What information can you request if you have a revolving card?
The use of revolving credit cards involves a certain complexity and entails certain risks that you should be aware of before obtaining one. Therefore, this product requires additional information in order to be clear about the debt generated with the bank and when it will be paid off, as dictated by Ministerial Order ETD/699/2020 of 24 July.
During the term of a revolving card contract, you can ask your bank for the following information:
The settlement document, the information it has already provided you with previously, at least on a quarterly basis. It should specify, among other things, the estimated date on which you will finish paying off the credit and the total amount that you will end up paying in principal and interest, if you do not make any more withdrawals or modify the instalments. Also, if the repayment instalments are less than 25% of the credit limit, it should include the possible savings scenarios, i.e. simulating the amount of instalments you would have to pay if the repayment instalment were increased by 20%, 50% and 100%, together with the total amount you would end up paying and the date on which you would finish paying off the debt.
The detail of the amounts paid and the outstanding debt with a breakdown of principal, accrued interest and fees with dates, amounts and concepts. This is a history of the credit line so that you can check whether the amount owed matches what you have been using.
The repayment table with the balance drawn down, on a reference date and with the instalment established at that time. As if it were a regular consumer loan, it tells you the future instalments and their dates, as long as the instalment or the amount drawn down remains the same.
Can you be charged for this? No. The information must be provided free of charge and you can request it at any time. Although other information provided by your bank is usually free of charge to the bank customer, revolving card statements may incur a fee if it is information that has been provided to you before by other means.
The aim of this information reinforcement in transparency is to help you understand how this product works and the economic consequences, thus avoiding excessive indebtedness.