Is it possible to claim for Revolving cards?
Claiming Revolving cards is possible with lawyers specialised in bank claims. So, if you are thinking of claiming your Revolving card, you must take into account certain aspects to know if it is worth initiating the claim or not.
First of all, you need to know if 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, but 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. However, while paying the minimum quotas, month by month, thinking that the capital owed is reduced along with the interest agreed, this is not the case.
The truth is that the outstanding capital plus interest will continue to grow because of the interest rate agreed, as long as the debt isn’t repaid in full. Therefore, Revolving cards are considered to be 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 doesn’t get a reduction but an increase, don’t hesitate to contact legal experts in Bank Claims, who will carry out a comprehensive analysis of the feasibility of your claim, help you disassociate yourself from this type of credit by requesting the nullity of the contract in court, and thus prevent you from continuing to be trapped in a disproportionate and usurious payment.