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Payment deferrals have become a very common resource for customers who make purchases with a credit card. This possibility of postponement can be offered to the customer "after the purchase, on the Web or App or at the same time as making the payment in the store, at the POS itself", according to the Bank of Spain.
However, from the entity they wanted to alert all buyers who make use of it about the care that must be taken when making use of this option. This free payment offered by some credit cards may entail the charge of "interest, a commission or both".
[Criticism of the new deferred credit cards similar to the 'revolving' for their skyrocketing costs]
Thus, on the official website of the Bank of Spain, they plant four keys to follow to avoid problems when postponing your payments.
The keys to deferment of payment
- This form of payment is different from the one you normally use on your card, whether it is interest-free or revolving at the end of the month, and it only affects the specific charges to which the applis
- It implies using the credit limit that you already have granted
- This deferment may be free, but you may also be charged interest, a commission, or both.
- These conditions must be included in the contract you signed, or in any update that your entity has communicated to you. It is important that you review all credit payment methods that support your card
Recommendations to defer payments
At the time of postponing payment, the Bank of Spain has also warned about the dangers that this may have. Although this postponement can "be very tempting", it must be remembered that "it generates a debt that you will have to pay in the end".
For this reason, from the entity they recommend "not authorizing with your PIN or the OTP that they send you without clearly knowing the conditions that will be used (types, term, commissions, APR, early cancellation, withdrawal period...)". In addition, they ask you to ask yourself “what happens if you return the product you financed”: if the financing is canceled or if it will remain vigilant pending your early cancellation of the deferment.
['Buy now, pay later': the risk of consuming without control]
