Among the information available in your account statements, there is a commission that you must cancel annually. To find out what annual credit card membership is, continue reading this article.
What is the annual membership of the credit card?
The membership commission, or annual membership, is an annual charge made by financial institutions to their cardholders. This payment is originated by the administration expenses of part of the benefits granted by the credit card. For example, the insurance packages they offer to their owners and the international assistance network.
Financial institutions periodically tell you the amount of the membership commission generated by your card. And in case this does not happen, it is your duty to be informed about this amount so that you avoid inconvenience. Depending on the franchise and credit card category you own, the annual membership can mean hundreds of MX pesos. In the event of any carelessness, said contractual obligation can unbalance your personal budget.
The annual membership of the credit card is an established amount that does not depend on the consumption made with it. Then, it is false the belief that by making little consumption with your card you reduce this fee.
Is there a way to waive the annual membership payment?
Some financial institutions offer promotions to their cardholders, in which they assume the payment of this commission. These promotions are generally conditioned to a minimum consumption level, to which other requirements are added.
For example, the BBPA Bank exempts the card membership payment when the monthly consumption is high. Some consumptions are not considered valid for this promotion, such as that made in casinos. The card has a security chip, which for greater security contains your data encrypted. Also in relief you can see the card number, and the issuance and expiration dates. Your name is also printed on the back, although in flat print.