You don’t pay on time credit card can generate extra costs to your account that you might like to contemplate, and if possible avoid.
Just as late payments generate interest, there are other penalties by not using the credit card correctly which can add higher costs.
Therefore, if you are looking for the best credit option, we present a comparison of the costs in different credit accounts of 12 banking institutions that the National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) has elaborated.
Just remember to take into account that with Banxico’s increase in interest rates, these costs could increase even more.
Remember that each bank handles different types of modalities of creditthe following comparison applies to the classic version of the Credit cards of these banks.
This list presents three types of charges on your Credit cardsthe inappropriate clarificationsthe Late payment and the non-payment.
Condusef understands as late payment the collection expenses, before the next court and after the payment deadline. On the other hand, it is understood as non-payment when the client does not make any payment in the month.
What is the most expensive credit card in Mexico?
One of the credit accounts with the highest cost is Invexthe Volaris Invex 0 credit account, which has a late payment cost of $650 pesos.
In the absence of payment, a cost of 895 pesos is generated, and for improper clarifications another 220 pesos are charged, according to information from Condusef.
What credit cards do not generate costs for non-payment and clarifications?
Only two credit cards do not generate costs due to non-payment and inappropriate clarifications, these are BBVA and Inbursa.
The BBVA blue credit card has a late payment cost of $418 pesos, while Inbursa charges $399 pesos for late payment.
What is the cheapest credit card in Mexico?
The credit account cheapest of all is classic Bancoppel cardwhich only generates a late payment cost of $100 pesos and $200 pesos for improper clarifications.
The Banco de Coppel credit does not generate costs for non-payment, according to Condusef.
Bank | Late payment | Non-payment | Inappropriate clarifications |
---|---|---|---|
Invex Volaris INVEX 0 |
$650.00 | $895.00 | $220.00 |
HSBC classic |
$455.00 | Does not apply | $200.00 |
scotiabank Scotia Travel Classic |
$418.00 | Does not apply | $200.00 |
BBVA Blue |
$418.00 | Does not apply | Does not apply |
Banorte classic |
$400.00 |
Does not apply |
$200.00 |
Citibanamex
classic |
$399.00 |
$399.00 |
Does not apply |
Inbursa |
$399.00 |
Does not apply |
Does not apply |
Santander Light |
$350.00 | $350.00 | $200.00 |
Affirm |
$320.00 | Does not apply | $300.00 |
Bajio Bank |
$300.00 | Does not apply | $300.00 |
banregio classic |
$300.00 | Does not apply | $250.00 |
Bancoppel classic |
$100.00 | Does not apply | $200.00 |
Each credit account adjusts to the needs of each person, now you have some of the most important elements to choose your next card.
Remember not to be late with your payments and use technology to your advantage to schedule reminders and make your payments, thus avoiding generating higher costs in your account.
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Credit rates are constantly changing, so remember to verify the information with the bank before opening your account.
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