For decades, credit cards have become a common financial instrument, driven by digitalization and ease of access. Financial institutions had normalized commercial strategies such as integrated banking package offers or promotions linked to customer loyalty.
This dynamic often resulted in the automatic expansion of limits or the activation of new credit lines without a clear prior request. The new legal text seeks to close this loophole, as the Ministry of Economy has stressed that offers will remain possible, but never the effective granting of credit without acceptance.
Any credit concession to consumers that has not been previously requested and without their express consent is prohibited.
The draft law goes beyond credit cards and comprehensively regulates consumer financing, transposing two European directives. This includes everything from personal loans and microcredits to buy now, pay later models.
Among the most notable measures is setting limits on the cost of money to curb usurious practices, with special emphasis on revolving cards, and introducing limits on overdraft costs. Furthermore, the supervision of the Bank of Spain is extended to all companies granting consumer credit.
