American Expatriate Costa Rica

Essential tips to use your credit card

Do not drown in debt. Be responsible.

According to Bureau of Financial Consumers (OCF), there are some essential tips that you can evaluate in order to use, in a very efficient way, your credit cards:

-Remember that by purchasing a credit card and by using it, you are borrowing money from the bank, therefore, you must repay it by the end of the month.
-If you can’t repay by end of the month, it is important that the cardholder makes at least the minimum payment.
-Control expenses with credit cards and do not forget to keep the purchase vouchers, because they are important to control their use.
-Before making cash withdrawals, consumer should inquire about all fees and associated costs.
-It is essential to review the bank statement.
-If the credit card debts are not paid within the terms of the contract, the bank shall report the arrears and it will affect your credit record, then it will be harder to get any other loans.

Director of the OCF Willy Carvajal said the credit card brings benefits to consumers, such as discounts or accumulate points, but he urged people to have a proper use of this instrument. He suggested people spend just the quantity of money they can pay by the end of the month and he declared that it is not a good idea to pay other debts with the credit cards because then debts will drown consumers.

crhoy.com