The National Commission for the Protection and Defense of Users of Financial Services(Condusef) recently reported that 9 out of 10 bank claims correspond to credit and debit cards, reiterating that both products are the most used daily, but also the most claimed by users. Of this number of claims, 76% correspond to possible fraud and the amount claimed amounts to 5 thousand 891 million dollars.

Handling a credit card can be a two-edged weapon if you do not know all the rights and obligations you have when using your plastic; therefore, the Condusef considers that the main thing to take into account is that the use of the card is a debt that has to be paid, and recommend to keep in mind that the bank cards are not additional money that may be available.

Five things you should know before requesting or processing a credit card:

Choose the card that best suits you

We all have different consumption habits and interests, in the same way, we use some credit to cover certain needs. It is important to make a comparison and know the cards that best meet your needs. Take into account if you make recurring payments on the internet, purchases at department stores, travel a lot or if you want to have financial support in case of an emergency. On its website, the Condusef offers you a comparative to choose the card that suits you best.

Compare the CAT

Knowing the Total Annual Cost (CAT), it helps you compare the costs of the different loans or loans offered by the banks, as well as helping you to understand the real cost for which you should settle the loan.

According to the Condusef, "the CAT, is an indicator that helps us compare the cost of loans", is composed of the interest rate that the bank would charge us, and commissions additional to the cost, such as the commission for opening, life insurance or damage, everything depends on the type of credit that is contracted.

Know your commissions

Each credit card charges different commissions depending on the institution or the type of plastic. Among the most common charges is the annuity, which is the charge that the bank asks the client to keep their card active. Another very common charge is the provision of credit, a service offered by financial institutions for the user to have cash in ATMs.

If you did not make any payments in the month, the institution may charge you a commission for non-payment, even if you did not cover the minimum on the deadline and before the next cut, you may be charged for collection expenses. Similarly, there are financial institutions that charge a commission in case of theft or loss of your card.

Keep in mind the payment deadline

It is the date on which you must make the minimum payment, total payment or the "payment to not generate interest". Sometimes some payments to credit cards are not counted on the same day they are made, some may take up to two business days to reflect, therefore, specialists recommend making your payment before the deadline.

According to the 2017 National Survey of Financial Inclusion, 70% of people who have a credit card said that they have fallen behind more than once with the payment of their debt, so it is important to be punctual with your Payments.

Know the date to make claims

In case you detect unrecognized charges or services not contracted on your statement, you should know that there are limited times to file any claim with the financial institution.

Always check the account statement and keep your vouchers. In case of errors or omissions you can present clarifications.

Avoid fraud

Being aware of your account statement will help you detect possible anomalies regarding the use of your plastic, in this sense, online banking can be a good ally to monitor your movements. The Condusef recommends constantly reviewing your credit history and periodically changing your passwords. If you are going to make purchases online, it is suggested to do it with prepaid cards or make them with those with the least credit line.