Circular No. 3512 — Regarding the Payment of the Minimum Credit Card Invoice Value and Other Provisions

CIRCULAR NO. 003512

Dispenses with the payment of the minimum value of the credit card invoice and gives other provisions.

The Collegiate Board of the Central Bank of Brazil, in a session held on November 25, 2010, based on arts. 20 and 22 of Resolution No. 3,919, of November 25, 2010, and having in view the provisions of art. 10, items VI and IX, of Law No. 4,595, of December 31, 1964,

D E C I D E D:

Art. 1 The minimum value of the credit card invoice to be paid monthly cannot be lower than that corresponding to the application, on the total balance of the invoice, of the following percentages:

I - 15%, from June 1, 2011; and

II - 20%, from December 1, 2011.

Sole Paragraph. Financial institutions and other institutions authorized to operate by the Central Bank of Brazil that issue credit cards must disclose to their customers, from March 1, 2011, the schedule of minimum payments referred to in the caput.

Art. 2 Financial institutions and other institutions authorized to operate by the Central Bank of Brazil must send the information relating to the charged services and respective values, in accordance with art. 20 of Resolution No. 3,919, of November 25, 2010.

§ 1 The sending of the information must be carried out observing a deadline of thirty days before the start of the charge, in cases of increase in the tariff value and start of charge of a new tariff, except in the case of priority services related to credit cards, which must observe a deadline of 45 days.

§ 2 The reduction of the tariff value must be informed until the next business day following the occurrence.

§ 3 The Department of Monitoring of the Financial System and Information Management (Desig) is authorized to adopt the necessary measures for the execution of the provisions of this article.

Art. 3 This circular enters into force on March 1, 2011.

Art. 4 Circulars Nos. 3,371, of December 6, 2007, 3,377, of February 21, 2008, and 3,466, of September 11, 2009, are hereby repealed.

Brasília, November 25, 2010.

Alexandre Antonio Tombini
Director