Fonacot Credit Card: How to Apply for it Online

Fonacot credit cards are an alternative for employees of certain formal centers in Mexico, offering financing options for the purchase of goods.

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Fonacot has been providing excellent products for years. Here you will find information about their products, requirements to obtain their credit cards, and how to apply for them online.

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Features of FONACOT Credit Cards

The features of Fonacot institute's credit cards are easy to understand, as they are tailored for a specific audience.

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The main feature of all cards is the low interest rates, being the lowest in the current financial sector. Additionally, the credits can be granted without a guarantor, and you can start paying them two months after applying.

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Another characteristic of this sector is that credits and loans can be obtained by any employee from the public or private sector.

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However, some products are only accessible to Fonacot users, while other products at Fonacot are exclusive to either men or women.

The best thing you can do when applying for credit at Fonacot is to take advantage of the opportunity to have a clean and trustworthy credit history, with excellent installment terms available to make it as easy as possible to repay the credit.

Furthermore, the interest rates are lower than the average and accessible to Mexican families seeking financial stability.

Benefits of FONACOT Credit Cards

The features may be splendid, but the Fonacot benefits are equally impressive.

In addition to low-interest rates, credit payments are made through payrolls, and these payments can start at any time you wish, as long as the date you choose is not more than 2 months after obtaining the credit.

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Following the above, you will have terms that start from 6 and can go up to 36 months, or rather 3 years. Even the payment methods are varied, allowing you to choose the one that best suits you.

Lastly, you will have credit insurance for job loss, which will cover at least 6 months of unemployment.

Debts can be canceled for various reasons, such as the worker's death, incapacity, or total disability, easing the financial burden on the remaining family members.

Requirements for FONACOT credit card application

The requirements to obtain any of the options offered by Fonacot are similar to those requested in most procedures.

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Some of them include:

  • Being over 18 years old;
  • Being a permanent employee of a company affiliated with Fonacot;
  • Having a work tenure of at least one year;
  • Also, you must have an official identification, such as an IFE or passport;
  • Providing an updated proof of address, which should not be older than 3 months;
  • Show a payroll receipt that is no more than 16 days old and must include the social security number;
  • Lastly, present at least 2 personal references with a phone number included.

How to apply for FONACOT credit cards

Applying for Fonacot credit cards can be done either by visiting one of the Fonacot offices located throughout the country or through their online website. The latter is the most simple and fast way to access the products they offer.

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Once on the website, you will need to complete the forms with the requested information. After submitting it, Fonacot will evaluate the application and notify you if it has been approved. Fonacot credit cards are a great option. Get yours now!

It is important to note that not all cards can be requested online, some may need to be processed at the nearest branches to your address.

Cash Credit Disposition Card

The credit product of cash disposition is a financial tool that Fonacot grants to workers, as they can receive an amount equivalent to four months of their salary.

To the surprise of many, applicants for this card are given the option to start payments from 6 to 30 months later.

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The way they obtain the requested budget is very different from the usual. The money is directly deposited in your payroll, allowing the requested capital amount to be extended as far as you can.

Finally, charges begin from the following 2 months after you have made the first purchase with the requested money.

FONACOT Women's Credit Card

This is an initiative by the Fonacot Institute aimed at supporting women workers in the formal economy.

The idea is to provide protection and help grow their assets, enabling them to acquire durable goods. Additionally, the product is backed by MasterCard coverage.

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The FONACOT Women's Credit Card features credit insurance for unemployment, disability or total permanent disability, and death.

The preferential interest rate is 21.36% annually. Like the previous one, the loan amount is equivalent to 4 months of the applicant's salary, and payment terms range from 6, 9, 12, 18, 24, and 36 months.

It also includes other insurances such as Education Support, Parent Care, travel insurance, Medical Assistance, among others.

Purchases are accepted at all MasterCard-affiliated businesses. Lastly, it offers 3 types of discounts: 10%, 15%, and 20%. The credit will be approved within the next 24 hours after application.

FONACOT MasterCard Credit Card

The Fonacot MasterCard credit card is one of the latest luxury financial items available to customers.

With this product in hand, they can make any type of purchase. Having MasterCard coverage allows them access to all affiliated establishments, whether within or outside the country.

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Therefore, this card comes with an integrated chip, resulting in high levels of security, making it impossible to clone or be susceptible to fraud.

Most importantly, it comes with exclusive benefits, the first and most prominent being the annual fee completely free.

Among other benefits, it does not require a guarantor, down payment, or co-signer. Additionally, it has job loss insurance, which, like the previous benefits, will cover at least 6 months of your retirement.

Lastly, it does not generate commissions. However, it has its downsides; you must be an employee of a company.

Interest Rates and Fees for FONACOT Credit Cards

The financial institution offers the most accessible rates you can find.

The percentages may vary depending on the product, the annual debt interest rate, and the number of months to pay. However, you can check the general percentages for each service.

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The cash credit disposal card offers terms ranging from 6 to 30 months, with 10% debt level, starting (6 months) at 12.53% and an average APR of 28.5.

It ends (30 months) at 16.17% with an average APR of 29.2%. For Fonacot Women's Credit, the preferential interest rate is 21.36% for a term of 18 months.

Added to this is a 23.14% rate over 24 months at a 20% discount.

Additionally, it has a 2% credit opening commission. Finally, Fonacot MasterCard Credit has no annual card fee or cash disposal fee, but does have an average APR of 25.80%.

Who can access the loans offered by FONACOT?

The credits granted by the FONACOT institute are accessible to all workers, primarily associated with FONACOT who are working in a position within the institution or associated.

Additionally, they must be seeking to obtain a loan or credit but are unable to do so due to lack of documentation or financial requirements.

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FONACOT is primarily a government entity, created to facilitate workers, promoting low and accessible rates that employees can access. Applicants will not require a guarantor to obtain a loan or credit.

It is important to understand that loans will depend entirely on the applicant's salary, as well as the time to repay the debt incurred.

Therefore, once the application process is completed, the credit is repaid through a payroll deduction. In some cases, the process may start a few months after the initial application.

If I lose my job?

Don't worry if you lose your job, at Fonacot, you will have access to other alternatives while you are not employed.

There are 3 types of schemes that will help you: the first one is 70-30, in which you have to pay 70% of the debt, and the remaining 30% will be cleared.

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The second scheme is 20-20-20, where you pay 20% of the debt, another 20% must be repaid over the next 20 months, and the remaining 20% will be waived.

Lastly, the 50-50 scheme, where you pay 50%, and the other 50% is settled.

Contact

To contact the branch, you have two different methods. The first is by going in person to the organization, and the second is by calling through their customer service lines.

The central headquarters of Fonacot is located at the following address: Av. Insurgentes Sur No 452, Col. Roma Sur, Del. Cuauhtémoc, Zip Code 06760, Mexico.

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If you wish to make calls to their customer service center and request more information, you can contact them at 800 FONACOT (366 2268) and 55 5265 7400.

For inquiries or complaints, call 55 8874 7474 or 55 5265 7450.

Conclusion

Requesting a loan from Fonacot has many benefits; you can choose the months to pay and the type of discount you want. You will have access to a clean credit history without the need for much paperwork.

Disclaimer: All content is for informational purposes only. For more details, you can visit their official website, where you will agree to the terms and conditions that the entity manages.