The CAT is a standardized measure of the cost of financing and incorporates all the costs and expenses inherent to loans, for this reason we present you the most expensive credit cards in Mexico.
It should be noted that credit card users in Mexico pay up to 119% of the Total Annual Cost (CAT) on their credit cards, plus VAT, which makes this banking product one of the most expensive, according to a comparison carried out by the fintech company Yotepresto.
Banco de México states that the CAT is a standardized measure of the cost of financing, expressed in annual percentage terms that, for informational and comparison purposes, incorporates all the costs and expenses inherent to the loans granted by banking institutions, in in this case, from credit cards.
What are the most expensive credit cards?
Recently, the Yotepresto comparative reviewed the public information of 60 credit cards currently available in the Mexican market, which shows that they are among the five most expensive cards in the country.
At the top, it is worth highlighting that the first place is occupied by the classic Crea of BBVA with 119.3% of CAT, followed by the Acceso of HSBC with 104%; Ke Buena de Banorte with 100.4%; La Azul de Banorte with 97.1% and La Comer de Banorte also with 97.1%.
It is also detailed that in the case of the gold category, BBVA’s Afinidad UNAM credit card has a CAT of 92.1% of CAT, followed by the AT&T Elite of Banorte with 86.3%; Por Ti from the same bank with 84.7%, BBVA’s Gold with 83.7% and HSBC’s 2Now with 83.5%.
Regarding the Platinum category with the highest CAT, the United de Banorte stands out with 69.6%, Aeroméxico Platinum from Santander with 58.7%, Advance Platinum from HSBC with 53.4%; Platinum from the same bank with 51.4% and Santander’s Aeroméxico Infinite with 45.1%.
Interest rate on credit cards
The exposed report adds that the average interest rate of classic credit cards in Mexico is 56.1%, while that of gold is 51.83%, that is, only 4.27 percentage points of difference.
It should be noted that only 8 of the 49 classic and gold credit cards available in the Mexican financial system charge rates below 50% per year.
Follow us on Google News, Facebook and Twitter to keep you informed with today’s news!