Have you been offered a credit card while in a shopping centre, a railway station or at the airport?
It may just be a loyalty program card with which you can accumulate points, get discounts, promotions, etc.
However, you may have been offered a credit or debit card issued by a credit institution that may also be used for purchases. If this is the case, you must pay attention.
Take your time and ask as many questions as you need before signing any contract, such as:
- Which credit institution has issued the card
- If there is a maintenance or issuance fee
- What payment methods does it offer: instant payment, with instalments, fixed payments...
- Interest rate applied for each payment method
- Credit limit
- Default payment method and how to change it if it’s not the one you want
Remember that paying only a small amount may seem like a good idea, but it hides an important risk: for instance, with revolving cards, interests are usually very high, so if the instalment does not cover the accrued interests, the pending debt will be increased and repayment will be never-ending. Check it out yourself with our simulator.
People selling them will normally request your personal details (name, address, account number in which repayments will be charged…) and will later send you the contract to your home address. Read it thoroughly and remember you have 14 days to terminate the contract if it doesn’t meet your expectations.
To learn more about the different types of cards available, click here