Which are the worst banks to process a credit card, according to Condusef

Recently the National Commission for the Protection and Defense of Financial Services Users (conduct) revealed the results of a study conducted at different credit cardwhere he also revealed what are the worst banks to deal with one.

In 2022, the unit assessed a total of 14 establishmentswho offer and market credit cardof the total 2 failing grades obtained in both tests and 2 others in one, likewise two achieved the highest marks during the analyses.

In the process, 14 financial institutions that offer the said product on the market were evaluated, whose portfolio corresponding to the month of December 2022 was of a total of 476 thousand 416 million pesos. The ace evidence to which the banks were subjected were two:

First stage: in which it was analyzed that the contractual documents and information that the Financial Entities use with users complying with the applicable regulations, therefore, customer files are requested where the following data is attached:

– Membership Agreement.

– cover.

– Account status.

They also reviewed the web pagesthere advertisement and the informative brochure used by institutions, which must contain consistent information to avoid confusion.

In the event of finding regulatory irregularities, the Condusef informs the Financial Entities and orders them to carry out a Application programfor the sole purpose of correct these irregularities.

Second step: to determine if the banks respect the changes ordered through the aforementioned program, the institution analyzed the documentation sent by the banks, as evidence of the changes implemented, in order to correct the irregularities detected.

Derived from the tests previously explained and implemented in financial institutions, the following results of the first and second stage were obtained, where the worst options for obtaining a credit card were presented.

Institutions that have obtained failing grades were: Banamex there Mifel Bankwhere the following violations were detected:

– Membership Agreement: which does not contain the express consent of usersnor the notion of Rising there periodicity of the commissions accused to customers, who did not correspond to those registered with the Banco de México.

– cover: same as does not indicate applicable hazard legends to the product and does not establish the concept, the amount and the periodicity of the commissions.

– Account status: because does not indicate the total number of monthly payments for term promotionsdid not indicate the relevant payment or description of each charge and payment.

– internet website: since does not promote information consistent with the contractin the link “Consult the Costs and Commissions of our products” does not indicate the date of calculation of the CAT, does not indicate its company name or the legends on the risks not applicable to the product.

On another side, of the of the 14 banks obtained the highest marks in two stages: HSBC Mexico there Regional bank, and two others failed in the first test: BBVA México and SOFOM Inbursa; however, later they complied with the corrections indicated by the Condusef and in the second stage they corrected their failures, obtaining a mark of 10 and 9.6 respectively.

Similarly, the Condusef indicated that the results of the assessments and the non-conformities noted will be consulted at the Office of Financial Institutions in charge of this National Commission at the following link: https://www.buro.gob.mx, in addition the fact that they will be subject to the corresponding sanctions.