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Credit Card Interest in Portugal: TAN, TAEG, Usury Caps and Minimum Payments

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Find the TAEG

Look for it in the advert's representative example and in the pre-contract information sheet, and compare cards on TAEG rather than TAN.

Choose full repayment if you can

Paying 100% of the balance by the deadline avoids interest altogether.

Check the quarterly maximum

Banco de Portugal publishes the maximum TAEG each quarter; a TAEG above it at signing is usurious.

Act quickly on a missed payment

Pay as soon as you can, and tell your lender in writing if you need to be placed in PERSI.

Where this comes from

Sources

The documents this guide relies on. If one has changed since we read it, the document is right and this guide is out of date.

  1. Decreto-Lei n.º 133/2009 (contratos de crédito aos consumidores), versão consolidada — Diário da República

    Art. 4(1)(g),(i),(j): total cost of credit, TAEG and TAN definitions; art. 5: TAEG in adverts and representative example; art. 14: notice of rate and term changes; art. 16: termination of open-ended contracts, notice ≤ 1 month; art. 19: early repayment, 30-day notice, 0.5%/0.25% fee caps, no fee on overdrafts or non-fixed rates; art. 20: two unpaid instalments >10% plus 15-day extra period; art. 28: usury test applied at signing, quarterly maxima published by Banco de Portugal, automatic reduction to half the maximum. Consolidated page lists Decree-Law 103/2025 as the latest amendment and records that the decree-law transposes Directive 2008/48/EC.

    diariodarepublica.pt · Accessed
  2. Universo — página inicial (Cartão Universo+) — Universo, IME, S.A.

    Example of a card advert giving the TAEG for an example credit limit repaid over 12 months.

    universo.pt · Accessed
  3. Cartão de crédito: como escolher e como usar em segurança — Caixa Geral de Depósitos (Saldo Positivo), 07-11-2025

    Credit card TAEG limited by maximum rates set quarterly by Banco de Portugal; full payment by deadline generates no interest; 20–50 day repayment period depending on contract and bank; partial payment generally a minimum of 3%–5%.

    cgd.pt · Accessed
  4. Cartão de crédito: como usar (bem) este meio de pagamento — Santander Portugal (Salto), atualizado a 9 março 2026

    Two repayment options: 100% by the deadline without interest; partial by percentages or fixed monthly amount with interest on the unpaid amount.

    santander.pt · Accessed
  5. Glossário de Cartões — Caixa Geral de Depósitos

    Definitions of 'revolving' and 'pagamentos fracionados' (parallel credit line with own term and rate, frees the card limit, fixed instalments of capital and interest).

    cgd.pt · Accessed
  6. Código do Imposto do Selo — Anexo II (Tabela Geral), versão consolidada — Diário da República

    Stamp duty items 17.3.1 (4% on interest) and 17.2.4 (0.141% on monthly average of daily balances for undetermined-term consumer credit).

    diariodarepublica.pt · Accessed
  7. Decreto-Lei n.º 58/2013, de 8 de maio (juros, capitalização e mora do devedor) — Diário da República

    Art. 8: default interest capped at a 3% annual surcharge; art. 9: single recovery fee per overdue instalment.

    diariodarepublica.pt · Accessed
  8. Decreto-Lei n.º 227/2012 (PARI e PERSI), versão consolidada — Diário da República

    Duty to place customers in arrears in PERSI (arts. 12–14).

    diariodarepublica.pt · Accessed
  9. Directive (EU) 2023/2225 on credit agreements for consumers and repealing Directive 2008/48/EC — EUR-Lex

    Art. 47: Directive 2008/48/EC repealed with effect from 20 November 2026; art. 48(1): Member States to adopt measures by 20 November 2025 and apply them from 20 November 2026.

    eur-lex.europa.eu · Accessed
Questions

About this guide

What is the difference between TAN and TAEG?

The TAN is the interest rate applied to the credit you use. The TAEG expresses the total cost of the credit, including interest, commissions, expenses and taxes known to the lender, as an annual percentage.

Can a card's TAEG be above the legal maximum?

Not lawfully at signing: under article 28 of Decree-Law 133/2009 a TAEG above the quarterly maximum is automatically reduced to half of that maximum. The rule applies to contracts when they are signed.
Keep reading

Choosing Your First Credit Card in Portugal

Your Rights as a Credit Card Holder in Portugal

Credit Card Fees in Portugal and How to Avoid Them