Cofece warns of 21 banks: they are charging fees on credit cards.

The Federal Economic Competition Commission (Cofece) issued an alert after detecting that 21 banks and financial institutions operating in Mexico may be charging coordinated fees for using deferred payment methods with credit cards .

According to a lengthy 649-page document obtained by Reuters, preliminary findings suggest these institutions met periodically to set surcharges, which were then formalized in regulations and applied collectively, directly affecting consumers.

Among the names involved in the investigation are Mexican subsidiaries of HSBC, Santander, and Scotiabank , as well as national banks such as Banorte, Inbursa, Banco Azteca, Afirme, Mifel, Banregio, Banjercito , and others.

The investigation began in 2022, when Cofece detected potential absolute monopolistic practices in the deferred payment market , that is, the method of financing purchases in monthly installments using a credit card.

Simply put, banks would agree on how much they charge you to defer a payment , rather than competing to offer better terms.

This affects millions of people who use their cards to make installment purchases, thinking they're accessing benefits, when in reality they may be overpaying due to agreements between financial institutions.

Furthermore, according to the report, some operators have been excluded from the market, limiting end-user options and affecting real competition.

Although the full list includes 21 institutions, some of the notable names include:

• HSBC Mexico
• Santander Mexico
• Scotiabank
• Banorte
• Banregio
• Banco Azteca
• Inbursa Bank
• Banjercito
• Affirm
• Mifel
• Liverpool PC
• Soriana Financial Services
• Caja Morelia Valladolid
• Cards of the Future
• Oplay Digital Services
• Klar Technologies
• Famsa Savings Bank
• Crediclub
• DAL Friend Network

If anticompetitive behavior is confirmed, fines could reach up to 10% of the sanctioned companies' annual revenue, although no criminal consequences are contemplated.

If you frequently use the “interest-free months” or “deferred payments” system, it is important to:

• Review the CAT (Total Annual Cost) and the fees your bank charges you for each transaction.
• Compare with other institutions to see if there is a significant difference.
• Check with the Financial Institutions Bureau of Condusef to see if your bank has received complaints about this type of charges.

You can also ask your bank directly if the deferred payment service generates interest, extra fees, or early penalties , something that often goes unnoticed at the time of purchase.

If you believe your bank has charged you improperly or has not been transparent about the terms of your installment payment: