Plata review

Plata's APR is 164.2%, above the 10.5% median and the 20% upper quartile for credit lines here. The rate sits at the expensive end of this group, so the balance kept drawn down matters more than a small discount elsewhere.

The annual fee is 0 MXN annual fee (waived, promotion until 28 September), and the waiver is tied to a promotion. Once that promotion ends the fee may return, so the account is cheapest for applicants who keep the line active through the offer period.

The credit line reaches up to MXN 200,000, a higher ceiling than the €885.74 median amount among credit lines here. Because it is a revolving line, interest applies only to the balance in use.

Repayment runs 3 to 12, shorter than the 36 median term for credit lines and well short of the 60 upper quartile. A balance left outstanding therefore has to clear faster than on a longer product.

The credit check is hard, meaning a full file search rather than a soft prequalification. Applicants with a thin credit history can be declined, so checking the file before applying avoids a wasted application. A hard check is also what 74.3% of credit lines here use.

Plata is supervised in Mexico by Banco Plata, S.A., Institucion de Banca Multiple under the CNBV (Comision Nacional Bancaria y de Valores). As a direct lender the contract runs with the bank itself, so there is no separate intermediary when a payment or dispute needs attention.

Funding follows the card: Card delivered the next day after applying. Once the line is approved and the card arrives, you draw against the limit and repay within the agreed term, which suits applicants who want access quickly.

Support runs through phone, chat and email, so a question can go by phone, chat, email or the help centre. Phone suits urgent balance questions, while email suits anything that needs a written record.

Plata operates in a single market, MX, so an application from another country will not fit a Mexican credit file. Borrowers resident elsewhere should look at a lender in their own market instead.