In addition to knowing the interest rate charged, the credit quota and some advantages offered by banks to use the credit card, FinanzasPersonales.com.co tells you what you do not know about your plastic money.
Eight things you do not know about your credit card Eight things you do not know about your credit card
Not necessarily you should know everything about your credit card, even if you carry with it some years, you might be surprised with a couple of things. Interest rates, quota, and terms are not all you need to know. Here a list of details that go unnoticed.
- The interest rate is not always the same
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If you are one of those who believes that the bank is charging you the same interest rate as when you started using your card, then you are wrong. Banks have the freedom to change the interest rate according to market conditions. It is important that you know that these new rates apply for new purchases you make and the law requires entities to notify you in the case of change. That is why it is important that you do not ignore the communications coming from your bank, remember that not all are charging, there are many that come as protection for you as a financial consumer.
Remember also that if you go past the payment deadline, the interest rate that you are charged for the days of arrears is also different and often reaches the rate of usury. In many countries, it is possible not to accept the new rate and reach an agreement with the bank to maintain it, in Colombia this privilege is not yet available.
- Balance Returns
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If someone makes a purchase online and never arrives or appears in your statement a purchase you did not make, credit cards give consumers protection where they have to make the money back, after having done all the return procedures With the seller and the respective investigation into the possible cloning or theft of your credit card.
- Best chip card
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There are many credit card terminals in the world that accept only chip cards and not magnetic stripe cards. Then, it is better that before traveling makes sure that your card has this new technology so you do not have a bad time without being able to use your money in another country.
- Fixed rate and variable rate
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The fact that your credit card has a fixed rate today does not mean it always will. Just as issuers are free to change the interest rate, they can also change the calculation mode. However, under the Financial Consumer Protection Act, the bank must advise you of the change before it becomes effective.
- Balance of purchases and advances
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Some cards have limits for the purchase of products in stores of commerce and assign another one for the advances in cash. Therefore, before making your transactions make sure that you have enough resources to not generate extra expenses.
One strategy to keep your credit quota in check is to review your statement carefully and use the electronic channels that banks make available to be informed of your statement.
- For Online Payments
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Making payment of your credit card fee at the bank branch has an advantage, and is that it guarantees that the payment will be credited the same day. Although it is not as comfortable as electronic payments, if you are the one that is expected to make the payment until the last day, then it is better to do so. Otherwise, payments at the ATM, Internet and Mobile Banking, in addition to being more comfortable, are very efficient, as long as you follow all the recommendations of your institution to do them.
- If the statement is late, you must pay
Not receiving the credit card statement does not exempt you from having to make the payment by the deadline. Therefore, it is very important that the moment you receive a check and ask what is the cut-off date and the payment deadline, to be outstanding and make the payment. If you do not, you will have to accept the charge for days of arrears and even a negative report on the risk centers.
- Report to the risk centers
When you stop paying your credit card for 60 days, the bank must inform you that it will be reported to the risk centers, in case it is a mistake you can go to your entity and avoid making a report that is not correct