The Supreme Court of Spain has ruled in favor of customers in a landmark case against Carrefour's revolving credit cards, allowing for the recovery of excessive interest charges.
The Civil Chamber of Spain's Supreme Court has sided with the Asociación de Usuarios Financieros (ASUFIN) in a significant ruling regarding Carrefour's distribution of 'revolving' credit cards. This decision addresses the concerns over such financial products that have reportedly led to inflated interest rates for consumers. The case marks the first collective lawsuit against these credit cards, emphasizing the potential financial harm caused to customers through the shop's aggressive credit marketing tactics, often presented at the checkout.
ASUFIN announced that the Supreme Court would not admit any further appeals, solidifying the ruling's validity. This outcome means that affected customers can now begin the process of recovering the excessive interest fees that were charged on their revolving credit agreements. ASUFIN estimates that approximately 1.5 million of these cards have been issued since 2019, with a total outstanding credit balance reaching up to 3 billion euros, reflecting the extensive impact of these financial products on consumers.
The implications of this verdict extend beyond individual refunds, as it highlights the need for increased scrutiny over revolving credit products and their marketing practices in Spain. Consumer protection advocates hope this ruling will trigger similar actions in other cases involving exploitative credit practices, paving the way for a more equitable financial marketplace that prioritizes consumer rights and transparency in lending.
