Many people are replacing cash with other payment methods based on technological advancements such as digital wallets, Bizum, credit cards and debit cards. This is a growing trend. Although credit card payment cards are not new, there have been some changes to their functionality and form. You can activate or deactivate them from the entity’s App or website. Additionally, you can register it in mobile payment apps on your smart watch or mobile phone and pay with these devices just as if you were actually present. They can also be used to make online payments.
Banks often offer the option to defer payment for charges exceeding a certain amount. This is charged according to the card’s credit limit.
The possibility of postponement may be raised after purchase via the App or Web of your entity (some communication might be received by SMS or mail announcing that the client has the option of postponement), or at the time of making payment at the store at the POS.
This payment is different than the one you normally use on your card. It can be end of the month without any interest or revolving and it only affects the charges that you applied it to. This means that you can use the credit limit already granted.
The deferment may be free but banks could charge interest, a fee, or both.
These conditions should be in the contract you signed or in any update your entity has sent you. However, since the client may not have used this method of payment before, experts recommend that you review all credit payments supported by your card.
You may be tempted to delay payment. However, you should always remember that deferment creates a debt you will have to repay. Do not authorize it with your PIN or OTP without fully understanding the terms and conditions (types), term, commissions and APR. Also, you need to know what happens if the product is returned. This includes whether the financing was canceled at the store or if it continues as normal.
