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Credit Card: Should I buy in cash or in installments?

Shopping, shopping, shopping! Payday coming up and you’re already thinking about the month’s fixed spending, right? If you haven’t read our post on financial planning yet, it’s good to start here . Payday or not, sometimes we have variable expenses in the month, such as medicine, personal contingencies and the like.

Since these expenses are variable, you might consider paying them with your credit card, right? Behold the doubt arises: in sight or in installments? Fundico knows this question and has selected some tips to help you decide:

 

Cash payment by credit card

Cash payment by credit card

  • Cheaper : after all, when we pay cash, we can always bargain that discount at the end of the purchase. Also, when you choose this mode, you usually have the entire amount saved;
  • Security : Both cash and installment credit cards are safer than cash, especially when the purchase you want to make is of a high value;
  • Free limit for next month : In addition to the advantages we quote, when you pay in cash, it ensures that next month your limit will be 100% free, which would not be allowed if you had paid in installments. But remember that if you can’t pay the full invoice, it will go into revolving credit and it has the highest interest rate in Brazil, rising from 440% per year!

 

Credit card installment payment

Credit card installment payment

  • Security : As we said, both cash and cash, the credit card is safer than cash, especially when the purchase you want to make is of a high value;
  • Lighter Budget : If you choose to purchase in installments, your monthly budget will be lighter because you will pay for the purchase according to the number of installments, which correspond to the months. So if you split in three times, for example, you will finish paying in three months;
  • It can be more expensive : the cheap can be expensive too. In some establishments, installment payments may come without interest, but will not always be the rule. That is, some purchases you make in installments may incur interest on the purchase price, which adds to the interest on revolving credit, if you do not pay the invoice to maturity. So be very careful when making any installments with interest and always ask the Total Effective Cost (CET) of the purchase;
  • Lower limit next month : By splitting the purchase, your budget gets lighter, but you get the limit like a cash purchase. The difference is that in this mode the limit will return to normal when you pay off the debt. For example, you made a purchase of $ 150 and split it three times, that is, for three months you will pay $ 50 and at the end of that period you will have your limit back.

 

Ended up with revolving credit and your debt increased?

Ended up with <a href=revolving credit and your debt increased?” />

Look for a debt transfer and switch to a lower interest debt! Have you thought about personal credit? Fundico can be the solution! The granting of credit by the company follows the line of non-payroll-deductible loans to individuals. Total Effective Cost (CET) may range from 2.79% to 5.26% per month, depending on customer credit analysis and installment option.

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Credit Card: Is it worth it with high values?

When we need to buy a high value item, is it worth using a credit card? If so, what are the advantages and disadvantages? Moneycom clarifies your doubts!

 

Evaluate Item Purchase

credit card

Is the value of the item really high? Is the installment payment worth it? Is it interest free? You need to evaluate all these points to see if your credit card purchase is really beneficial or if it is worth waiting a little longer to pay in cash.

 

The Credit Card Advantage

The Credit Card Advantage

The main advantage is safety, as you don’t have to walk the city streets with a large amount of money in your pocket. In addition, transactions with large amounts are confirmed by the credit company itself, most often at the time of purchase or days later. This occurs as a way to prevent fraud. Imagine if they used your credit card and you just had to pay the bill without purchasing the product?

 

The danger of revolving credit

The danger of revolving credit

Despite the main advantage, there is also an imminent danger when a long credit card installment is made: revolving interest (see more here ). In May 2016, the Lifecore Bank announced the record interest rate of this modality, which reached 449.1% per year! Therefore, plan to not have your monthly planning hampered.

 

Do not use excuses!

credit cards

Another advantage of the credit card, besides the immediate cash, is the loyalty program that the operators maintain with the customer, where the amount spent can be converted into bonuses, miles and even discounts. These advantages are unique and also make your eyes shine, however, they are no excuse for excessive and uncontrolled card use. So, don’t be fooled by seasonal offers. They may be temporary, but the debts that remain are not.

Remember : High-value purchases that your credit card company is not used to seeing on your statement should be informed in advance as it prevents them from being canceled.

Thinking of making a high value purchase but don’t want to use a credit card ? Why not consider taking a personal loan then? According to Moneycom, the Total Effective Cost (CET) can range from 2.79% to 5.26% per month, depending on the customer’s credit analysis and installment option.

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Personal Credit: 5 Things You Didn’t Know

Many talk about personal loan but few have knowledge about this product. Lendico has selected 5 things about personal credit that not everyone knows:

 

You are paying tax when taking personal credit

tax loan

Did you know that for any personal loan you take there is a tax that must be paid? This is what we call the Financial Operations Tax (IOF), it focuses on credit operations. But you are not paying this to the lender (bank or financial institutions), but to the government.

 

Can I pay in advance with a discount? Certainly!

Yes you can! This practice is actually called Early Settlement in the credit market. Remember if! Early settlement is a debtor’s right, defined by law. Every financial institution is required to do this if any client wants to pay off their debts before the deadline.

 

Having a clean name does not mean that you will secure loan approval.

loan approval.

That’s what a lot of people are wrong about, but having a clean name doesn’t mean you’ll get a loan. Keep in mind that each financial institution has its own credit rating method, evaluating a customer not only by clear name, but also by taking into account a number of other factors, such as payment history, income commitment, and others.

 

Your interest rate is directly related to your payment history.

One of the very important factors that all financial institutions take into consideration is the payment history. It is no use if you have a clean name, if the personal credit options available in the market are all very high interest rates. The key to getting a good interest rate in the market is to have a good repayment history. This means that if you pay all bills on time, without delays, there is a good chance of getting lower interest personal loans.

 

Advance deposit before getting loan is illegal!

Advance deposit before getting loan is illegal!

For those who didn’t know, any kind of advance deposit before getting loan is CRIME . Under no circumstances should the borrower make a deposit before he can receive personal credit. If you have suffered this from a financial institution, you can certainly report it.

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Accessibility of personal payday loans in Spain

Many users really wonder if personal payday loans are accessible in Spain. In this article we will tell you to what extent there is accessibility in this type of financial products.

Personal payday loans in Spain: are they accessible?

Personal loans in Spain: are they accessible?

Financial institutions agree on one thing: the request for personal payday loans is booming. More and more people decide to request them for the purchase of a car, to go on a trip, to buy a smartphone, etc. Let’s say, new generations are more likely to do so.

However, not all financial institutions are equal. For example, there are banks that put a lot of obstacles to customers when approving an operation. Also, the interests can be very high. Not to mention the lack of transparency or the fine print in many cases, which remains an obstacle on many occasions.

So to give you an honest answer about whether personal payday loans in Spain are accessible, we have to tell you that it depends on the bank or entity where you request them. For example, in Good Finance we give you your money in minutes and without paperwork, making everything as easy as possible for you.

Thanks to Good Finance you can have an accessible personal payday loan in Spain

Thanks to Good Finance you can have an accessible personal loan in Spain

Good Finance is much more than an app to control expenses. If you have ever used them, you will know that in our app you have an assistant for your money that helps you save

 And not only that, but we also assign a score to your account; And that note is what we use to give you a personal payday loan (FinScore).

How do our personal payday loans work?

How do our personal loans work?

On the Good Finance Loans page we tell you everything you need to know and without small print (very important). What we do is search, compare and negotiate with the most top entities of the moment and thus get you the best personal payday loans and also credit cards, even for free.

But above all, we offer you a personal payday loan that is accessible to almost everyone with an amount of 2,000 euros and up to a maximum of 40,000 euros. You can give yourself the trip of your dreams, buy a good smartphone, a professional camera, a car, pay a spill of your home or give yourself that whim you’ve been longing for.

In addition, we make all this possible from 4.75% APR and without commissions. In just 24 hours and without paperwork. And even without leaving the sofa, because you can do all the “paperwork” online, to receive your money in about 8 working hours and up to a maximum of 24 hours.

You only need to connect your bank accounts with the Good Finance app and based on the FinScore that you have we will not need anything else to start the personal payday loan. In addition, you can request if you prefer a credit card or directly, start organizing expenses .

Why apply for a loan with Good Finance?

Why apply for a loan with Good Finance?

We make things as easy as possible. From your personal Good Finance account you can see at all times the amount of loan we can give you, all of this by studying your savings capacity, your income, expected expenses, etc.

So, without even requesting it, you can see at all times the type of loan we can give you and under what conditions. In addition, you can return the money in the term you choose and in comfortable installments.

In Good Finance Loans we search, compare and negotiate with TOP entities to get you the best terms on your financing. We do this by calculating your financial capacity through our Finscore as we negotiate with the entities.

To get you the loan among our 10 entities we don’t need you to open any bank account, since we calculate your FinScore in just a few minutes. Forget about changing banks or opening new accounts with the entity that has granted you the financing, word Good Finance. ?

Applying for a personal payday loan in Spain can be very accessible, especially if you request it in the right place. In Good Finance we can help you. So do not hesitate to download the app to start organizing accounts and see all we have for you. We want to help you out!

 

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Credit Card Banks

Recently, one of the elements that we have heard the most on behalf of banking has been interest-free credit cards . Interest-free credit cards ; It is a type of credit card used by participation banks in our country and capable of making purchases or using cash. This type attracts the attention of its users as it has an interest-free feature unlike the credit card features of other banks. At this point, the number of banks issuing interest-free credit cards began to increase much more in 2018. The fact that both state and private banks have provided these cards to their users has indeed led to a different assessment of cash consumption. What are the interest-free credit card banks ? Which banks can get credit cards without interest?

 

What happens if interest-free credit card debt is delayed?

What happens if interest-free credit card debt is delayed?

In case of interest-free credit card debts above its name, all of the debts must be paid when the monthly statement is received. There is no minimum payment amount on these cards. When the debt is paid in full, if there is an outstanding debt, its delay penalty is reflected on your card. You can also get detailed information about this by contacting your banks . This is because many bank administrations prefer to proceed through the systems they have developed in such an application. This may result in different forms of payment. However, it will be possible to generalize that there is no minimum payment amount on interest-free credit cards . As with any credit card, you should not pay your debts on interest-free cards.  

 

Interest-free credit card cash withdrawal

Interest-free credit card cash withdrawal

As with all credit cards, interest-free credit cards are also available for cash withdrawals. You can withdraw a certain amount of cash over your monthly expenses. These rates are generally 10 % and 20% . In line with these limits, we would like you to know that you can easily make cash withdrawals on your interest-free credit cards . Other than that, you can easily buy any product you want on credit cards. Thanks to interest-free credit cards that are equivalent to a normal credit card , you will have the chance to create your shopping arrangements without any problems.What are the interest-free credit card issuing banks?

 

You can get interest-free credit card from all the banks listed above.

You can get interest-free credit card from all the banks listed above.

Finally, we would like to state that, as with any credit card , you should proceed with your awareness of responsibility in the use of such a card. You should always keep this first. Because in interest-free credit cards, bank administrations, as in other formations, put in place a strict monitoring process. Therefore, paying your credit card debts on a day-to-day basis will always keep your credit score high. For this reason, we recommend that you act responsibly and guide your steps in that way. In this way, you will have the chance to benefit from the benefits of an interest-free credit card much faster.

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What is a loan?

The loan consists of carrying out an operation where a bank or financial entity puts at our disposal a sum of money from a previous contract with established clauses.

With this signed agreement, one commits to return the money that has been granted to him in the previously agreed term and paying the commissions and interests stipulated on the paper that will have been negotiated previously.

Monthly installments

Monthly installments

Normally payments are made in the form of monthly installments although there are different options to do so. There are entities in which you can agree on the type of amortization, these can be: the same monthly payments until the full payment has been made, has and the option of ascending, in which case you start paying a lower amount than the one you will end up finally paying, the fees increase as you repay the entire loan and finally the opposite option, the declining one, with which you start paying higher fees and each month they are progressively reduced.

Loan will be repaid even if the borrower does not 

Loan will be repaid even if the borrower does not 

The guarantee is like the insurance that said loan will be repaid even if the borrower does not meet his monthly payments, it is usually requested to offer security payment against the client’s inability to comply with the agreed treatment. Given the risk, it is established through this procedure that the financial company does not lose and even earn more if the contract is broken. This is done through a property or something of material value, if you do not own anything you can ask that another person with equity or money in a bank account, can answer if we do not.

On the other hand, there is a great variety of loan types to apply for, with different characteristics and different requirements, for example there are consumer loans that would be requested to buy a vehicle, appliances, some furniture, they are not much. There are also for renovations, debt consolidation, special for weddings or trips, among others.

In order not to be mistaken

In order not to be mistaken

We must compare the entities when applying for an online loan since not all of them offer the same advantages for each specific type of loans, we must especially advise the APR (Annual Equivalent Rate), which is the figure that helps us Determining the interest for each year that we want to extend the loan repayment period, is a percentage that allows us to know the real price that our request will have, although it should be taken as a reference since it will vary over the years as they are updated interest rates and are more useful in loans or mortgages with fixed interest, not variable.

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End no claim protector on car insurance in sight

Three years after the introduction, ABC insurer no longer offers the no-claim protector on motor insurance. Lender had previously abolished the protector. This insurance is expected to disappear with more companies. The premium income does not outweigh the claim burden. Relatively speaking, car owners with a no-claim protector appear to claim more damage.

Premium insurance increase

Premium insurance increase

At the end of 2008, Dashwood family predicted the end of the premium war among car insurers. Since then, several companies have increased the prices of their car insurance. The fact that after the premium increase insurers are now going to tinker with the no-claim protector is both the result of disappointing profit results.

Falling car insurance profit

Falling car insurance profit

Profitability on motor insurance has declined in recent years. Part of the income is invested. Initially, the declining profit could therefore be compensated with investment income. However, this buffer has disappeared due to the credit crisis.

Abolish no-claim protector

Abolish no-claim protector

If the insurers are financially prosperous, they have more scope to attract and retain customers. For example with attractive insurance as the no-claim protector. After all, the insured retains his accrued premium discount in the event of a claim for damages. However, now that the profit is declining, the claims burden is starting to weigh more. By abolishing the no-claim protector, car owners will again pay more premiums after a damage claim.

What is a no-claim protector?

Damage-free years is the term for the number of years that you are insured without debt damage. Every year that you do not claim damage, you build up one damage-free year. But as soon as you make a claim, you go backwards with 3 or more years on the bonus / malus ladder. And you therefore lose premium discount. With a no-claim protector you fall back in claim-free years with a claim for damage, but you keep your discount percentage. In this way you will never suddenly have to pay much more premium.

Changing car insurance

Changing car insurance

If you want to change car insurance, you must state the actual number of claim-free years. Through our car insurance comparison, you can immediately see which company has the cheapest car insurance for your situation.

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Compulsory Mortgage Insurance: Theft and Fire Policy

There is a single obligatory mortgage insurance, which protects the borrower in the event of accidents to the building for which the loan was signed: this is the theft and fire policy. As is known, the loan consists of a particularly onerous loan, given that it undertakes to repay the amount received on loan for the purchase of the house for a certain period of time. The contracts also include very long depreciation periods, with the recognition of a certain fixed or variable interest rate. Given that you have been in debt for so long, it would be really bad if the building was damaged by an accident and lost value. For this there are special insurance policies.

The outbreak and fire policy

The outbreak and fire policy

As mentioned at the beginning of our analysis, is the only mandatory policy, which must therefore necessarily be contracted at the time of the stipulation of the loan. This insurance will protect the value of the property, in favor of the borrower, but also of the bank, which may have accepted a mortgage on that property and does not want to see it depreciate. The insurance obligations for the borrower end at this point.

First of all, the bank that delivers the mortgage cannot impose its own insurance offer. Often the bank binds to the loan a policy issued by its insurance arm or, more frequently, by a contracted company . The customer is not required to accept this offer and the bank should not threaten not to disburse the loan in the event of a different choice by the customer. The latter is in fact free to carry out a search and search for a company that offers a more convenient proposal or one closer to its needs.

There is no obligation to subscribe to other policies

MORTGAGE INSURANCE

Which are therefore optional. Among these, we recall the insurance against the loss of employment by the owner of the loan or that which is triggered in the event of his death. In any case, the cost of the compulsory mortgage or optional insurance will be calculated within the APR , the annual percentage rate . This is a measure of the interest rate to be paid on the mortgage, which also calculates all ancillary expenses, including insurance.