Once a month the account summary of your card will arrive at your address or by email. There you will see the following information:
- Closing date: It is the day that the card issuing bank marks the end of a period of registration of the purchases you made and at the same time, establishes the beginning of another. From your closing or cut-off date, the bank gives you up to 11 days in a row to pay.
- Expiration date: It is the last day you can make the payment of your consumption without additional interest.
- Total amount to pay: It is the amount that you should pay in order not to generate additional interest.
- Minimum payment: It is the minimum amount that you should pay to avoid falling into default.
In addition, in the summary of your card you will be able to see the details of the purchases you made during the previous month and the fees that you must pay for the current month. At that time you will understand the importance of having your installments planned, since you can get several in the same month.
Regarding the payment options, there are 3 alternatives:
- Pay the total : You are paying the sum of all the installments for that month with interest included, plus administrative expenses of the bank. Paying in full, means that you are complying 100% with what was agreed between the card and you.
- Pay the minimum : The bank gives you the option of making a minimum payment, if you do not get to collect all the money necessary to make the total payment. This option involves paying additional interest to the original, which will be calculated based on time and the amount owed. It is important that you know that if you do not pay the minimum, your card will be blocked.
- Partial payment : In the event that you have more money than the minimum to pay, but you do not have the money necessary for the total payment, there is the possibility of making partial payments. The difference between the full payment minus the partial payment will be your new outstanding balance. Once you cancel it, in the next summary you will receive the interest, which will be calculated based on that amount and how long it took you to pay off that outstanding balance.