Sep 8 2021
Credit card operations in Argentina registered a 5.3% month-on-month increase in August, with a balance of 1 041 746 million pesos (approximately 10 billion dollars), which represents a significant growth with respect to the last July, during which this operation showed a negative monthly variation.
The data comes from the latest sector report prepared by the consulting firm First Capital Group (FCG). There it was also detailed that, in year-on-year terms, the use of credit cards in the country grew by 42.9%, a value close to inflation for the year and remains in second place in importance after the line of pledged credits. .
“As we anticipated last month, the launch of new programs such as ‘Now 18/30’ boosted sales in installments and allowed balances to be recovered. These plans have the particularity that they bring sectors of the population closer to the world of financing that are reluctant to take loans to pay for their purchases, but the incentive of interest-free installments and the longer term exert a powerful attraction in those who seek to beat inflation ”, expressed Guillermo Barbero, partner of FCG.
Regarding consumption in dollars, the operation with these means of payment registered an interannual increase of 5.5% in the eighth month of the year, although with an irregular monthly behavior. In August they increased by 9.1% compared to the previous month but, according to the consulting firm, these values are not significant based on all the operations of the item and in relation to the values that they knew how to have in the past.
“If the obstacles to international travel begin to be cleared, we will see these balances recover again, to the extent that the exchange rate to be used is not distorted by local taxes,” explained Barbero.
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