2023-09-03 16:35:31
Do you want to acquire a credit card and do not know which one is best for you? Keep an eye out! Some financial institutions have plastics that do not always provide the best benefits to their customers, and even charge very high annuities compared to the line of credit they offer.
When acquiring a credit card, it is necessary that you analyze the annuity cost, as well as the CAT (Total Annual Cost) that it handles, for which reason the Bank of Mexico (Banxico) announced which are the most expensive plastics and which you should not buy.
What are the most expensive credit cards in Mexico?
According to a Banxico document, published last December, the credit cards with the most expensive annuity charge and the highest CAT, with a credit limit less than or equal to 4,500 pesos are the following:
AT&T (Banorte): It has an annuity cost of 650 pesos and CAT of 101.2 percent. Costco Citibanamex: Annuity cost of 450 pesos and CAT of 105.4 percent. Crea BBVA: Annuity cost of 321 pesos and CAT of 115.5 percent cent.The Home Depot Citibanamex: Annuity cost of 716 pesos and CAT of 120.7 percent.Teletón Citibanamex: Annuity cost of 501 pesos and CAT of 122.4 percent.Clásica (Banorte): Annuity cost of 675 pesos and CAT of 122.5 percent. Clásica Citibanamex: Annual cost of 752 pesos and CAT of 130.1 percent. Tarjeta 40 (Banorte): Annual cost of 675 pesos and CAT of 143.3 percent. Ke Buena (Banorte): Annual cost of 695 pesos and CAT of 144 percent.
Banxico recommends choosing a card with the lowest CAT, as this means that the cost of the credit you acquired will be lower. With this data it is also possible to estimate the total amount that you will pay for the financing that you obtained over time and will allow you to make an informed decision.
What should you know before applying for a credit card?
The National Commission for the Protection and Defense of Users of Financial Services (Condusef) lists a series of aspects that you should know before applying for a credit card.
Points to consider are:
Credit limit. This is the maximum amount that the bank or lending institution will lend you. This amount is determined based on your ability to pay and the income you receive.
Cutoff date. This is the day on which the bank makes a cut to calculate your debt, define the minimum payment and the amount of interest.
minimum payment. It is the minimum amount required that you must cover on the payment deadline date in order for your account to remain current. It is important that you keep in mind that it is not recommended to pay only this amount, because it will generate interest and the value of the debt will increase.
Interests. This is the amount of money that you are going to pay in case you do not settle the entire balance on the day of the cut-off.
Balance cutting. It is the amount that is due to the cut-off date, this includes the balances of the previous period, interest, commissions and payments made by the user.
Payment not to generate interest. It is the total amount that you have to cover to settle a debt. It is advisable to be total, that is, make the payment so as not to generate interest to keep your finances in order.
CAT. It means Total Annual Cost, to calculate this figure the interest rate, the annuity and the bank’s commission for the use of credit are used, therefore CONDUSEF recommends you use the credit card with the lowest CAT.
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