UPDATE 1-Spain's Supreme Court considers WiZink revolving credit card credit usurious [Reuters (UK)]
BANKINTER SA S/ADR (BKNIY)
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Source: Reuters
UPDATE 1-Spain's Supreme Court considers WiZink revolving credit card credit usurious - Reuters 2 Min Read (Adds details from the ruling) By Jesús Aguado MADRID, March 4 (Reuters) - Spain’s Supreme Court on Wednesday said it considered usurious and null an annual 27% rate applied to a revolving credit card by online bank WiZink as it was above the normal cost of credit. In a much-awaited ruling, the court therefore rejected an appeal by WiZink against a regional court ruling on the case of a woman from Santander over a “Visa City Oro” card issued in 2012 with an annual interest rate of 26.82%. This revolving credit card, which allows customers to continuously borrow up to certain limits depending on purchases and payments, was originally issued by Citibank Spain but now belongs to online lender WiZink, who declined to comment. Though the Supreme Court ruled specifically on this case, the ruling could have wider implications for Spanish lenders by setting guidelines for the rest of the
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