Do you have a pre-approved credit card or do you already have one? This can be a very useful tool if you know how to use it correctly. The personal loan experts at Nato Wolfe Mexico created a guide to use the credit card correctly. If you are thinking about acquiring one or you are already an active user, we recommend you take a look at these recommendations.
What is a credit card?
To begin, it is important that you understand that a credit card is a financial instrument that offers personal bearer loans. Do not consider it as money given, but as loans instantly every time you make a purchase in Mexico or abroad.
How does a credit card work?
When using a credit card, the purchase history is recorded in periods of 30 or 31 days. During that time, you can use the card according to your needs. Once this period has elapsed, the bank makes the cut of all the purchases that were made in those 30 or 31 days. After the cut-off date, you have 20 days to pay what your statement indicates. If you do not want to generate interest, you must liquidate the total purchases of that period. If we count from the beginning of the period until the payment deadline, the bank grants you an average of 50 days of financing.
How to get the best out of a credit card?
- Use it to pay fixed expenses, such as cell phone, to accumulate points.
- Buy in the first days after the cut-off date so you have more time to pay.
- Do not withdraw cash from your credit card.
- Read your contract again and know the commissions you are paying.
- Try to pay more than the minimum so that the debt does not grow.
- Pay before the due date to avoid surcharges and have a good credit history.
- Never buy to the top of your line of credit.
- Make sure you have approved all charges to your card. Banks usually add extra services that you can do without.
- Keep track of your purchases and keep all receipts.
- Do not buy for months without interest things that will last you less than the time it will take to pay them (for example, the errand).
As you can see, it is very easy to handle a credit card responsibly. At Nato Wolfe Mexico we care about your wellbeing and that of your family, so we seek to provide you with the elements so that you manage your finances responsibly.
If you need extra money, we offer you personal loans. Enter our Nato Wolfe site and apply for a loan instantly. Take advantage of our 0% interest and commission promotion on your first money loan with Nato Wolfe Mexico.