The threat of "revolving", more present than ever at Christmas

The economic crisis caused by the pandemic has made it difficult to meet expenses, which, for the most part, have not been reduced. That is why during the festive season there could be an increase in the famous cards that allow making purchases more flexible by deferring payments, but which have abusive interests, as has already been shown on several occasions, such as last March, when the Court The Supreme Court declared the interest on the cards usurious, in this case issued by Wizink and which had an APR higher than 27%. The controversial card at first glance seems "simple and attractive" but "contains great dangers", they warn from the platform specialized in consumer defense, Reclama Por Mí. The 'revolving', which are known for their abusive interests, are often 'generally accompanied by a complete lack of transparency in their marketing'. "They are revolving cards even if you don't know it" These cards are usually sold in hypermarkets, airlines, hotels, furniture stores, clothing stores and supermarkets, "under the name of well-known companies, but they are associated with entities or banks", explains Javier Moyano, CEO of Reclama Por Me. Firms such as Inditex, Iberia, Renfe, Cepsa, Vodafone, Fnac, Decathlon or Meliá offer the card in which behind are banking entities such as Santander, BBVA, Wizink, Sabadell, Cofidis, Caixabank or Bankinter. On many occasions the product includes an insurance of which the consumer is not aware, as reported from the Bank of Spain's Banking Client Portal and it is the sum of these multiple ignorance due to "lack of transparency" the reason why, "in Generally speaking, for a revolving card, the user can pay double or more of the amount borrowed and it can take up to 15 years to return it ”, explains Javier Moyano, CEO of Reclama Por Me. The CEO assures that the number of people willing to complain has increased significantly. "Between December 2019 and May 2020 the claims multiplied", they also assure from the platform. "Those affected by revolving cards are increasingly aware of the possibility of ending the debt that they have been trying to repay for years," says Moyano. How to claim revolving interest From Fernando Sanahuja lawyers explain how, thanks to the Supreme Court ruling, "all users who use revolving cards with interest rates that are too high will be able to claim the amounts paid up to that moment", it will depend on the personal case that is carry out the reimbursement of both the interest and the undue commissions applied and that is why they recommend the support of experts. They recommend starting the process by collecting "any proof that can support the payments made to the entity" these can be both the signed contract and any means or document where all the movements from the card and the applied APR interest appear. Then, and with the documents in hand, "you have to ask the bank of the 'revolving' card itself to reimburse the amounts to the client via a declaration of invalidity of the card because the interest applied is usurious as well as for breach of the principle of transparency and incorporation ”, explains the managing partner of Sanahuja Miranda Abogados. .

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