Claiming Revolving Cards is possible with expert lawyers in bank claims

If you are thinking of claiming your revolving card, you must take into account certain aspects for which it is worth initiating the claim or not.

First of all, you need to know that you are in possession of such a card, considering many people are unaware and also don’t fully understand how it works. Generally speaking, this is a complex financial product, which unlike a credit or personal loan, does not contain a simple interest rate, however a very high one, making it a profitable product for banking.

The main feature of this product is that unlike a personal loan, you can choose a minimum payment quota, which may be higher in case of solvency, and while paying the minimum quotas month by month, you think that the capital owed is reduced along with the interest agreed, but the truth is that the outstanding capital plus interest will continue to grow with the interest rate agreed, as long as the debt isn’t repaid in full.  Therefore, it is a usurious product.

The possibility of cancelling this type of card was determined by the last ruling of the Supreme Court of 25 November 2015, in which the possibility of cancelling said contract for usury was exposed due to the fact that the interest rate was totally abusive.

The interest rate applicable to this product can reach as high as 25% APR on average per year, while an average personal loan or credit is between 5 and 9% per year.

If you think you have a revolving card, and you are trapped in a debt that month by month not only reduces but increases, don’t hesitate to contact legal experts in this field, who will carry out a comprehensive analysis of the feasibility of your claim.

At Pellicer & Heredia we can help you disassociate yourself from this type of credit by requesting the nullity of the contract in court, thus preventing you from continuing to be trapped in a disproportionate and usurious payment.