The National Commission for the Protection and Defense of Users of Financial Services (Condusef) said that the payment of 0% interest is a smart way to use the credit card. Sounds easy, but how? Basically, following three key recommendations:
1. Do not sign more than they can afford.
2. Buy after the cutoff date.
3. Liquidate the total consumption in the date.
The agency also said that today there are various credit and loan options in the market, but some of them are expensive. “Pawn shops, for example, where they can charge up to 13.5% monthly interest on borrowed money, whereas if we use our credit card wisely can finance up to 50 free days, which would save up to 20 %, “says in a statement.
The Condusef argues that the most important thing is to become familiar with some concepts with the aim of using the plastic properly. Thus, the cutoff date is the day of the month that ends and begins a new period of what is spent, and the deadline is the one with the cardholder for payment and not fall into arrears, and where banks generally provide 20 calendar days.
The minimum payment is the amount to deposit to the bank to avoid falling into arrears, and payment for non-interest is the total amount of consumption made during the period and must be paid in full, and must include the monthly payments promotions.
Meanwhile, the period is the start and end date that includes a cycle ranging from 30 to 31 days.
Thus, cardholders who pay 0% interest are those that use the card as payment in lieu of cash, and pay the total consumption made in the period, taking 50 days of funding granted by the bank and are fitted between the cutoff date and payment date.
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