Cristina García Salazar
The Plenary Session of the First Chamber of the Supreme Court has handed down Judgment, on the 4th of March 2020, confirming the annulment of a revolving card issued by Wizink Bank, considering the remuneration interest usurious, initially set at 26.82% APR and which had reached 27.24%.
These types of cards are initially very attractive because they allow a credit or deferred payment of purchases or cash provisions to be arranged quickly and easily. The holder of these revolving cards usually pays a fixed monthly fee not very high, but in which the interest is usually above 20%. In this way, not only does the cardholder end up paying a much higher amount than the available capital, but the payment of the outstanding debt is extended so much in the time that the borrower can become, what the Supreme Court has called, a “captive debtor”.
Well, in these cases, the Supreme Court establishes that the remuneration interest must be considered usurious and, therefore, void, as long as an interest rate is set “significantly higher than the normal money”.
If you have a card with these characteristics and you feel that the payment of your debt is eternalized, it is likely that you have a revolving card. It does not need to be specifically Wizink, since many entities offer this deferred payment method. In Balms Abogados we have a department specialized in Banking Law, we will study your case and we will take care of claiming the money that you have overpaid along with the interests.