The Court of First Instance No. 3 of Gijón, in its ruling no. 125/2018, of May 24, has the contract for a “revolving” or compound interest card declared void from Cajastur Visa Oro understanding that said contract is usurious.

The ruling explains that the appellant invokes the Usury Repression Law according to «Any loan contract that stipulates an interest noticeably higher than the normal amount of money and manifestly disproportionate to the circumstances of the case or under conditions such that the interest is leonine will be void (…)».

For these purposes, although the ruling states that it is not strictly speaking a loan contract, it understands that the contract constitutes a credit transaction in the sense that it grants credit through the use of a card.

The ruling resolves that the established remunerative interest is "notably higher than normal money" and concludes that "the stipulated interest is manifestly disproportionate "with the circumstances of the case" and therefore declares the nullity of the Cajastur Visa Oro (Liberbank) card contract, which will now have to return more than 6,000 euros to the affected party.

SOURCE: Legal News (SEE THE NEWS ON THEIR WEBSITE)