May 17, 2022

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Credit Cards: Find out the transaction fees for each

Credit Cards: Find out the transaction fees for each

| Photo: Andean Agency

Credit cards are used to make purchases, advances, or emergency coverage for some unusual expenses. However, financial institutions have Various handling fee rates To adopt this plastic.

Andres Rojas, Vice President of Corporate Affairs at the Association of Banking and Financial Entities in Colombia (Asobancaria) told the newspaper. Republic:

“The handling fee is associated with products that have the added benefits of simple card use, 24/7 quota availability or the availability of a local or international ATM network.”

Some of the benefits mentioned by the expert are life insurance, travel insurance, alliances with businesses and restaurants or mileage accumulation.

It is important to keep in mind that when purchasing a credit card, Each bank has different conditions. Some don’t charge if they haven’t been used for a month, some start requiring them after the first year of release and some charge a handling fee each month regardless of use.

In turn, each bank issues different types of cards, which It depends on the credit score of its users. They are divided into: classic, basic, gold and platinum, and each has a quota that determines the borrowing capacity of each customer.

These are the handling fees charged by each bank:

the West Bank It has the highest rate in the market. Her classic card has a fee of 80,333 pesos, which is charged quarterly in advance. In the gold version 92,333 pesos and platinum 102,833 pesos. This financial institution has MasterCard and Visa credit cards.

the Banco Ave Villas It is the second in the list and also contains both types of cards. In its classic version, the customer must pay 79,950 pesos each quarter in advance, while in gold the fee is 87,950 pesos and platinum 96,950 pesos.

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The third is Social Housing BankThe classic card is priced at 65,400 pesos, to be paid quarterly in advance. The gold version costs 78,750 pesos, while the platinum costs 85,200 pesos. This financial institution also owns MasterCard and Visa cards.

the Pichincha Bank It ranks fourth with a management fee of 60,900 pesos in its classic version, which is paid quarterly in advance. Gold Card 66990 pesos Platinum 89900 pesos.

Fifth place goes to the bank GNP SudamirisWith a handling fee of 58,600 pesos in its classic version. The price of the gold card, every quarter ending, is 66,900 pesos and 89,900 pesos for the platinum type.

It must be remembered that, according to the Financial Supervisory Authority of Colombia (SFC), “financial cooperatives and finance companies have more attractive rates compared to banks,” as emphasized before Republic. It is also clear that Plastics that are not franchised and handled directly by the financial institution also have low handling fees.”

In this sense, the following financial entities offer the lowest prices in the market to consumers:

the Juriscoop Financial She has an administration fee on her classic card of 18.00 pesos, which is charged every month in advance. It is followed by the Coopcentral with 21,000 pesos; Coltefinanciera: 21,100 pesos; Bancomeva, for 21,352 pesos; Itash, b. 21,400 pesos; Banco Popular, at 21,700 pesos; Agricultural Bank, with 22,150; BBVA, at 22,800 pesos and Davienda, at 23,800 pesos.

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