this tool will allow consumers to compare all charges associated with credit cards available on the market, distinguishing maintenance charges, “cash advance” and his use abroadamong others.
The comparator concentrates information on 194 valid cardsincluding those that are no longer offered but are still used by some consumers.
exist relevant differences in the case of charges for maintenance and/or annual administrationcharges that can range from $0 to over $350 thousand.
The charge for cash advance in installments can range from zero cost to $29,990 for each operation. Hence the relevance of reviewing this tool to know when you could end up paying with one or another plastic before making the decision.
Credit Card Comparator
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SERNAC ordered the first “Credit Card Comparator”, in order to consumers can find out the cost of using the card and compare with others available in the market.
The National Director of SERNAC, Lucas Del Villarexplained that this tool is one of a kind and will be very useful for consumersas it will enable them to make more convenient consumption decisions for your pocketwhich should also have repercussions in avoiding over-indebtedness. “In addition, it will be an incentive for the same companies to compete for better conditions, simplify their contracts and provide more information,” he said..
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Credit card details
At the moment, in the country there are around 15 million four hundred thousand bank and non-bank credit cards in force (Financial Retail). On the other hand, the average bank credit card debt reached $555,837while in the case of non-bank credit cards reached $240,876.
The authority emphasizes that, in general terms, the new tool has made it possible to visualize the important differences that exist in the amounts of maintenance charges that financial entities charge for the use of credit cards.
- Total maintenance and/or administration charges in the year: The minimum charge is $0, while the maximum amount exceeds $350,000 for this same period.
- Charges for cash advance in installments: You can go from zero cost to an amount of $29,990 for each operation.
- Charges for purchases and advances abroad: Some cards define these charges in UF, others in dollars, and may even consider a percentage of the transaction amount or a mixture of the above.
Let us remember that the SERNAC financial law in 2012 established a series of requirements and parameters to financial entities that allowed consumers to know how much they would end up paying when requesting a loanby including tools such as the Total Cost of Credit (CTC) and the Equivalent Annual Charge (CAE).
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the comparator
The SERNAC Credit Card Comparator will allow consumers know and compare easily and automatically, the amounts for transaction charges applied by the different financial entities to the use of credit cards, either in the national or international market.
What’s more, This tool will enable people to know the amounts of the administration and/or maintenance charges that consumers currently pay in their financial institution in a one-year period.
Use the Credit Card Comparator
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