March 8, 2017 / 2:37 PM / a year ago

Itaú cuts rollover card rates amid Brazil pressure

SAO PAULO, March 8 (Reuters) - Itaú Unibanco Holding SA will rework the interest rate it charges in rollover credit card loans as Brazil’s No. 1 lender seeks to comply with new rules to reduce the cost of credit card borrowing for cash-strapped consumers and companies in Latin America’s largest economy.

Under terms of the plan, Itaú will implement interest rates for card rollover loans similar to those applied to secured, payroll deductible credit, said Marcos Magalhães, head of credit card lending. Rates for rollover credit card loans will decline in average 4 percentage points once changes take effect April 3, he added. (Reporting by Guillermo Parra-Bernal; Editing by Chizu Nomiyama)

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