Credit card transactions in pesos grew by 84.5%.



A report by First Capital Group explains that credit card transactions in pesos rose by 3.4% in nominal terms in September, reaching a total balance of ARS 21.6 trillion. This represents an 84.5% year-over-year increase compared to ARS 11.7 trillion at the end of the same month last year. In real terms, growth reached 1.2% for the month and 39.8% year-over-year.

“In this segment, we have observed irregular behavior in recent months, alternating between increases and decreases in real terms. Although balances are affected by the financial conditions we described earlier—such as interest rates, delinquency, and terms—new commercial offers aimed at boosting sales through interest-free installments or promotional discounts also play a role,” explained Guillermo Barbero, Partner at First Capital Group.

As for credit card spending in U.S. dollars, it increased by 11.1% month-over-month, reaching a total balance of USD 733 million, showing a 60.4% year-over-year increase compared to USD 457 million at the end of the same month last year. Credit card financing levels remain within normal ranges for this time of year.

Data reported by the Central Bank as of September 30, 2025.

You can find all our reports at: https://www.firstcfa.com/es/novedades

For more information, contact:

Guillermo Barbero
Partner – FIRST CAPITAL GROUP
📧 guillermo.barbero@firstcfa.com
📞 +54 (11) 5256 5029

María Emilia Narizzano
Institutional Communications – FIRST CAPITAL GROUP
📧 emilia.narizzano@firstcapital.group
📞 +54 911 5526 2109

About FIRST CAPITAL GROUP

FIRST CAPITAL GROUP is a team of finance professionals with over 30 years of experience providing business and financial solutions. The group is composed of three companies:

  • FIRST CORPORATE FINANCE, focused on financing services, valuation, advisory on mergers and acquisitions, and restructuring.

  • FIRST CAPITAL MARKETS, the capital markets arm, authorized by the CNV as a Trading Agent (No. 532) and as an Agent for the Management of Collective Investment Products in Mutual Funds (No. 49).

  • ZUBILLAGA Y ASOCIADOS, a market leader in financial trusts as a review and control agent (master servicer) with extensive experience evaluating consumer credit portfolios.

  • Desconta Tu Factura S.A., an online, 100% secure platform that allows businesses to trade their credit invoices easily and access the best discount offers without needing a bank account or financial documentation.

Over the past 20 years, FIRST CAPITAL GROUP has structured more than 1,400 securitized operations exceeding ARS 100 billion, carried out over 500 valuations across Latin America, and participated in the creation and development of consumer credit systems totaling more than ARS 10 billion.