroll loan.
Translated by Amarílis Anchieta
Fonte: Credit card interest reach 431% per year
