From tomorrow and up until December 31st, 2017, every domestic credit card holder will be able to buy a huge variety of products in 3, 6, 12 and 18 fixed installments. The news had been rumored for a few days now, but became official today after being published on the Official Bulletin.
In another attempt to promote consumption after the failed “transparent pricing” scheme, President Mauricio Macri’s administration announced the extension of the ‘Ahora 12’ and ‘Ahora 18’ payment plans, but with a bit of a twist. In the past consumers though that they were able to make “interest free” purchases that got broken up into smaller payments through the program. It turns out that businesses were non transparently hiding the cost of financing in the final sales price. The program was then rehabbed with the intent of showing consumers in a more obvious way what the interest on their purchases would look like. Current interest rates could be as high as 28 percent, depending on whether it is 12 or 18-month financing program.
Read more: Payment Plan ‘Ahora 18’ Gets A Boost
There are a few novelties as well. Besides the newest “Television” category, the government added the possibility of purchasing clothing, footwear and leather goods made in Argentina in 3 or 6 payments free of interest. This is part of the Productive Recovery Program (RePRO) by which the Labor Ministry agreed to subsidize the textile industries, severely affected by the drop in sales within the internal market in conjunction with an increase in importation.
Now you know. Go unfreeze that credit card.