LatAm: Central Bank of Mexico launches credit card comparison tool

The Banco de México (Banxico) has released a new credit card comparison tool, offering greater transparency around credit card costs. With the launch, Banxico will enable consumers to make more informed decisions and chose a card best suited to their needs.

Credit cards are the latest product to join Banxico’s comparison site, which launched earlier last year with loan comparisons, including payroll loans, personal loans and car loans. Users can access the tool through Banxico’s website, where they can view and compare different types of credit cards offered, as well as interest rates, credit limits and other relevant features.

According to RFi Group data, these card features are a key driver of credit card choice, with 45% of credit cardholders influenced by the annual fee, followed by interest rates and credit limit.

The tool will also enable analysis by consumer type, whether consumers identify themselves as transactors (paying the whole statement balance when payment is due) or revolvers (carrying their balance over to the next month).

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