These are the changes that BBVA, Banorte and Santander credit cards will have in October

will be next month of October of this 2024 when banks that operate in the national territory and grant Credit cards should begin to apply the changes required by law, and what are they?

According to the April 2024 edition of the Protect your money magazine of the National Commission for the Protection and Defense of Users of Financial Services (Condusef), starting in the tenth month of this 2024, banks must start using the universal credit card statement format.

It is in this way that, according to what was published in said document from the body of the Ministry of Finance and Public Credit (SHCP), The new universal format of the credit card statement must contain the following information:

*It must contain all aspects of your card in a complete, detailed and orderly manner; and among the most important are: information about the required payment, the period, the cut-off date and the payment deadline, as well as the payment so as not to generate interest.

*It should show you estimates of how much interest you would pay in total on your credit and the time it would take to pay off your debt if you do so by paying only the minimum, or twice and up to five times the minimum, in order to invite you to make better credit decisions. payment that translate into significant savings for your pocket and avoid getting into excessive debt.

*A summary of charges and credits for the period, the amounts of interest and commissions for both the period and the accumulated amount you paid in recent months should appear, considering the annuity or administration commission, to help you understand the costs of your credit. .

*Requires issuing precise information on the Total Annual Cost (CAT) and the Ordinary Annual Interest Rate (fixed or variable); the level of use of the credit card, the balances (including the total debit balance), your credit limit, the available credit, as well as, where applicable, the information on other lines of credit and your additional cards.

*You must clearly report the balance on which the interest for the collection period was calculated, as well as the distribution of your payments and credits on purchases and revolving and deferred charges to months, interest, commissions, VAT and, where applicable , the balance that could have been left in your favor.

*The breakdown of movements for purchases and deferred charges to months or partial payments with or without interest, through which you will know precisely the date of operation, the original amount, the pending balance, the partial payment required (to preserve the benefits of the deferral), the payment number and the applicable interest rate.

*A section with more detailed information on unrecognized charges, which must contain the details of your complaint, the date of the operation, the date of receipt of the claim, the description of the charge, its status, the report folio and the amount affected; This information will no longer appear on the account statement once the claim is concluded.

*Data from the Specialized User Service Unit (UNE) and CONDUSEF are included, where you can contact to present your complaints and a section called: Restructuring your debt, in case you have reached an agreement with the institution, who must indicate the terms and conditions of said restructuring.

It should be noted that it was on December 29, 2022 when the Official Gazette of the Federation (DOF) published the Agreement by which it was made known to the Credit Institutions and Sofom, ER. the new universal credit card statement format for individuals, as well as its filling out guide.

Finally, it is worth emphasizing the fact that the objective of the new universal account statement format is for cardholders to better understand the status of their credit, hence the document will be more organized and understandable.

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