March 4, 2020 / 12:19 PM / 3 months ago

Spain's Supreme Court considers WiZink revolving credit card credit usurious

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.

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%.

Her so-called “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.

WiZink declined to comment. (Reporting By Jesús Aguado Editing by Ingrid Melander)

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