A recent ruling by the Italian Supreme Court could pave the way for refunds to millions of consumers: all revolving credit card contracts signed between 2000 and 2010 and promoted by unauthorized parties may be declared null and void, allowing consumers to claim back the interest they paid.
An in-depth analysis of the ruling and its implications for both consumers and the banking system is available on La Stampa.
To shed light on the situation, our expert Giuseppe Cristiano was interviewed and explained how cardholders can practically proceed to obtain a refund.
In particular, he stated:
"The way a revolving credit card works — which, to reiterate, involves a maximum credit limit and predetermined repayment installments calculated as a percentage of the actual amount used — means that, at least theoretically, the repayment period might not be defined or even definable. This is due to the cardholder’s ability to make monthly repayments which, by restoring the available credit within the repaid principal portion, allow for new spending (i.e., purchases or cash withdrawals) that will then be repaid over the following months."
READ THE FULL ARTICLE IN ITALIAN
