Why Brazilians Pay in Installments: The Culture of 10x and 12x “Sem Juros”

Abecs reported that interest-free installments represented 42.7% of credit-card transaction value in the third quarter of 2025. Central Bank data for 2023 had already shown why installments matter: they were about 13% of credit-card transaction count but approximately 48% of transaction value, which connects them disproportionately to larger purchases.

1. The store defines the plans. A product may allow one charge, 6x without interest, 10x without interest, or a longer plan with interest.
2. The customer chooses the number of installments. The cashier enters the plan before the card transaction is confirmed.
3. The issuer authorizes the purchase. Approval depends on available limit and issuer controls.
4. One installment reaches each future statement. The cardholder still needs to pay every statement normally.
5. The merchant receives under its commercial arrangement. Settlement and receivables anticipation are separate from the customer’s schedule.

Commonly, no. CAIXA and federal financial-education guidance explain that the total purchase amount consumes the card limit even when the purchase is divided.

Not necessarily. Card sales create recebíveis—amounts the merchant has the right to receive under its agreement with the acquirer or sub-acquirer.

The merchant may use antecipação de recebíveis. The Central Bank defines this as receiving earlier the value of sales that would otherwise arrive later. The merchant receives sooner, but the anticipated amount is reduced by interest and administrative costs.

If a product costs R$3,000 and the plan is ten payments of R$300, the installment total remains R$3,000. That is a legitimate sem juros offer to the buyer.

However, the store may offer a lower Pix or cash price. Card acceptance, settlement, and anticipation costs can also exist in the commercial structure.

Yes. Law 13,455/2017 authorizes price differentiation by payment term or instrument. The pricing law also requires discounts linked to payment method or term to be displayed visibly.

Before card installments became routine, retailers widely used crediário—store credit—and the carnê, a booklet containing one payment slip for each installment. The Central Bank’s own glossary illustrates the concept with a refrigerator purchased in 36 monthly payments.

The monthly view makes access easier to imagine but can reduce the psychological prominence of the total price. A disciplined buyer restores the hidden information by calculating the total and listing every existing future installment.

• Future installments reduce flexibility before the month begins.
• Several cards can hide the complete obligation.
• A higher limit is not additional income.
• Six-month and twelve-month purchases can overlap.
• Paying the full statement prevents interest but not budget pressure.
• Statement financing can transform manageable purchases into expensive debt.

No. Other countries use financing, store credit, card installments, and buy-now-pay-later products. Brazil stands out through the combination of:

• merchant-selected installments at ordinary card checkout;
• 10x and 12x as normal retail options;
• sem juros as a central sales message;
• installments across many categories;
• advertising that highlights the monthly amount;
• historical continuity with carnê and crediário;
• prices that can be large relative to monthly income;
• coexistence with Pix discounts and method-specific prices.

1. Calculate the total. Multiply the installment by the number of payments.
2. Compare Pix and upfront prices.
3. Ask whether there is interest. Use É sem juros?
4. Check available limit.
5. List every existing installment.
6. Protect emergency liquidity.
7. Do not finance the statement casually.
8. Read cancellation and refund rules.
9. For interest-bearing credit, compare total effective cost.