It is very understandable to have doubts at certain times about premises that surround our lives, from the monetary aspect. It is more than possible that people who do not know about this and for them the explanation as to whether the banks can ccancel a credit cardaccording to the law.
It is completely fair, as well as normal, to have a credit card. The reality is that this element is here to stay and it is something very understandable, if we take into account that it brings several benefits, you can make online payments, purchase products or services and access discounts through its use. Now, it is also a reality that the Bank of Mexico (Banxico)indicates the pauses to be implemented.
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Can banks cancel your credit card under the law?
Banxico indicates what the ibanking institutions such as Limited Purpose Financial Companies (Sofoles)who issue credit cards and have to comply with the rules established in the Law for the Transparency and Regulation of Financial Services. This situation is due to the purpose of improving protection mechanisms for cardholders.
Continuing with the above, the Banxicopoints out that banks and institutions are always subject to regulations and laws, regarding cancellation, they can carry out this action directly and a block can also be carried out within the corresponding terms and conditions.
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The bank or institution can cancel the contract or unilaterally block the use of a card within the terms provided in the contract itself.
Let us also add that, if the card has been cancelled, then the banking institution has the obligation to inform about the corresponding decision within a period that may be 5 days at most from the date on which the blocking or cancellation was made.
2023-11-22 14:38:32
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