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Hinojosa Abogados

Claim for
Revolving Cards

What are revolving cards

Revolving cards are those cards in which the repayment of credit is made in installments with an abusive interest rate, higher than 20% APR (Annual Percentage Rate). With a revolving card if you make a purchase, let’s say of 500 €, the payment will be made in a series of installments that we can set in terms of number of installments or by a fixed amount, all in principle very convenient for us; however, such a high interest applied to credit can trigger our debt or make the payment terms are extended indefinitely, resulting in even having to pay more in interest than the credit used.

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If we want to know if our card is revolving we must look in the contract the APR applied for installment payments, if this is higher than 20% it is a revolving card. The problem is that many users are unaware that they have a revolving card and the cause is usually due to lack of clarity and information from the bank. Although current regulations require more information and transparency from financial institutions on this type of revolving card, many of them still fail to comply with current regulations, both in the information given to the customer when signing the contract and in the periodic (quarterly) communications on how the debt is evolving.

If you are in the situation of paying interest on a revolving card, contact our law firm as soon as possible and we will advise you on how to proceed to put an end to this abusive situation and claim the interest on your revolving card. In Hinojosa Abogados we help you to make your claim for the abusive conditions of revolving cards, claiming the nullity of the contract and the return of interest, insurance costs and commissions. It is important for you to know that whether you are still paying the loan or you have already paid it, you can claim the conditions of your revolving card.

We solve your doubts

Revolving cards are a type of credit card, the particularity of which is that purchases, cash withdrawals, etc. made with the card are paid in instalments.

The main “advantage”, apparently, is that you decide how much you want to pay periodically. You usually pay a fixed fee, which is usually low, or a percentage of the outstanding debt.

The reality is that these cards work as micro-credits and apply very high interest rates, between 20 and 30%; and by paying low monthly instalments and with such high interest rates, the debt is extended indefinitely.

The action to declare the radical or absolute nullity of the subject credit card contract is imprescriptible, you can claim any cancelled credit card.

When a credit is considered abusive, as is the case with revolving credits and cards, the credit agreement becomes invalid. Therefore, no interest will be legal and you will only have to pay back the principal. As you have probably already paid it back when you pay the instalments, in reality, it will be the entity that will owe you everything that has been overcharged. The amount can vary greatly, from simply cancelling the contract to more than €30,000.

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