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Ministry of Economy launches the first credit card cost comparator

Authorities assured that the tool will facilitate the free choice of consumers and will allow them to take advantage of financial portability.

The Minister of Economy, Lucas Palacios, together with the national director of the National Consumer Service (Sernac), Lucas del Villar, presented the first credit card comparator that allows consumers to compare the maintenance costs of their own plastics and those available in the market.

The comparator concentrates information on 194 current cards, including those that are no longer offered, but are still used by some consumers. Currently, there are around 15.4 million bank and non-bank credit cards in force in the country.

Palacios explained the difficulties faced by card users, “when the passbook arrives, many times it was difficult to understand it and we have already solved that with the summary of the passbook, but now we also want to know if our credit card and the payments we are making doing, they’re competitive, they’re short or they’re not.

Faced with this reality, “This new credit card quoter allows you to compare the prices of the different cards, the maintenance, the different payments, the installments and the interest rates”, said the Secretary of State.

The director of Sernac explained that “this tool is unique in its kind and will be very useful for consumers, since It will enable them to make more convenient consumption decisions for their pocket, which should also have an impact on avoiding over-indebtedness”.

He added that “It will be an incentive for the same companies to compete for better conditions, simplify their contracts and provide more information.”

The authorities assured that the tool will facilitate the free choice of consumers and will allow them to take advantage of the right to financial portability to switch to the most convenient options.

The platform

The comparator is hosted on the Sernac site. Consumers will be able to access two options, depending on the information they wish to know.

If the consumer agrees to “I want to compare credit cards on the market”, You will be able to compare the different charges applied for the use of the product and the Total Credit Cost of the different cards in an operation for $100 thousand in 12 payments and without grace months.

When performing the exercise, you can include filters such as the name of the financial institution, monthly income, type of operation (national / international), among others.

You can also select the type of card you want to review, for example, if it is a bank or financial retail card. In all the categories mentioned above you can choose the “all” alternative or select the options that are of interest to you.

Once the options have been selected, consumers will have the possibility to compare credit cards through three alternatives: commissions, the cost of buying in installments and the cost of requesting a cash advance.

If the consumer chooses “I want to know the costs of my credit card”, The option will show you the information of the maintenance/administration commissions based on the period of one year and also includes transaction commissions.

At the time of the exercise, consumers must choose their current card institution, and then select the name of their credit card.



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