Regulatory Alerts2011-05-10 | Circular 10/2011Added
Circular 10/2011 — Modification of Credit Card Rules
The Bank of Mexico modifies the transitional regime for determining the minimum payment on credit cards to address computational challenges faced by financial institutions. The amendment establishes specific percentage thresholds for the minimum payment calculation: 0.5% from January 3, 2011, to January 3, 2012; 1.0% from January 4, 2012, to January 3, 2013; and 1.5% starting January 4, 2013. Additionally, the 1.25% percentage provision becomes effective on January 4, 2013. Issuers are permitted to set a minimum payment higher than the amounts specified in this transitional rule.