What is the 22% cap?
It’s a ceiling on the cost of consumer credit that the draft law sets until the permanent limits are approved. Until then, the maximum would be 22%.
According to the Council of Ministers’ summary, the transitional cap would apply to credit signed after the law comes into force, and also to the settlement of existing revolving cards. The Ministry of Consumer Affairs describes it as a 22% APR (TAE) cap.
For contracts with no end date, such as revolving cards, the draft says the interest charged may not exceed 22 points. Alternatively, the lender could cancel the credit and keep the repayment terms for the debt you already have.
Is it in force yet?
No. It’s an anteproyecto: a draft the Government approved in a first reading on 7 January 2026 and put out for public consultation until 30 January. Banco de España points out that it isn’t final and has to go through several stages before it’s approved.
The Congress table of bills open for amendments, updated on 2 October 2026, doesn’t list a consumer credit contracts law. A Finantres Noticias article of 14 September 2026 also describes it as pending.
On 5 October 2026 the Government dissolved the Cortes and called a general election for 29 November 2026. The bills still in Parliament lapsed, and no consumer credit law had reached it. The cap is still only a Government draft: none of the records we checked at La Moncloa, the Congress and the BOE on 19 October 2026 shows a later step.
What would change for my card?
If it’s passed as drafted, your revolving card couldn’t charge you more than 22% until the permanent limits exist, including on the debt you already have. Several cards currently publish a higher APR on deferred payment.
| Card | APR (TAE) on deferred payment, per the issuer |
|---|---|
| Cetelem credit card | 23.99% |
| WiZink cards (MaX Dia, Aplazame, WiZink Click, WiZink Now) | 23.85% |
| Visa Pass Carrefour | 23.10% to 23.13% |
| IKEA Visa | 23% |
| Tarjeta Alcampo Dúa | 22.99% |
| CaixaBank Payments & Consumer cards | 22.42% |
Figures from each issuer’s pages, checked on 16 October 2026.
The saving would be real, but small next to paying more. In the example of €2,000 with a €60 payment:
| Months to zero | Interest | |
|---|---|---|
| At 23.85% APR, €60 payment | 52 | €1,080 |
| At 22% APR, €60 payment | 50 | €948 |
| At 23.85% APR, €80 payment | 34 | €680 |
| At 23.85% APR, €100 payment | 26 | €501 |
Worked out with our calculator, converting each APR to a TIN without fees.
What would the permanent limits be?
The average consumer credit rate plus a margin that depends on the amount. The Ministry of Consumer Affairs says Banco de España would publish the limit every quarter.
According to the Council of Ministers’ summary, the margins would be:
- Up to €1,500: 15 points above the average rate.
- €1,500 to €6,000: 10 points above.
- Over €6,000 for under 8 years: 8 points above.
- Over €6,000 for over 8 years: 6 points above. The Ministry of Economy’s press release gives 8 points here, not 6.
Why now?
Because of a 2023 EU consumer credit directive. Spain had to transpose it by 20 November 2025, and its rules apply from 20 November 2026.
The directive asks countries to prevent excessively high interest rates or costs, for example with caps. In January 2026 the European Commission started proceedings against Spain and 22 other countries for not fully transposing it.
How does it relate to usury?
They’re different things. The cap would be a rule for all new credit and revolving cards. Usury is decided by a judge, case by case, under Spain’s 1908 usury law.
In 2023 the Supreme Court held that, for revolving cards, interest is “notably higher” if it exceeds the average market rate by more than 6 points. The guide Pay it off, consolidate or claim? explains it.
What can I do meanwhile?
Don’t wait for the law. With the card you have today, raising your payment or making extra payments saves you more than cutting the rate to 22%. The guide to getting out of revolving debt explains how.