The worst-rated bank credit cards in Mexico according to the Condusef

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The commission conducted an evaluation of 15 financial institutions and five banks failed to comply with the information in the contract.

If you are looking for a credit card, the National Commission for the Protection and Defense of Users of Financial Services ( Condusef ) can help you, since it revealed which are the banks that failed its evaluation in terms of financial transparency and quality in the credit card product.

The government body issued a statement in which it stated that it evaluated 15 financial institutions, in which five breached some rules.

The analysis was carried out during 2020 with revolving credit cards, which means those plastics in which the user uses credit and makes payments thanks to a line of credit.

“The supervision process in terms of transparency consists of verifying that the documents and information used by the Financial Institutions with the users, prior to contracting and during the life of the loan, comply with the applicable regulations,” said the Commission.

The Condusef collected information from the adhesion contractscover page and account statement of some clients of said financial institutions, they also reviewed aspects such as the way in which they advertise their credit cards, the website and the information brochure.

The body chaired by Óscar Rosado Jiménez revealed that after two reviews, the following banking institutions were the ones that failed its evaluation: Banco AztecaBBVA, Banca Mifel, Santander and Citibanamex, in which the latter is the worst-rated with scores of 3.8 and 4.0 out of 10 in the first and second review, respectively.

Such banks did not comply with the information in the contract, such as indicating the amount and calculation of commissions, and did not offer information where they could be consulted. Neither did they indicate to the client the decrease in the credit line or the CAT to be charged to their clients.

They also did not show information on interest rates in nominal and annual terms and did not specify the interest rate in annual, simple and percentage terms, as well as the amount of commissions, and the information does not coincide with the contracts, in the aspect of advertising.

The best-evaluated banks during the two rounds are American Express Bank, Banco RegionalScotiabank, and BanCoppel. And during the second evaluation, there were other institutions that achieved a score of 10, such as Banca Afirme, BanBajío, Banco Mercantil del Norte, and HSBC México.

Source: heraldobinario.com.mx

Mexico Daily Post