Credit cards with less interest despite Banxico

With everything and the most recent monetary policy announcement of the Bank of Mexico (Banxico) that placed the benchmark rate at its all-time high of 9.25% with which it is sought to mitigate the high inflation, the Credit cards that are currently issued are less expensive than twelve months ago, although what is expected is precisely the opposite.

Despite the high interest rate of the central bank, the rates that many bank cards charged did not reflect a sudden increase, but on occasions the opposite occurred, lowering their cost, as revealed by the National Commission for the Protection and Defense of Users of Financial Services (Condusef) and Banxico.

According to the Commission, banking entities take the central bank rate as a reference to establish the interest rate of their own financial products, from personal loans to bank plastics, so seeing that it costs less now to use one with rates at record levels instead of following the same path may go against expectations.

According to the authorities, it is the segment of Classic credit cards where this reduction in the cost of bank plastics was most evident in presentations with a credit limit equivalent to or less than 4,500 pesos and that agglomerate the interest rate. , commissions and quotas of the insurance policies under the concept of the Total Annual Cost (CAT).

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Cards from this category, such as Hey, from banregio or the Classic Card Banorte In one year, they seduced their CAT from 43.7% and 126.2% to 26.5% and 122.8%, respectively. BBVA Crea fell in the same period from June last year to this 2022 reduced this cost from 120.3% to 113.9% Other financial products in this modality also showed a decrease in the cost of using them.

But it is not only the case of the Classic credit cards, but those that belong to the next category, of the Gold and Platinum credit cards also registered in those twelve months that they not only increased in price at the rate of the official Banxico reference , but in that period the CAT also fell with the clearest example in the Banregio card that went from 44.8% to 34.1% or BBVA Gold that goes from 84.2 to 70.2%, among other examples that followed the same trend –such as Bancoppel Gold, Invex Volaris or Visa Platinum International BanBajío-.

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In the same period, it was found that Mexican cardholders also make greater use of their credits, which is not limited to bank plastics, since the same can be seen with personal loans and payroll loans.

For more information on this and other topics, visit our Credits from My Pocket section.

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Graduated from the Faculty of International Studies and Public Policies of the Autonomous University of Sinaloa. Observer of the sky and nature; fan of music and literature.

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