Paying commissions is not a dish of good taste for anyone. However, the reality is that there are financial products where it is very easy to end up assuming disproportionate expenses, such as credit cards. Before contracting it, certain aspects must be evaluated that will make the difference between having a good credit card or another that is detrimental. The experts of the financial comparator HelpMyCash.com have analyzed the market to give the best tricks.
The statistics of the Bank of Spain confirm that the number of these plastics in circulation has exceeded its historical maximums with a total volume of 88.2 million (first quarter of 2022). Given that credit cards are booming and this growth trend is likely to continue, it is essential to know the commissions and the most common expenses associated with this means of payment.
From HelpMyCash.com they warn that the costs will depend on each bank or finance company. In any case, remember that you must be aware that some operations will always involve an extra expense.
“Issue and maintenance fees can reach several tens of euros, depending on the benefits of the card, although they are easy to avoid. However, it is possible that, in exchange, it is required to assume a certain link or meet extra requirements such as minimum use, ”they explain from the comparator.
Other commissions that can be found on credit cards with ATM withdrawals. All entities charge for withdrawing money on credit at an ATM and, if the machine is foreign, the cost will be higher. In general, the commission is usually applied as a percentage, around 3%, with a minimum that can range between 3 and 4 euros. The same will happen if you want to transfer money from the line of credit to the current account.
When exchanging currencies, a commission is also charged, both for making a purchase and for withdrawing cash in a currency other than the euro. In this case, HelpMyCash recommends looking for an appropriate card for travel, where they usually apply more competitive rates for this type of service.
As is logical, an interest rate will be applied for deferring the payment of purchases. The interests are added to the money that must be returned and are paid in each monthly payment. Likewise, there is a commission for claiming debtor positions, so that if there is a delay in the payment of receipts, the issuer will charge you for asking you to assume the contracted debt. Here you can even add a commission for the overdraft itself.
Sometimes, the entities oblige to open an associated current account in which to domicile the receipts of the card on which they apply a commission. The experts of the financial comparator affirm that there are entities that do not require changing banks, so that by resorting to these alternatives this unwanted charge could be avoided.
From HelpMyCash.com they explain which cards have good conditions.
The WiZink Me credit card has no issue or maintenance fees and can be contracted without changing banks and without direct debiting a salary. It offers a 3% refund on fashion, travel, food or leisure purchases; and it allows financing expenses without paying commission for the card, only for the line of credit used, which has an annual equivalent rate (APR) of 19.99%.
In his case, the ING credit card is free year after year, but he asks to be the holder of a Salary Account, which does not have commissions as long as a salary is paid. It allows financing by paying a monthly installment of 18.95% APR and as an advantage it gives the possibility of postponing purchases of more than 90 euros in 3, 6, 12 and 18 months with a very competitive interest rate of 15% APR.
The Visa Tú de Abanca credit card works without an issue fee and without a renewal fee during the first year, although if you are part of the Zero Commissions program or if you make a total annual expense of 3,000 euros, it will also be during the second. year. If these requirements are not met, a maintenance fee of 43 euros per year must be paid. It is linked to the Clara account, which gives away 300 euros to new clients who bring their salary. In addition, it has the most competitive interest rate: 13.75% APR
