Be careful before accepting a black or platinum credit card

Access to VIP lounges in airports, travel assistance and insurance, special savings and a high limit for making any type of purchase. The credit card “premium”, whether black or platinum, has countless advantages for its users. Although, also, its maintenance cost can be a fortune.

It could be said that it is the “small letter“to have the most exclusive plastics from the different banks. Something that, perhaps, many customers do not pay attention to. But This type of credit card has a high cost of maintenance and renewal.

In any case, it is also worth clarifying, many financial entities offer different types of bonuses for their customers. Whether they charge their salaries in the bank, or by a certain level of consumption monthly, these costs may not end up being passed on to all users.

“Even with having a certain sum of pesos or dollars deposited in a savings accountthe costs of one of these cards are discount“, They counted from a financial entity to this medium. The amounts depend on each bank and also, of course, on the client’s credit history.

Keeping a black credit card costs more than $100,000 a year

days ago, from one of the private banks most important operating in the country sent their Premium customers an email in which they announced the increase in the costs of maintenance. “We want to let you know that we are going to update our costs to continue offering you the best service,” said part of the email.

“As of December 2022, the monthly cost with VAT of your Black service will be $9,900. Included in that amount is the maintenance y renovation of the credit cards you have”, added the communication. That is, in case of not having any type of bonus, a cost of about $118,800 a year.

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In the last few days, many customers received emails informing them of the new maintenance costs

Credit card: packages and bonuses

Another bank, for its part, offers exclusive cards within packages with different services. And he clarifies that his clients “will obtain a bonus of 100% of the maintenance commission monthly account during the first six months from the discharge of the product”.

In that case, from the seventh month, the bonus if it meets some conditions: sum of monthly consumption in credit and/or debit card in pesos and/or dollars of $140,000; a average balance monthly account in pesos of $250.000; and monthly investments in pesos and dollars.

“If the client for some month fails with the stated requirements, Bill to the following month the commission of monthly maintenance in force at that time, since the conditions are contemplated at the end of the month”, they point out from the entity, and exemplify: “If the maintenance of your black packet It is $6.802 (VAT included) and, the previous month, you had an average account balance of $250,000, we will not charge you the 6,802 pesos”.

Another entity offers a package with a Savings bank in dollars, Debit, black credit and sure: maintenance costs between $4,995 and $6,493 per month. It is also possible, they warn, to access different types of bonuses according to the amounts of consumption.

Many banks offer bonuses to their customers for consumption or for having deposited a certain amount of money

Many banks offer bonuses for consumption or for having deposited a certain amount of money

Evolution of credit card consumption

According to the report prepared by the consulting firm First Capital Group, during August the operations con Credit cards recorded a balance of $1,751,270 million, which represented a increase of 6,1% compared to the previous month: that is, it was below inflation, which was 7%. In terms YoYthe growth was 68,1%also well below the rise registered by the IPC in the same period (78.5 percent).

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As for the consumption in dollarson the contrary, in the eighth month of the year there was an interannual increase of 255%, although “with an irregular monthly behavior”. In monthly terms, the increase was 6.2 percent.

“The increase in taxes to shopping with dollar cards has put him Brake to the expansion of this item despite the increase that has been observed in the departures of cardholders abroad”, analyzed Guillermo Barbero, partner of First.

In general terms, one of the reasons why transactions with credit cards may have fallen in real terms credit in pesosis that in many cases limits were not updated to keep pace with inflation. So many people who used plastics to financial different types of purchaseeveryday“, like the supermarket, they ran out of available balance.

Although banks usually update los boundaries of their clients’ cards between March and April, due to the inflationary acceleration In recent months, many entities reviewed (or would do so before the end of the year) the maximum amounts. Anyway, many Premium customers usually have in these cases updates of its limits so quarterly or, in some cases, even monthly. Something that, logically, does not happen with the entire portfolio of bank users.