The use of credit and debit cards has increased exponentially in Mexico in recent years, which in turn has caused crimes related to the use of said plastics to also increase.
It is in this way that a few years ago Mastercarda renowned American multinational financial services company, announced its plans to replace old credit and debit cards with more technological products.
Under this understanding, we will immediately tell you which are the credit and debit cards that can be used after the deadline established by Mastercard for the replacement of traditional plastics on the market has passed.
First of all, according to data from the National Commission for the Protection and Defense of Users of Financial Services (Condusef), the use of credit and debit cards has increased greatly in the national territory in recent times. .
Due to the above, crimes related to the use of credit and debit cards have also increased, which in turn has forced financial institutions to implement new security options.
It is in this way that Mastercard a few years ago announced that, From 2024 to 2033, it would carry out its process of replacing its traditional credit and debit cards, changing the black magnetic stripe for an electronic chip that would provide greater security in banking operations..
Thus, once the process of replacing credit and debit cards with magnetic stripes by Mastercard is completed, The bank cards that can be used after 2033 will be those of VISA or other entities, since the replacement comes from Mastercard only.
Do you have a credit card? Check out this warning from Condusef
Because the reference interest rate of the Bank of Mexico, which is located at 11.25%, has a significant impact on credit cards issued by banks Citibanamex, BBVA and Santander (and others), the National Commission for the Protection and Defense of Users of Financial Services (Condusef) has issued an alert to users of these financial entities.
It is in this way that the body of the Ministry of Finance and Public Credit (SHCP) reminded cardholders that interest rates are closely linked to Citibanamex, BBVA and Santander credit cards.
The above, taking into account that these financial entities tend to maintain and even increase interest rates on their credit cards, which means that clients may face much higher interest rates on their balances. earrings. This translates into credit cardholders have to pay more on their minimum monthly payments required by financial institutions.
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