Key tips to avoid costly mistakes – 2024-08-02 01:26:45

The credit card is a very commonly used means of payment today, but it is essential that the cardholder is correctly informed on the conditions set by the issuers.

For example, the bank must provide data on the interest rate annual, the detail of the commissions y surcharges applicable, as well as the late payment interest rate and other charges.

It is also very important to find out if An annual membership fee is paid for use. In some cases, a refund (extorno) can be requested, but this depends on the card category and other requirements established by the banking entity, such as complying with a fixed annual or monthly consumption and being punctual in payments, to name a few.

The acceptance from a credit card It can be direct or expressthat is, the user has signed a contract or has expressed his acceptance to the issuing institution; but it can also be tacit, when the person starts using plastic.

Previous information

Before accepting the card, it is essential to take certain precautions to ensure that this means of payment It adapts to your needs and expectations:

1. Review the conditions offered by the issuers.
2. Find out about interest rates.
3. Choose the card or category that best suits you.
4. Read the card contract before signing.
5. Find out how many cash withdrawals you can make without paying commission.

It is also essential never reveal the unique card numberconsisting of 16 digits, neither the CVV, CVCverification code or security code, consisting of three or four digits (located on the back).

Never share the card number (16 digits) or the security code CVV, CVC (3 or 4 digits). (Photo, Prensa Libre: Freepik)

Use tips

Juan Lopez (fictitious name) relates that, To this day, he maintains an aversion and fear towards the use of credit cards. Explains that, upon receiving your first card, Initially he experienced enthusiasmbut soon he found himself in trouble by over-purchasing and not taking the time to understand the necessary terms. This lack of information led to financial difficulties.

During the first month, Juan made only the minimum payment required y I was unaware of the concept of cutoff date . In the second month, your cash payment exceeded their income because, in addition to covering expenses not reflected in his first statement, he had to face late fees. Added to this were the purchases he continued to make.

Finally, chose to ignore his debt, which resulted in a increment superior 200% of the amount owed. Over time, this situation led the bank to request precautionary measures such as the seizure of bank accounts and part of his salary, in addition to rooting.

To avoid these negative experiences, it is advisable follow these tips:

1. Use it to facilitate payments within budget and cover payments on time.
2. Review account statements and verify consumption, withdrawals and payments made.
3. Keep a record of purchases and withdrawals. Review account statements and verify the time available to request clarifications on transactions.
4. Know your credit limit, cut-off date, and maximum payment date.
5. A card should not be considered extra money, as it is a loan that must be repaid on time and under the agreed conditions.
6. If another bank or the same bank offers a new card, it is best to compare the options to choose the one that best suits your needs. And consider cancelling cards that are not used.

6 benefits

If used effectively, A credit card offers benefits that facilitate the Financial management and provide comfort in various situations:

1. It represents a financing opportunity.
2. Buy in installments during the time established in the contract, without paying interest and surcharges.
3. Provides the security of not handling cash.
4. Most commercial establishments receive payments through this means.
5. Cash can be withdrawn from ATMs, subject to the conditions and charges established by the issuer.
6. It can be used in national and international territory.

If you manage your credit card properly, it can even help you with financing opportunities for housing or vehicles. (Photo, Prensa Libre: Freepik)

What is a debit card and why is it useful?

They are size and details are the same as a credit card. With the difference that It is a means of payment that the banks They are given when opening a savings or monetary accountin which a certain amount of money is deposited, which can be used later. benefits and utilities They may be:

1. Make purchases without needing cash.
2. Only the money available in the account can be spent.
3. Make purchases without paying interest.
4. Cash can be withdrawn from ATMs. It is necessary to know which ATMs are authorized.
5. Manage money better.
6. Better control of expenses.
7. It does not involve debts.