What are the installment payment plans that stay in place as inflation grows

With inflation exceeding 60% per year and salaries adjusting well below that level, the financing of purchases is practically an indispensable stimulus. the official plan now 12(and its versions up to 18 installments) – which has just been renewed until January 2023- It is one of the few options consumers have to avoid paying for their consumption in cash or to finance their card balance. There are some bank promotions outside the official program – generally in three installments without maximum interest – or promotions with multiple installments but implemented only in specific dateslike Father’s Day or Mother’s Day.

Even some appliance chains like Musimundo, for example, or retail chains like Easy, have their own plastics to build customer loyalty and offer quotas, but in general they limit themselves to three interest-free payments.

During the week, due to foreign exchange restrictions, the Central Bank (BCRA) ordered eEliminate financing for payments for consumption abroad made on e-commerce platforms, the so-called “door to door”. And in the same way, for the same reasons, last November he decided cancel the financing of tickets and tourist services abroad.

Alfredo González, the president of the Chamber of Medium Enterprises (CAME) which brings together a large part of Commerce, commented that the entity was one of those that asked the Secretary of Commerce Guillermo Hang, the continuity of the Now 12 Program to stimulate internal consumption . “We asked for the extension and also that the interest rate hike is not too high because consumers need to have this tool,” he said.

Finally, with resolution 490/2022, the Ministry of Commerce renewed the Program and established the Annual Nominal Rate (TNA) for payments in 3, 6 and 12 fixed installments at 42%, while for 18 and 24 fixed installments you get to 49%. Among the most important items included in the program are household appliances, appliances, computers, notebooks and tablets, mattresses, furniture, building materials and tools, bicycles, clothing and footwear.

Another possibility for those who want to pay their purchases in installments is to take advantage of it digital platforms which offer the possibility of purchasing multiple cardless payments. An example is the GOcuotas platform service, through which the user can register before or during the purchase. You must have your debit card, ID and your mobile. Once accepted, the user can buy in 2, 3 or 4 installments without interest.

The need for consumers to make purchases with credit and debit cards has grown in recent months, due to the accelerated price increase.

The number of transactions with plastic (in volume), up – in the first quarter of this year compared to the same period in 2021 – 49.2% in the case of debit cards and 49.42% in credit cards. In contrast, prepaid cards showed growth of just 1.37% over the same period, according to a market study by Prisma, based on data from the products it manages.

Analyzing the composition of credit card consumption, the study found that installment purchases increased by 18.64% in the quarter evaluated. And purchases with “Now” installment plans increased by 24.60%. Among the various grants of the official program, the 12 shares rose with the highest growth: 43.35%. Meanwhile, the six installments grew by 25.54% and the three installments by 19.72% in the first three months of the year and year-over-year.