From 2023, the Silver Credit Card It has become a gateway to the financial system for millions of Mexicans, who are looking for a line of credit.
However, what began as an opportunity today represents a conflict for hundreds of users, who through social networks have expressed their disagreement with this banking plasticbecause they report unexpected charges and false advertising.
Silver Card divides opinions by charges and interest-free months that surprise users. (Photo: Screenshot)
However, another sector of customers defends the product, attributing the criticism to a lack of financial education and urging the community to read the contract carefully before making judgments.
Various testimonies from alleged users of the Silver Card: Several clients claim that, when using the interest-free months option, they ended up facing additional charges, commissions for the use of interest-free months, an insurance policy and even contracting the Silver Plus program.
I invite you to follow our latest news every day by clicking here: https://news.google.com/home?hl=es-419&gl=MX&ceid=MX:es-419
On the other hand, some clients expressed their dissatisfaction with the initial credit limit. Well, even though the advertising highlights amounts of up to $200,000 pesos and a free annuity, the lines assigned at the time of contracting were lower than their expectations.
So, is Silver really a bad credit card? The reality is that no; Its effectiveness depends entirely on the use to which it is given. According to the National Commission for the Protection and Defense of Users of Financial Services (Condusef), before contracting a credit product it is vital not to be dazzled by advertising alone, since it is necessary to carefully read the terms and conditions.
Likewise, the agency emphasizes that knowing in depth the costs, commissions and penalties is the only way to ensure that a credit product meets our needs and payment capacity.
Silver card advertising. (Photo: Screenshot)
In the case of Banco Plata, it is not necessary to contract the credit card to know each of the charges, commissions and penalties subject to them, since on its web portal, in the legal section, which is available at the following link, it is possible to find all this information: https://bancoplata.mx/es/legal
Within this section of legal documents, the following points can be consulted:
At this point it is specified that the Annual Cost of Plastic (CAT) is 163.83% without VAT, a considerably high amount compared to other banking entities. Likewise, it is explained that the ordinary interest rate is 99.9% without VAT.
Although it is announced that there is no annuity, Plata explains in this document that an annual commission of $199 pesos without VAT will be applied, which will not be charged free of charge for the first 3 months.
This item details the operation of the program designed to recommend customer loyalty, which seeks to encourage purchases with this card, and provides a cashback scheme in certain stores.
The customer must select a category for a bonus that is applied as a credit balance on their credit card. Each month, Plata will provide a list of categories and you can choose up to 4 of them.
Purchases made with this credit card will provide a 0.5% bonus, however, if the customer is enrolled in the Silver Plus program, the bonus will be 1% on purchases made.
Be careful, this bonus could grant up to 15% cashback in some participating merchants. Likewise, the amount of the bonus is limited to $1,000 pesos and $3,000 pesos for clients subscribed to Plata Plus.
This section specifies that Plata offers its clients two modalities to defer purchases for months without interest, which are the following:
Modality in the mobile application: Customers who use their Silver card to purchase goods and services and who wish to defer their purchases through the mobile application will be charged a commission for the service, which will be calculated depending on the amount of the charge and the term.
This commission can range from 10.5% to 30%, plus VAT of the transaction amount.
MSI modality with affiliated businesses: Under this scheme, customers will be able to defer their transactions made in physical stores and websites. In this case, the commission and the term, as well as the monthly payment amount, will be shown by the establishment.
Customers who decide to subscribe to the Plata Plus program will obtain certain benefits in exchange for a monthly commission, which ranges from $39 to $99 pesos per month without VAT, which will be automatically charged to the card.
Be careful, in this document, it is stated that Plata can update the conditions of the program by notifying by said means, if you do not agree with the changes, you have the freedom to cancel the service.
It should be noted that this right will be active from the moment the client grants their consent and makes the first monthly payment.
As you can read, Plata is clear in each of its points regarding commissions, charges and penalties, so it is advisable to follow the recommendations of the Condusef, and before contracting any product, it is important to read the contract in detail, as well as the terms and conditions subject to the plastic. About the author: Daniel Fitta He is a journalist passionate about personal finances; write every day in OfMoney of The Universal.
