CaixaBank offers switching debit cards for revolving credit

CaixaBank offers switching debit cards for 'free' revolving credit to dodge €35 fees

A customer receives a call from their relationship manager: their debit card will soon cost €35 annually. The alternative offered is a commission-free credit card. What they are not told —or so the customer claims— is that it is a revolving credit product. The episode, detailed with the contract in hand, describes a practice occurring in CaixaBank branches: converting the waiver of a fee into the signing of a revolving credit agreement.

The sequence is textbook. The manager calls, warns about the new debit card cost, and advises switching to a credit card that is 'free'. The customer asks if it is revolving. The answer is no. Then comes the contract: **33 pages** which, on page four, already contain the dreaded word. The card is called MyCard and, according to another testimony from the same bank, costs **€48 from the second year onwards**.

What is a revolving card and why banks insist on selling it

A revolving card is a credit card that allows deferring payments by applying interest, structured as consumer credit. Unlike classic credit cards, which allow full monthly settlement without surcharge, revolvers are designed for balances to renew monthly with interest. That is where the profit lies.

The issue is not just the product, but how it is sold. In this case, the customer lowers the limit from **€4,800 to €2,000** and commits to never using the credit mode. They do so, they say, to avoid returning angry next year over the €35 fee. The paradox is summarized by the customer themselves: to access their own money, they must voluntarily give up one card and apply for another they did not want.

The fine print: €48 from the second year

The MyCard contract includes a clause that dismantles the argument of free provision. According to a screenshot shared by another client of the same bank, the card is free for the first year, but costs **€48** from the second year onwards. In other words, the operation does not eliminate the fee: it defers it and introduces a credit product into the customer's assets.

This strategy fits a broader trend. Spanish banks have been replacing debit cards with credit cards antiestéticaturing deferred or end-of-month payment options. The stated goal is to encourage consumption; the unstated one is to capture interest. Some argue many of these cards can be configured for interest-free end-of-month payments, and that the real conflict arises when the only available option is pure revolving credit.

The client trapped by their mortgage

The story does not end with the card. The affected individual has a subsidized mortgage linked to payroll and direct debits at the same institution. They could pay it off and leave, but they do not: this year they paid off **€3,000** and plan to repeat next year to maintain liquidity. It is the typical trap for Spanish banking clients: the main product —the mortgage— ties the client to ancillary products.

The circulating alternative involves opening an account with online entities offering free debit cards, transferring payroll there, and making periodic transfers. OpenBank, N26, MyInvestor, or Revolut appear as options. The catch: savings accounts at these institutions offer little or no remuneration.

Legal context: revolving credit is not usury

The legal background explains why these practices proliferate. The customer points out bitterly that justice ruled revolving credits are not usury. Since then, banks have found a goldmine in a product that generates no interest if paid in full monthly, but can become perpetual debt if fractionalized.

There are law firms litigating against these cards for usury, charging a percentage of recovered interest. Others claim jurisprudence is shifting: courts are declaring war on revolvers and the business model will eventually incur losses. The date and scope of such rulings are precisely where this analysis hits a wall.

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The practical conclusion for the client is uncomfortable: if the bank calls to 'improve' something, the improvement is likely for them. Reading the entire contract —all 33 pages, not just the first 14— remains the only reliable filter. And if the card offered is free only for the first year, the right question is not how much it costs now, but how much it will cost later.