There are more than 38 million credit cards in circulation in Spain, according to the national regulator. Many Spaniards carry one in their wallet, usually the one given to them by their bank. But is it the best?
The most common is to request a credit card in the entity in which the payroll is collected. However, it may not be the best. “Settling for our bank’s credit card may be a mistake”, explain sources from the financial product comparator HelpMyCash.com. For two reasons: first, because we would be giving up the advantages that we could achieve with another plastic and, second, because it could be very expensive. Furthermore, it may be advisable get a second credit card for freein case one of them fails.
The price makes the difference
Most banks sell credit cards without issuance or maintenance fees. The difference is that while some require you to meet a long list of requirements in order not to pay anything for them (direct deposit a salary, make a minimum expense with the card, etc.), others do not even require you to open a checking account with the entity, but they allow direct debit card receipts at any bank. In this way, it is not necessary to monitor whether the conditions of the card are met or not so as not to end up paying an annual commission that, in general, is between 40 and 50 euros, point out from HelpMyCash.
In addition, the interest rate is another point that differentiates a good card from one of the crowd. Currently, on average these plastics have an interest of 18.42%, according to the Bank of Spain. This means that for every thousand euros paid in a year, the client must pay about 103 euros in interest. However, there are cards with which it is much cheaper to defer payment for purchases. In fact, some do not even charge interest.
For example, the WiZink Click credit card allows you to pay for purchases between 85 and 1,000 euros in three months no interest or commissions, that is, at 0% APR. So, for example, if you buy a smartphone of 300 euros, the payment can be divided into three installments of one hundred euros each so as not to have to part with all the money at once and without paying any extra cost.
The WiZink Click card has no issuance or maintenance fees and can be requested without changing banks. In addition, the entity gives a check for 60 euros to spend on Amazon to customers who request the card and use it during the first month after its approval.
It is not the only card that allows you to split the payment of purchases over several months without interest. The Tú card from Abanca or the Visa Clásica from Laboral Kutxa also give the possibility of repaying the balance over several months without interest, but they charge a management fee, so there is an additional cost.
Not only the cost makes the difference between a good card and a mediocre one, but also the associated advantages that it has. Some include free travel assistance insurance, allow you to save every time you make a purchase, offer discounts at gas stations, etc. Others, on the other hand, do not offer anything special. Therefore, requesting an extra card at another bank that does not require changing the payroll, not even opening a new account, It will allow us to enjoy a better card than our bank without having to change entities.
Of course, before contracting a new card, it is important to review the small letter. For example, some cards return a percentage of the amount of purchases, but only if it is paid in installments, so that the interest ends eating the bonus, point out from HelpMyCash. An exception is WiZink, whose credit card Me returns 3% of the amount of purchases in fashion, leisure, food or travel (customers can choose the two categories that interest them the most) with a maximum of 72 euros per year. It is not necessary to pay on credit to receive the bonus, but it can be paid at the end of the month without interest. The WiZink Me card It has no issuance or maintenance fees and can be requested without changing banks.