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Card types: Debit or Credit


There are two kinds of card. These are Debit Cards and Credit Card. Read some information on the difference between the cards.

  • Debit: This card gives you access to the money you have saved in a savings or payroll account. With a debit card you can dispose of your money without having to charge cash.

  • Credit: it is a means of payment through which a bank or a store offers you a loan. Every time you use your card you are using borrowed money that you will have to pay with interest.

Investigate how much you must pay for account opening

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If there is a charge for having a lower than minimum balance or extra expenses for account management. Do not forget that by law there are some commissions that banks cannot charge.

Know the minimum balances that each debit card requires

Know the minimum balances that each debit card requires

If you plan to use it only to manage your daily expenses and not to save your savings, you should use a card with no minimum balance.

Compare the level of protection and insurance offered by different debit cards. Some include insurance policies or guarantees in case of theft or loss.

Find out about the benefits of having an account with a certain bank. Certain financial institutions offer their clients promotions or discounts for using their debit cards.

How to choose a credit card?

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• Analyze your payment habits. If you usually pay the total of your purchases, look at the Annual Cost of the Card. In case you only pay the minimum, check the interest rate.

• Be realistic about your income and ability to pay. Credit is not money given away. If you use a sum greater than what you can pay each month, your debts will grow rapidly.

• Consider how you will use your card. People who reserve emergency credits must choose cards with a low annuity. In case you are going to use it in your usual purchases, choose one with few commissions.

• Know the Total Annual Cost. This includes the interest rate, the annuity and the bank commissions. Although it does not include all costs, it can give you an idea of ​​how much you will have to pay when using it.

General recommendations:

  • Choose a card based on your needs and budget.

  • Remember that neither the debit is a bottomless piggy bank nor the credit is an extension of your income.

  • Find instruments according to what you require. There are special financial services for savings and credit. Find out before making a decision.

With us you can have cash in a few minutes and you have the possibility of going through your payment date 7, 14 or 30 days in case you cannot pay off your loan on the pre-established date.

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