5 recommendations for choosing the best credit card

It’s not a lie when we say that credit cards These are the most popular personal finance tools in Mexico and around the world. You could say we all talk how we behave at the fair, so some have great experiences with this payment method and others less.

Maps can save you a lot of trouble and provide a great story credit that will bring you benefits in the future. However, many specialists see this object as a sword that can help one survive, but in the wrong hands it can harm even the wearer.

This is why financial literacy is fundamental for human beings. You can’t go through life’s expenses left and right, you must have a savings plan, consumption plans and know which aspects You need to take into account whether you will process a card in the next few days.

What are the key concepts you need to know?

Credit limit: You need to know how much money your bank will release for you to use on your card. This amount will depend on your ability to pay and your income.

Deadline: This is when the bank closes the debt you incurred in the last 30 days. All expenses will be closed on this day, mainly at the end of each month.

Payment date: This is the day when everything that has been accumulated must be paid, usually there is a difference of 20 days.

Minimum payout: This is the minimum amount required to keep your payment and debt current.

Payment not generating interest: It is the sum of the previous balance, interest and pending commissions. This is the amount you must pay before interest no longer accrues on your credit card.

What should I consider with a credit card?

• Compare the total annual cost
• Choose the card with the best benefits
• Look for a card without annuity

• Understand the terms and conditions of your card
• Make the most of your card benefits
• Take the money as a loan, not as an extension of your salary
• Don’t use more than 30% of your card limit

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