That’s right, kind reader, there are credit cards that are cheaper than a year ago, even with the rate hikes that the Bank of Mexico (Banxico) has applied to combat inflation.
Private banks use the rate of the authority to determine the interest they charge you for loans, according to the National Commission for the Protection and Defense of Users of Financial Services (Condusef).
Classic cards with a credit limit less than or equal to 4,500 pesos, whose Total Annual Cost (CAT) includes the interest rate, commissions, fees and insurance according to the card.
Banregio’s Hey card had a CAT of 43.7% in June 2021, which dropped a year later to 26.5%. The CAT of the Clásica, by Banorte, fell from 126.2% to 122.8% during the same period; while the cost of the Crea card, from BBVA, decreased to 113.9 percent.
Now let’s move on to the Classic cards with a credit limit of 4,501 to 8,000 pesos. The Volaris 0 product, from Invex, had a CAT in June 2021 of 71.1% and in the same month this year it was 58.1 percent. The Classic Guaranteed Visa, from Bajío, went from 74.4% to 71%; while the IPN card, from BBVA, was cheaper from 116.6% to 104.7 percent.
In the case of Classic cards with a credit limit of 8 thousand 1 to 15 thousand pesos, the case of BBVA’s Rayados product stands out, whose CAT decreased in the last year from 102.6% to 88.5%.
There is also Zero plastic, from HSBC, which went from 91.6% to 90.6%; as well as the Blue, from BBVA, from 102.7% to 86.1 percent.
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