Brazil's revolvers are a quarter of the money, and they pay twenty times the British or American rate

Share of card balances bearing interest against the average rate paid on them, latest available, rate on a log scale.

0%25%50%75%100%10%20%50%100%200%500%1000%SHARE OF OUTSTANDING CARD BALANCES BEARING INTERESTRATE ON THOSE BALANCES, % A YEAR, LOG SCALEUnited StatesMexicoUnited KingdomBrazilBrazil, issuer instalment line, 189%

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Brazil, the focal marketComparators

The horizontal axis is a balance measure in every market, though the bases differ. The BCB's book includes instalments not yet billed, UK Finance measures statement balances, and the CFPB figure is 2022 data for major issuers. The vertical axis is the average rate on the balances that pay interest, on a log scale so that 436% and 22% can share a chart. A quarter of the Brazilian book at these rates earns close to three times the interchange on all of it, which is how a mostly interest-free book produces a mostly interest-based income statement.

Vishwanath Callikan, MBA
Source: CFPB, Fed G.19, UK Finance, Bank of England, Banxico, BCB SGS. Every number in the panel links to its source.