Although during the pandemic the use of the credit card was reduced, compared to the debit card, it is a financial product that, used correctly, can bring benefits to your quality of life, do you already know how to use a credit card correctly?
© Pixabay
Although data from the Bank of Mexico indicate that around 26.3 million cards were issued in the country, there are still many doubts among users of the financial system about their proper use.
Load Error
–
Having a credit card without understanding its operation as much as possible has led many users to incur debts that they cannot pay later and which are reflected in financial instability. Banco de México says that 8 out of 10 Mexicans do not know how to use a credit card.
The fintech Stori did an analysis where it detected the most common problems that people have when using a credit card, maybe you have some of them.
1. Thinking that it is an extra income
One of the most common situations among those who have a credit card is considered an extension of your salary.
The reality is that it is money from the bank that sooner or later you will have to pay, and so that it does not become a problem, you should always take into account your ability to pay to avoid over-indebtedness.
The credit of your credit card is money that helps you but that you have to pay.
2. Not knowing the payment and cut-off dates
Users must be very attentive to know the payment and cut-off dates to be clear about what purchases or payments come in and when they must be paid.
This is one of the most common errors that eventually diminish positive points from users and eventually lead them to be in the credit bureau.
Not knowing when you have to pay your card can lead to forgetting that you will pay with a moratorium interest rate. While not knowing the cutoff will prevent you from managing the time in which you will make your payments.
3. Use your card to the limit
Having a certain amount of credit does not mean that you have to use it all in the month, it is best to plan which payments you should make with your credit card and which others are better to do in cash.
Having the card at the top only indicates that you are not calculating your ability to pay, and that it can soon become a problem if you are not a totalero.
4. Do not pay for purchases in months without interest
The months without interest They are the possibility is one of the most attractive of having a credit card and even so, Stori, found that not many people use it and prefer to make the full charge to the credit card.
If you consider paying in months without interest, you must bear in mind that these must be counted in addition to the minimum payment, otherwise you will lose the plus that they are without interest.
You should also consider that this payment method works especially for durable consumer goods, and that the ideal term to pay, in most cases, is 6 months.
5. Not paying the credit card
It might seem very obvious, but along the way, many people choose to stop paying their credit card, in some cases because the debt has already grown too large.
You always have the option of approaching the bank to find a personalized plan, even considering the possibility of consolidating your debts, so that this does not affect you in the long term.
6. Have more cards than can be managed
If a user has not yet mastered the use of one card, it is not recommended that they access another. The ideal is to have a maximum of 2, and that with reservations.
There are cards that are very simple to use and that are a great option for people who are beginning to manage their finances or who have previously had problems with others for their management.
And you, do you have more questions about how to use a credit card? Share your comments at [email protected]
ALSO READ: How should you prepare for a mortgage loan? Here are the factors that you should take into account
Discover more stories at Business Insider México
Follow us on Facebook, Instagram, Twitter Y LinkedIn
–
