In the last week of May, CONDUSEF (Mexico's financial-consumer watchdog) published its semiannual Weighted Average CAT report, the figure that captures what banks actually charged borrowers over the previous six months. It's the clearest public X-ray of credit pricing in Mexico — not the rate you see in ads, but the one customers actually signed for.
Personal loans: banks held steady, SOFOMs took a hit
Across private banks, average CAT (Costo Anual Total — Mexico's all-in annual cost figure) stayed between 38% and 47%, with BBVA at the low end and Scotiabank at the high end. Moves on the order of half a point — nothing worth a headline. The real story is outside traditional banking.
Online SOFOMs — Kueski, MoneyMan, Crediclub — averaged 218%, against 187% in the second half of 2025. That's two extra points a month, sustained. The going explanation: delinquency in the subprime segment has risen, and risk models are passing the cost through into the rate.
Cards: the pecking order didn't change
Nu is still the cheapest among no-annual-fee cards on the list (55% average CAT). Hey Banco trails closely (58%). On cards with an annual fee, Premium clients at BBVA or Santander are paying 5 to 7 points below the headline rate, but that number doesn't show up in public reports — you only see it when you talk to your account executive.
Mortgages: half a point, a lot of money
BBVA reported 11.4% average CAT on fixed-rate mortgages, Santander 12.0%, Banorte 11.8%, Scotia 12.4%. On a two-million-peso loan over 20 years, the half-point gap between BBVA and Scotia adds up to roughly 280,000 pesos over the life of the loan. Not trivial.
What this means if you're about to borrow
If the plan was to refinance a card with a personal loan, bank rates are right where they were — the window is still open. If you were thinking of tapping an online SOFOM, do it only for the smallest amount and shortest term you can stomach; the effective price has climbed for two semesters running and hasn't hit a ceiling yet.
The full report is on condusef.gob.mx, under Average CAT. Worth reading before you sign for any new plastic.