Before accepting a card, a Bank of Spain important notice to users Many times, cash is replaced with other payment methods based on technological advancements such as Bizum and digital wallets. This is a rising trend.
Although payment cards cannot be called new, they have been modified in form and function. They can be activated and deactivated from the App or web of the entity and registered in payment apps on the smart watch or mobile. You can also pay with these devices just as if you were physically present. They can also be used to make online payments.
Banks often offer the option to defer payment for charges exceeding a certain amount. This is charged according to the card's credit limit.
The possibility of postponement may be raised after the purchase via the App or Web of your entity (some communication might be received by SMS or mail announcing that the client has the option of postponement), or at the time of making payment at the store at the POS.
This payment is different than the one you normally use on your card. It can be end of the month without any interest or revolving and it only affects the charges that you applied it to. This means that you can use the credit limit already granted.
The deferment may be free but banks could charge interest, a fee, or both.
These conditions should be in the contract you signed or in any update your entity has sent you. However, if you haven't used this method of payment before, the customer may not recall it. The Bank of Spain emphasizes the importance of reviewing all credit payment options supported by your card.
You may be tempted to delay payment. However, you should always remember that deferment creates a debt you must pay at the end. Do not authorise it with your PIN or OTP without fully understanding the terms and conditions (types), term, commissions and APR. Also, you need to know what happens if you return the product.