In October, universal account statement

If you have a credit card, you surely know that the account statement that you receive periodically is the document issued by the financial institution that grants you the credit, which must contain the legal requirements established by the regulations on transparency.

Its purpose is to inform you about the use you make of your card and the payment obligation incurred, which you can receive physically or by electronic means, according to your preference.

The key points of the account statement are the transaction details, which show you all the transactions you made during the billing cycle, both charges and purchases as well as payments, credits and bonuses; total amount payable, includes the outstanding balance of purchases made and any interest or additional charges; available line of credit; cutoff date; Payment date.

Currently, account statements provide information on the Total Annual Cost (CAT), the minimum payment required and other relevant details, but the formats used by financial entities are not the same and sometimes not even similar; Although there are similarities in key elements and overall presentation, there are differences such as graphic design and the specific placement of certain information or details. Some may even reflect poorly detailed information or not contain what you should know about your credit.

Starting in October of this year, by official provision, all credit institutions and Multiple Purpose Financial Companies, Regulated Entities (Sofom, ER) that issue credit cards, must provide the users of this product with the status of account in a universal format, as it will be known from that month onwards. This is so that you can understand in a simpler and clearer way the use you give to your card and it will be easier for you to compare it with another.

This new provision has its precedent since last December 29, 2022, when the Agreement was published in the Official Gazette of the Federation by which the new account statement format was made known to the Credit Institutions and Sofom, ER. universal credit card for individuals, as well as its filling out guide.

This universal format should contain all aspects of your card in a complete, detailed and orderly manner; and among the most important are: information about the required payment, the period, the cut-off date and the payment deadline, as well as the payment so as not to generate interest.

Likewise, it should show you estimates of how much interest you would pay in total on your credit and the time it would take to pay off your debt if you do so by paying only the minimum, or twice and up to five times the minimum, in order to invite you to make better decisions. payment that translate into significant savings for your pocket and avoid getting into excessive debt.

A summary of charges and credits for the period should also appear, the amounts of interest and commissions for both the period and the accumulated amount you paid in recent months, considering the annual or administration commission, to help you understand the costs of your credit. .

The new format also requires issuing precise information on the Total Annual Cost (CAT) and the Ordinary Annual Interest Rate (fixed or variable); the level of use of the credit card, the balances (including the total debit balance), your credit limit, the available credit, as well as, where applicable, the information on other lines of credit and your additional cards.

It must also clearly inform you of the balance on which the interest for the collection period was calculated, as well as the distribution of your payments and credits in purchases and revolving and deferred charges to months, interest, commissions, VAT and, where appropriate, case, the balance that could have been left in your favor.

Another important aspect is the breakdown of movements for purchases and deferred charges to months or partial payments with or without interest, through which you will know precisely the date of operation, the original amount, the pending balance, the partial payment required (for retain the benefits of the deferral), the payment number and the applicable interest rate.

It will also contain a section with more detailed information on unrecognized charges, which must contain the details of your complaint, the date of the operation, the date of receipt of the claim, the description of the charge, its status, the report sheet and the affected amount; This information will no longer appear on the account statement once the claim is concluded.

Likewise, the data of the Specialized User Service Unit (UNE) and the Condusef are included, where you can contact to present your complaints and a section called: Restructuring your debt, in case you have reached any agreement with the institution, who must indicate the terms and conditions of said restructuring.

Information

The new format also requires issuing precise information on:

*The Total Annual Cost (CAT) and the Ordinary Annual Interest Rate (fixed or variable).

*The level of credit card usage, balances (including the total debit balance).

*The credit limit.

*If applicable, information on other lines of credit and your additional cards.

*The balance on which interest for the period was calculated.

*The distribution of payments and credits on purchases and revolving and deferred charges over months, interests, commissions, VAT and, where applicable, the balance that may have been left in your favor.