Understanding Credit Cards with No Annual Fee in Mexico

What does it mean for a credit card to have no annuity?

The annuity is the charge made for the right to use and access the line of credit associated with a credit card and is made every year.

According to the Law of Credit Institutions in force in Mexico, “banks are obliged to offer a basic credit card that does not charge commissions, among them the annuity (Article 48 Bis, Credit Institutions Law). These cards are convenient for low-income people or people who have never had a card before,” says Banco de México.

There are cards that do not charge this annual commission.

Credit cards without annuity in Mexico

According to the comparative table, made by the National Commission for the Protection and Defense of Users of Financial Services (Condusef), these are the cards that do not charge an annuity:

My first Bancomer card

Minimum income: 6,000 pesos
Average Total Annual Cost (CAT): 70.4%

HSBC Basic

Minimum income: 5,000 pesos
CAT Average: 48.9%

International Basic Visa

Minimum income: 7,000 pesos
CAT Average: 79.6%

Basic Scotia

Minimum income: $6,000
CAT Average: 103.3%

Basic of Banregio

Minimum income: $10,000
CAT Promedio: ND

Basic Banorte

Minimum income: $10,000
CAT Average: 95.1%