Interest (financing charges) : Financial institutions charge financing interest when the balance is not fully settled at the cutoff . To do this, the bank calculates the average daily balance owed and multiplies it by the interest rate stipulated in the credit card contract. Credit rates in Mexico are generally stipulated based on the Interbank Equilibrium Interest Rate (TIIE) , published by Banco de México on the date of calculation. Banks will be able to charge higher rates to customers who demonstrate erratic payment behavior and who may be more risky.
CAT: Total Annual Cost , are all the costs that are implicit in the use of the card represented in a percentage that serves to compare how expensive a card is with respect to its competition. In its calculation, the interest rate, the annual fee and any commission charged by the bank for the use of the credit are used.
Annuity – A charge that is paid to use the card once a year. There are some banks that offer their products without charging it.
Cash availability: it is the bank commission charged for making a cash withdrawal with your credit card at ATMs, bank windows or any other means.
Late payment: this is an amount set by the bank and applies when you pay after the deadline. To this amount is added the interest generated payable after the date.
Additional cards : some cards have the ability to extend credit to family members, however; When you request them, you will be charged a one-time commission.
Replacement of plastic: this commission will be charged in case you suffer an assault and consequently lose your card or in cases where your plastic is very damaged and you need another one.
Improper clarification: it occurs when you request a clarification for unrecognized charges and it enters a dispute, in some banks, when there is no charge.
Additional rewards: banking institutions offer extra benefits with their plastics by paying an amount on a monthly or annual basis.