The use of a credit card goes beyond emergency situations, because this product is related to the customer’s credit history, so using it is appropriate, as long as it is done in the right way and it is taken into account that many of them offer different benefits. Here are three tips.
Use it for current expenses and without fees
The most efficient and rational way is to use the card in direct payment or without installments, as this avoids charging interest on purchases made. “In a credit card the interest is high, so you should not normally pay for consumption in installments,” said
However, said Ojeda, this manages a condition, to be able to know that the accumulated amount of purchases made can be effectively paid in full at the end of the month. “If I put the payments without installments, and finally only meet the minimum payment, it would already generate interest on all goods and services consumed,” he said.
In relation to this,
If this is the case, opting for installments would be an option, but the recommendation would be to take out a personal loan, which would have a much lower interest rate than the card. “If I earn S/. 3,000 and the product to buy costs more than S/. 1,000, then the best thing would be to split it, but through a loan, because the payment with the card is very expensive, since the rates are higher than 50% in banks,” he said.
In the same vein, Ojeda noted that the rule of paying for purchases without installments is limited to low-cost goods such as food, clothing, among others, so to acquire, for example, appliances such as a kitchen or television, it would be best to pay in installments, but with a loan.
“It is preferable to make a loan with preferential credit, because the interests will be much lower than those of the credit card. Any major expense that might involve paying in several installments is best framed as a loan,” he said.
Map your card offers
As part of the competition between financial institutions, many of them offer promotions and discounts in different establishments, which play in favor of consumption in food, higher value products such as appliances, travel, among others.
“It is recurrent that discounts are offered in stores or restaurants, some even offer to accumulate miles or points for future trips. When you are going to opt for a credit card, you have to look at the conditions or benefits, and evaluate them according to your consumption profile,” Ojeda said.
He added that there are credit cards that offer so-called “interest-free installments,” which would make it convenient to buy products with the card in multiple installments. “In these cases it is optimal to make use of the consumption in installments, because the total amount is divided without additional recharge for interest card,” he said.
Attach it to a recurring service consumption
According to Ojeda, many entities exempt the payment of membership cards if they have a fixed consumption related to the payment of telephone, cell phone, streaming services such as Netflix, among others. In that sense, you can generate savings with payments already scheduled.
“Some memberships, which mean an annual payment, are covered with the consumption of every month or with some service. This can be taken advantage of, since they are expenses that are going to be paid anyway,” he said.
It should be noted that there are cards that do not charge membership, but it is possible that these do not have associated benefit programs.