"BBS Abogados, a law firm specializing in claiming interest from Revolving Cards and abusive Loans.
Lawyers specialized in Revolving Cards
What are Revolving Cards
At BBS Abogados we are specialists in Revolving Cards, and we are filing daily lawsuits about this type of abusive product.
Following the indication of the Bank of Spain in the Banking Customer Portal, «revolving» cards –also called «re-returning» or deferred payment cards – are a special type of credit card that allows its holder to have a limit concrete credit, which can be repaid in installments, paying monthly installments set for this purpose.
Such fees can be determined by applying a percentage to the existing debt; or a fixed amount to be paid month by month can be established.
In any case, the main characteristic of these cards is that the credit limit associated with them “decreases as charges are made”, and “is replenished” as the monthly installments are paid.
Features of Revolving Trap Cards
It is also a consumer contract, since, according to the Bank of Spain, this is its fundamental destination.
Among the characteristics of this ﬁ nancial product, the following stand out:
- The credit associated with the card is automatically renewed as the amounts owed are paid.
- Deferred payment of the amounts arranged. The capital drawn down with the «revolving» card is returned in installments, periodically paying the installments – fixed or variable – that have been established in the contract. Most of the problems derived from the use of these cards are due to the establishment of too low monthly fees, as the Bank of Spain warns, in such cases, “the principal will be repaid over a very long term”, which will imply the payment of more interest.
- High interest. Revolving card contracts usually have very high interest rates associated with them (between 20 and 26% APR). They are applied to the amounts actually disposed of with the card.
Claim the nullity of Revolving Cards contracts
Another problem detected in the marketing of «revolving» cards is the failure to deliver, sufficiently in advance, the European Standardized Information on Consumer Credit referred to in article 10 of Law 16/2011, of June 24, consumer credit contracts.
At the same time, the problems raised around this financial product are related to the very high remunerative interest associated with it – around 27% per year. Added to this is the fact that, on many occasions, the “revolving” cards have been marketed in a non-transparent manner, being acquired, in some cases, by users whose pro ﬁ le did not match the contracted product.
Therefore and as a result of the new Judgments issued, even by the Supreme Court, we can help them cancel the revolving card debt, and even have the financial institution return all the interest paid over and over and that are abusive.
Consequently, from BBS Abogados, specialists in Revolving Cards, we recommend that all those affected make a legal claim, to recover all the money lost.
Main entities that have commercialized Revolving Cards
The trap cards detected with abusive interests are marketed among others as