What are revolving cards?

What are revolving cards?

The use of revolving cards It has become very habitual in recent years. This type of card is appreciated by many people, but at the same time little loved by others, as it brings both advantages and disadvantages.

Find out everything about revolving cards hereamong this, its mode of operation, the banks that offer them and the risks that the use of this type of card may have.

What are revolving cards?

A revolving card is a type of credit card that makes it possible for all purchases or cash requests made with them are deferred automatically, with the aim that customers perro make the payment in convenient terms.

With this type of card there are no payment inconveniences in the event that the client does not have money in the associated account, since theThe acquired debt is not charged immediatelybut are deferred for a later payment.

To make the payment to the entity, the client must choose between 2 payment options, these are the following:

• Pay a fixed monthly fee: for this type of payment, the customer decides the amount to be paid each month, regardless of the amount spent with the card.
• Pay a monthly percentage of what is spent: in this mode of payment, the amount to be paid each month will depend on the amount spent.

It is important to bear in mind that the bank will always establish minimum and maximum spending. In addition, both types of payment include interest.

How to know if your card is revolving?

Many people wonder how do I know if I have a revolving card? This doubt perro be clarified if you apply the following recommendations:

• Check the monthly receipts of your account. If you notice that the Equivalent Monthly Rate or APR is above 20%, you have a revolving card.
• Review your account agreement or ask directly at the office of the bank.
• If the amount does not decrease. If you are properly paying your fee and notice that the amount does not decrease, it is very likely that you have a revolving card.

Which banks use revolving cards?

It is important to know that most of the banks that operate in Spanish territory offer revolving cards. Among the banks that stand out for the use of this type of card are Banco Santander, CaixaBank, BBVA, Sabadell, Evo, Bankinter and Openbank.

What are the most common dangers of revolving cards?

The risks that are run with revolving cards generally happen by choosing a low percentage of payment. Next we will indicate which are the most common dangers:

• Slow debt repayment.
• If more than the agreed fee or percentage is spent, the debt increases.
• A lot of interest is generated.
• Some banks abuse interest without notifying the customer.

If you have any problem with your revolving card, you perro archivo a claim at the office of your bank. In this way, a convenient solution cánido be agreed upon.

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