Departmental cards: 7 recommendations to not lose control
The goal is to use it in a well-organized way so that your credit history is always impeccable.
Entering the world of credit is one of the signs that "we are becoming adults." And since no one teaches us the beautiful and rough art of adulthood, unless someone tells us how to use a credit card. Therefore, this time we will talk about departmental cards , a simple way to start managing the world of credit? I don't know, Rick .
Let's go with seven recommendations that could make the use of your departmental card more efficient. Remember that the objective is to use it in a well-organized way so that your credit history is always impeccable and with that you will eventually get new credits authorized to help you grow financially and financially (as in the case of mortgage credit, credit for a business , etc.)
Image: Internet Meme / The Price of History from History Channel
1. Take advantage of promotions (only if it is for things you really need). It often happens that they give you money in electronic wallets from the same store so that you can continue shopping and even if you have already bought what you need, you feel that you should take advantage of that pending balance. Of course it is a temptation, that's what they do it for, but you must know when to stop. Rule yourself!
2. Buy durable goods such as appliances, appliances, furniture, computers ... (clothes and shoes can be budgeted in monthly expenses with cash payment). It is important that you are aware that credit can be an ally for the purchase of great things that sometimes, due to their price, we cannot pay in cash. Well chosen and planned, debts contribute to a better quality of life (which is not the same as having a higher standard of living).
3. The Months Without Interest (MSI), no matter how small the payments, can add up to several thousand pesos a month if you accumulate many purchases in this mode. Before saying YES to interest-free months, be sure to review your bank statement carefully. Also, it is important that you differentiate between MSI and deferred payment purchases; the latter are more expensive than the cash price with the advantage of paying them in monthly installments. In a true purchase from MSI, the price should be the same in cash as in months.
4. Before buying the most “modern” phone, tablet, computer, screen or console , think about whether it is something you can save for to pay in cash or try to make sure that the least part is on credit. Again, with patience and planning, life is better.
5. Do not buy things for third parties using your credit because they can look bad (Yes it happens and very often). Having a departmental card can be a temptation for you, but it also tempts friends and family who for some reason do not have access to credit and it can be easy for them to ask you to use your plastic to take advantage of a promotion that only applies to the card of the shop. It is not that it is a bird of bad omen but experience has taught us that many times, lending a credit card means danger and it is a story with an unhappy ending.
6. You don't need to have a departmental card for ALL the prestigious (or discredited) stores in the universe ... and that's point six.
7. Know well the payment methods, the insurance they offer, interest rate, commissions, other costs of using the card. Always remember your cut-off date and payment date and keep in mind that depending on the use you give it, it will be easier or more difficult for them to give you other types of larger credits later. Two words: credit history.