2023-11-19 23:38:14
A credit card It is a tool that allows a person to access a loan that is granted to them by a financial institution. However, this amount must be return in a certain timeotherwise the user runs the risk of generating interests and thus, escalate your debt.
By having an instrument of this nature, its bearer acquires several responsibilitiesalthough you also get many benefits (depending on the banco with whom you opened your service and the characteristics of the contract you signed).
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Between the main virtues If you have your own credit card, you will find:
According to the credit limit, its users can take money anytime a credit period passes. emergency
They generate a good credit historythis is how account holders will later be able to obtain mortgages or loans to access a car. Many credit cards offer rewards for using them. For example, months without interest, money back, airline miles and other things
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How do you know which credit card is the most convenient?
For what purpose will the credit card be used? That is the first question that anyone has to answer before starting to use this type of plastic.
Additionally, you must understand your financial situation. Calculate your income, monthly expenses and existing debts. This will help determine how much you can afford to spend and pay.
For this reason, the National Commission for the Protection and Defense of Users of Financial Services (Condusef)published the commissions, or additional costs, that different credit cards bring with them.
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Glossary of credit card fees
Annuity, replacement of plastic due to theft and loss, inappropriate clarifications, collection expenses, withdrawal of money at ATM and total annual cost (CAT). These are the main extra charges that you should look for when choosing a credit card.
1. Annuity
The credit card annuity is a fee that card issuers charge cardholders as a fixed annual cost for continued use of the card. This fee is usually paid once a yearand its amount may vary depending on the type of card, its characteristics and the card issuer.
2. Plastic replacement due to theft or loss
The “amount for replacement of plastic due to theft and loss of credit card” is a fee that financial institutions charge cardholders when they need to replace their plastic. It usually covers the costs associated with the issue and sending a new credit card to the owner.
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3. Inappropriate account clarifications
The bank charges this amount to its customers when they make claims for unrecognized payments and it is demonstrated that there is no reason for complaint.
4. Collection expenses
Los collection expenses on credit cards are additional charges that a credit card issuer may apply to your account if you have incurred a late payment and your account has been sent to a collection agency. These expenses are imposed as a way to offset costs associated with managing and recovering delinquent accounts.
5. Cash credit provision at own ATM
As its name indicates, this commission It arises when a person decides to use the credit they have through an ATM of the same financial institution.
6. CAT
He Total Annual Cost, is a financial indicator that communicates the total cost of a credit or loan, including all charges, interest and commissions that must be paid throughout a year. In the context of a credit card, the CAT provides
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