The credit cards They have become an essential part of many people’s daily lives. With businesses more accustomed to allowing the use of this tool, some prefer it to be able to control their expenses.
But there are some of them, those that belong to the big stores, that have a little trap. Through discounts and tempting offers to registerwe must keep in mind that there may be something more.
These are credit cards that have special financing, but that also has deferred interests. Something that can change the total payment, depending on the months to be financed.
Therefore, one expert, Odysseas Papadimitriou, CEO and founder of WalletHub, explained to CNBC that “deferred interest should be a last resort.” All because, although they do not charge interest, there may be interest if it is amortized within the established period.
The aforementioned company assures that around 60% of people do not know how these interests work and can cause unwanted payments in the future.
“I suspect most people don’t realize that they can be retroactively charged for all of the interest that would have accrued up to the start of the promotion if they don’t pay the full amount before the deferred interest offer expires, even if they only have a dollar left“, he assured the aforementioned media.
That is why the expert recommends that if you are not “100% sure you can afford the purchase during the introductory period, look elsewhere.” “Yes, these offers can save you real money, but it only takes one or two small mistakes to face a large retroactive interest bill,” he warned.