Payment deferrals have become a very common resource for customers who make purchases with a credit card. This possibility of postponement can be raised with the customer "after the purchase, on the Web or App or at the same time of making the payment in the store, at the POS itself", according to the
Bank of Spain.
However, from the entity they wanted to alert all buyers who make use of it about the care that must be taken when making use of this option. This free payment offered by some credit cards may entail the charge of "interest, a commission or both".
Thus, on the official website of the Bank of Spain, they present four keys to follow to avoid problems when postponing your payments.
The keys to deferring paymentThis form of payment is different from the one you normally use on your card, whether it is end of the month without interest or revolving, and it only affects the specific charges to which you apply itIt involves using the credit limit that you already You have been granted This deferral may be free, but you may also be charged interest, a commission or both These conditions must be included in the contract you signed, or in any update that your entity has communicated to you. It is important that you review all the credit payment methods supported by your cardRecommendations for deferring payments
When it comes to postponing payment, the Bank of Spain has also warned about the dangers that this may have. Although this postponement can “be very tempting”, it must be remembered that “it generates a debt that you will have to pay in the end”.
For this reason, from the entity they recommend "not authorizing with your PIN or the OTP that they send you without clearly knowing the conditions that will apply to you (rates, term, commissions, APR, early cancellation, withdrawal period...)". In addition, they ask you to ask yourself “what happens if you return the product you financed”: if the financing will be canceled or if it will remain in force pending your early cancellation of the deferment.