Regulatory Alerts2015-11-10 | Circular 13/2011Added
Circular 13/2011 — Minimum Payment for Credit Cards
The Banco de México establishes a mandatory formula for calculating the minimum payment on credit cards to ensure partial principal amortization. Issuers must charge the greater of either 1.5% of the revolving balance plus accrued interest and VAT, or 1.25% of the credit line limit, with specific transitional percentages applying from September 2011 through January 2013. The regulation applies to unregulated multiple-object financial societies, popular financial societies, savings and loan cooperatives, and fiduciary entities providing public financing.