Citibanamex announced that in the second quarter of the year there was a higher demand for credit cards, payroll and personal loans, and even mortgages when compared to the previous quarter and last year.
It also reported that its customers have stopped canceling credit cards, either voluntarily or due to personal problems, due to better economic activity, after the slowdown caused by the Covid-19 pandemic.
Rodrigo Kuri, Citibanamex general director of consumer banking, indicated that the financial group’s billing with credit accounts will increase 20 percent in the second quarter of the year, if compared to the immediately previous quarter and with respect to the same period of the year. past.
“In the billing there is a good outlook in numbers that came from the doldrums in 2020. We see the second semester positive, with growth possibly above 20 percent,” he said in a videoconference.
In turn, Antonio Perdomo, Citibanamex card director, specified that billing has recovered due to the fact that in the second and third quarters of last year there were businesses, such as restaurants, cinemas or department stores, which remained closed, and the only business that grew were supermarkets.
“The first and second quarters of this year we see a gradual recovery, in our case of 20 percent compared to the same period last year, in entertainment, travel, airplanes, restaurants and in general, the activities that had a restriction. Last year the e-commerce took off, we are having a great preference from customers to make purchases online, “he said.
On card cancellations, he explained, there are two types: involuntary, which is when the client has a personal financial situation and cannot meet his minimum payment commitments, and voluntary.
“After the pandemic, what we see is that the bubble or the peak for non-payment was left behind, and the voluntary cancellation is going very well, there are fewer and fewer customers who speak to us to cancel their cards; this last type of cancellation has decreased ”, said Perdomo.
Citibanamex and Mastercard announced on Tuesday a new credit card, called simplicity, which is the first offered by the bank without an annuity payment.
The card no longer has a printed security code (CVV), which is obtained through the application, and all Internet purchases have Mastercard protection insurance. It can also be used with Apple’s electronic wallet, Apple Pay.
To obtain it, the client must have a minimum income of 7 thousand pesos per month and have a good credit history.
The average total annual cost (CAT) without VAT is 72.8 percent; If the card is not used once a month, 145 pesos are charged and the annual weighted average interest rate is 56.25 percent.
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