The amount at which banks report card consumption to AFIP


There are certain data from which financial institutions are required to report the activities of their customers to the collection agency. Accelerated inflation pushes more and more purchases to exceed this threshold.

The number of credit card transactions in Argentina continues to grow, Regardless of the economic situation, this disadvantage continues to add up: offers of interest-free installments have diminished, card funding limits have been lowered, and consumption in general is showing signs of stagnation.

This increase in the number of operations is combined with inflation Which means that – at least in nominal terms – the amount charged to credit cards is increasing.

The economic situation forces many Argentines to opt for the use of plastic beyond the fact that card credit does not increase at the same rate as inflation, which means that it decreases in real terms.

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Between April and June, the number of credit card transactions continued to increase year over year, and even more so with debit cards, according to the Prisma index of payment methods of the second quarter of the year. Private reports show that credit card transactions increased by 10% and debit cards by 23%.

What amount does the AFIP control

Given the acceleration of the inflation rate reaching 7.4% in July, the increase in the amount paid for the same consumption makes the fact that Banks must report user accounts and credit and debit card activities with a minimum consumption amount to the Federal Administration of Public Revenue (AFIP).

The standard is not that old, although it seems to keep pace with inflation. lateThe last time, it had revised the minimum prices which would oblige the financial institutions to inform the AFIP of the movements of their customers. January this year, by resolution 5138, which $30,000 to $90,000. extended to Minimum figure to report recognition, withdrawals, account balances and term deposits.

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so it stops who monitors activities in current accounts, savings accounts, salary or social security accounts and special accounts (which have the effect of credit card spending) are the following:

The cumulative total amount of monthly recognition made on accounts in Argentina or in foreign currency, when equal to or greater than ninety thousand pesos ($90,000.-).

The cumulative total amount of monthly cash withdrawals in Argentine or foreign currency, when equal to or greater than ninety thousand pesos (90,000.-).

Account balances equal to or greater than the last business day of the reported monthly period – in absolute values ​​- in relation to ninety thousand pesos (90,000.-). For these reasons, both positive and negative quantities must be considered.

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The cumulative total amount of term deposits constituted during the monthly reference period, when it is equal to or greater than ninety thousand pesos (90,000.-).

loss debit card consumption excluding the amount of withdrawals from the holder and/or extra-cash and any other amount not consumed in the country, when the cumulative amount is equal to or greater than thirty thousand pesos ($30,000.-) per month.

Consumption by debit card in externalCreated by owner and/or additional.

only nominal growth

Credit card growth continued through July, but only at nominal levels. Credit card purchases reached $1,650,615 million during the month, according to central bank data processed by First Capital, a 2.5% increase from the end of the previous month, above of June’s $40,108 million and well below inflation. 7.4% for the period. Year-on-year growth reached 66.8%, so it did not reach 71% of cumulative inflation over the past twelve months.

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In fact, credit card stocks fall if the effects of inflation are discounted. That is to say, in the literal sense.

The rate for the Now 12 plan increased in mid-June, but the official plan remains the cheapest due to Central Bank rate hikes and affecting traditional funding.

The decline, explained by the reduced ability of users to access installment payment plans for amounts that increase in line with inflation, does not, however, translate into a drop in the number of transactions. In fact, the process is the opposite, indicating that there are more payments in one installment or for a lesser amount.

According to the Prisma report, the categories with the highest year-on-year growth in credit, debit and prepaid card transactions in the second quarter of the year were travel, tourism and airlines with 48%, restaurants with 63% and clothing with 54 . ,

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more expensive rates

On the other hand, due to the sharp rise in interest rates set by the central bank, card consumption will become more expensive this month if you choose to fund it.

In mid-June, the financial conditions of the program were revised with an increase in the average annual nominal interest rate of 42% for financing in 3, 6 and 12 fixed tranches, and 49% for the acquisition of goods and services in 18 and 24 fixed slices. payments.

But outside of the official scheme, the total financial cost (CFT) of refinancing credit card balances, paid in fixed installments offered by banks, is now around 105% per annum. That’s a cost that was at an average annual rate of 86.8% before the two rate hikes at major banks a month ago.

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