Credit cards are a very convenient payment method, since they allow you to defer payments and, usually, the collection is made at the end of the month or even the following month and not at the moment, Just like with debit cards. However, using these options associated with a credit card are not always as beneficial as they may seem or, at least, we should know what we are up to when we use them to avoid future problems, as is the case with revolving cards.
Credit cards usually work with a pre-granted amount of money on that same card from which the various expenses that we charge are deducted. For this same reason, depending on the amount to be paid, you can use the option to defer or split the payment (with or without interest). Everything will depend on the amount of money that the cardholder has pre-granted, as if it were a loan, on it.
At the time of selecting, at the same time of payment or, later, from our online profile of the bank, the option to defer payment of an amount charged to our credit card A series of factors and variables must be taken into account. The Bank of Spain advises, first of all, to understand the dynamics of this payment method and to know that it is a system that is applied only to the charges that we select, not to all of them.
Commissions and interest
Once we know that not all our payments are going to be magically deferred, It must be taken into account that the use of this deferment implies making use of a credit limit granted and that can be free, but can also involve the payment of interest or a commission.
To know all this data and information, especially before paying or authorizing any movement of this type on our credit card, It will be necessary to go to the contract signed at the time of delivery of the credit card. All the conditions of the service must be reflected there, from the types, the term and the commissions to the early cancellation or withdrawal period.