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If you signed an interest rate well above the average rate for consumer credit, the contract could be declared null and void.

Tarjeta «revolving»

If the contract contains a remuneration interest rate that significantly exceeds the interest rate normally prevailing on the market at the time of its conclusion without there being any exceptional circumstance that could justify the disproportion, it could be declared null and void.

This was the case with the credit card contract concluded in 2007 by a private individual with a financial institution. It initially set an interest rate of 24.71% APR for purchases and 26.82% APR for cash withdrawals, although the latter rate was subsequently applied to both types of transaction.

The courts have considered it to be usurious since, on the basis of the statistical data published by the Bank of Spain in 2007 (average rate for consumer credit of 8.98% A.A.R.), the gap between the average rate and the rate agreed and actually applied is evident, as well as the absence of any exceptional circumstance that could justify it. This disproportion is equally evident when compared with other rates, such as those published by ASNEF which the financial institution itself invoked, or other reports such as the average rate on the card market.


If you find yourself in a similar situation, our professionals are at your disposal to analyse your case and take any action that may be appropriate to defend your interests.