EVERYTHING YOU NEED TO KNOW ABOUT CARDS, LINES OF CREDIT AND LOANS

At CaixaBank Payments & Consumer, we offer a wide range of lines of credit, so you can choose the one that best suits your financial needs.

Our lines of credit are mainly associated with the collaborators/partners with which we work (IKEA, MediaMarkt, football clubs, auto repair shops, household appliance stores, furniture stores, etc.) so that you can make purchases in their stores and/or on their websites. Some of the lines of credit we offer also allow you to transfer credit from your line of credit to your bank account.

Please note that although most of these cards are taken out at the establishments or websites (when this option is available) of our collaborators/partners, which are responsible for collecting the necessary data and documents from our customers for signing up, these lines of credit are taken out with CaixaBank Payments & Consumer.

Furthermore, please note that CaixaBank Payments & Consumer offers you the possibility of taking out a credit line directly with us, without any of our collaborators/partners acting as intermediaries, so you can carry out your projects and fulfil your dreams (e.g. decorating a room, renovating a house, buying a scooter or going on a trip). In this case, after taking out the line of credit, you can transfer money from your line of credit to your bank account up to the agreed available credit limit.

With a credit line you can pay for your purchases without using the balance of your bank account at the time of purchasing them, as you will spend the balance of the available credit limit. Then, you will return the total amount of the credit used on the date that we agree. If you pay everything you have used on that date (end-of-the-month method), you will not pay interest (APR 0 %). But if you choose the deferred payment (revolving) or the payment in instalments, you will gradually repay the credit: paying only part of the total credit used each month (deferred payment revolving), or dividing the payment of a specific purchase into several months (deferred payments). In both cases, unless there is a special campaign with no interest on the instalment payment, you must pay the corresponding interest.

We recommend watching the following video to get a clear understanding of the difference between credit and debit and whether you should take out one of our lines of credit:

· "Debit or credit? We'll help you choose": GO TO PAGE 

Still not clear? Take a look at this video:

· “Financing your purchases: how to choose": WATCH VIDEO

Our lines of credit work with the following payment methods, which you can choose when you sign up and change whenever you want:

· End-of-month payments

· Deferred (revolving) payment

· Split payment

End-of-month payments:At the end of the month, you will pay the full amount of credit you have used during that month, and you will not have to pay any interest on it.

With this payment method, you use the credit permitted by your line of credit (up to the maximum authorised credit limit), and at the end of the settlement period indicated in your contract, we charge the amount used to your linked bank account.

We will not charge interest for the credit you have used and paid in full at the end of the month.

Example: Juan goes to IKEA on Friday 25 September and uses the credit line he has with IKEA to pay for his purchases at that store. As your payment method is to return everything at the end of the month, you will not pay interest on these purchases. But that same month, his son broke his glasses and Juan used the same credit line to buy new ones in an optics that also accepts that line thanks to an agreement with CaixaBank Payments & Consumer. As that extra expense did not expect it, he goes into the app of the credit line and decides to split the payment of that purchase in 6 months, paying 6 instalments of €38.90. When the end of the month comes, you will be charged to your bank account the total amount of the purchase at IKEA plus the first instalment of €38.90 for the glasses, which you are paying in instalments.

 

 

 

Furthermore, if you choose the end-of-month payment option, you can also choose to pay in instalments for certain purchases made before the settlement date over 3, 6, 10 or 12 months (or the number of months that we offer you) whenever this option is available. In this case, you will be charged the amount indicated in the Specific Terms and Conditions of your contract, which will vary according to the instalment period. If you decide to pay in instalments, you must request this payment method by the 20th of each month.

 

Example: John goes shopping at IKEA on Friday, 25 September and decides to use his IKEA credit line to pay for his purchases at IKEA. Therefore, John will pay back the credit spent interest-free at the end of the month because this is his payment method. However, his son breaks his glasses, and John uses the line of credit to buy him a new pair from a glasses shop with which CaixaBank Payments & Consumer has an agreement. In this case, the line of credit opened at IKEA can also be used to pay at the glass shop. However, as this is an unexpected end-of-the-month expense for John, he signs in to the app to manage his line of credit and decides to split this specific purchase over six months, paying six instalments of €38.90. At the end of the month, we will charge John's bank account for the total amount of the purchase made at IKEA and €38.90 for his son's glasses, which he is paying for in instalments.

The deferred (revolving) payment method lets you pay back the credit you use in instalments for the amount you decide. You select the amount of the monthly instalment, subject to a minimum set by CaixaBank Payments & Consumer to make sure the credit is repaid in a timely manner. This minimum amount will vary depending on how you use the card.

With this payment option, your transactions accrue interest as soon as they charged to the card.

Want to know more about deferred (revolving) payments?

More information

"Instalment Payment": when this payment option is agreed, you will pay the amount of a purchase or transfer over 3, 6, 10 or the number of months that we offer you. This payment method is intended primarily for use at the establishments of our intermediaries/partners.

This payment method may generate interest, where applicable. In this case, the maximum interest rate indicated in the Specific Terms and Conditions of your contract will apply. However, we may offer lower interest rates or free instalment transactions in sales promotions agreed upon with our partners (you can check the price in the establishments or websites of our intermediaries/partners) or offered directly by CaixaBank Payments & Consumer (in this case, the promotions will typically be focused on offering credit transfers from your line of credit to your bank account). To use the "Payment in instalments" option, you must request and authorise it, following the instructions indicated when making the purchase.

 

Furthermore, please note that with the end-of-month payment option, you can also choose to pay in instalments for certain purchases made before the settlement date over 3, 6, 10 or 12 months, whenever this option is available.With this option, you will be charged the amount indicated in the Specific Terms and Conditions of your contract, which will vary according to the instalment period. If you decide to pay in instalments, you must request this payment method by the 20th of each month.

With Payments in instalments, you will have to pay the instalments based on the agreed terms and pay the amount corresponding to each period on the agreed date after that period.

Payments in instalments for specific purchases are added to the payment of the amount that you have to pay for the credit used, which corresponds to the payment you have chosen.

 

Example: John wants to buy the latest computer to come out on the market, but it costs €1,500, so he doesn't want to pay for it with his end-of-month line of credit, as he would have to pay it all off at the end of the month and would be left with nothing in his account. By taking advantage of a campaign launched by us, Juan can choose to pay for this purchase in instalments with the associated interest, choosing the period over which he wants to pay. John will pay the result of dividing the purchase price + the associated interest by the selected number of months for payment in instalments.

Delivery of pre-contractual information

Before signing your contract, we will give you the European Standardised Information (INE), a pre-contractual document that we are obliged to deliver to you free of charge, on paper or in another durable medium.  It explains the most important aspects of the credit line you want to take out.  You will receive this information with due notice so that you can calmly review it, compare other offers on the market and make an informed decision before signing the contract.

The main purpose of this information is to ensure that you have the sufficient and necessary information to be able to compare our offer with those of other credit institutions and decide which is the best fit for your finances.

We will give you the ESIS in paper format, and/or we will send it to you by email before you sign the contract, depending on the selected application process:

· Online application: the information will be displayed on a screen before you sign the contract. You will be able to download it, and a copy will be sent to your email.

· In-person application at an establishment of our partners: you will be shown the information on the computer or tablet of your sales assistant, and you can ask for a copy of the contract.

 

Once you have received the ESIS, take as much time as you need to decide whether you want to sign up for the line of credit. Compare it with other offers on the market and review the necessary information and the financial terms and conditions for your selected product (these terms and conditions are detailed in the ESIS). We will maintain the financial terms and conditions indicated in the ESIS for a period of 30 days from the issue date of the ESIS.

We will also provide you with a copy of the draft contract free of charge upon request unless we are not prepared to conclude the credit agreement with you at the time of your request.

Would you like to see a sample ESIS? Access here.
PLEASE NOTE: The NIR and APR numbers that you will see in the sample ESIS are specific to the EXAMPLE and, therefore, may not be those that we will finally apply to your line of credit, as these conditions in the examples are the maximum applicable. The reason for this is that we have not assessed your economic-financial situation since you have not started the application process. Therefore, as we cannot show you the financial terms and conditions that will apply to your line of credit, we are obliged to show you the maximum rates. 

 

Cooling-off period

You have the right to withdraw, i.e. to cancel or terminate the line of credit agreement, within fourteen (14) calendar days of signing it. You do not need to give a reason.

After the 14 days, you will be able to cancel the contract unilaterally at any time, although you will first have to pay any amounts you may owe.If there is no outstanding debt, we will cancel the contract within 24h of your request.

 

 

You can withdraw from or cancel the contract in writing, using a secure electronic format (email) sent to the address [email protected], by sending a letter to Gran Via Corts Catalanes, 159-163, (08014) Barcelona, or by any other means permitted by law that provides a record of receipt and the content of the message.

What is a loan?

A loan is a financing product through which CaixaBank Payments & Consumer lends you an amount of money to make a specific purchase or carry out a personal project, which you then repay in agreed monthly instalments, in addition to the associated interest and costs, where applicable.  

At CaixaBank Payments & Consumer, we offer a wide range of loans, so you can choose the one that best suits your financial needs.  

We mainly offer our loans through collaborators and prescribers with whom we work, such as household appliances shops, furniture, dental clinics, bicycle shops, motorcycle dealerships, among others, so that you can finance your purchases in their shops or websites. In addition, we also offer you the option of taking out loans to purchase a vehicle, as well as personal loans for your daily expenses.

Please note that although most of these loans are taken out at the establishments/dealerships or websites (when this option is available) of our collaborators/partners, which are responsible for collecting the necessary data and documents from our customers for signing up, these loans are taken out with CaixaBank Payments & Consumer. 

With a consumer loan, you pay for the purchase linked to the loan without using your bank account balance at the time of purchase, and CaixaBank Payments & Consumer pays the amount of this purchase directly to the supplier of the product purchased, which you then repay in monthly instalments until the agreed repayment date for the total amount borrowed.With the exception of special interest-free offers, you will also have to repay the contractually agreed interest every month.

Example 1: Sandra's heater breaks down in December, coinciding with her Christmas shopping and meal plans with friends and family. As it is the holiday season, she foresees an increase in expenses and, therefore, thinks that she needs to finance the purchase of a new boiler costing around €3,000. Sandra has found a local boiler installation company that offers the possibility of financing the purchase price of the boiler she is interested in and the installation with a special 24-month interest-free promotion offered by CaixaBank Payments & Consumer. Therefore, she applies for a loan with the boiler installation company, with a repayment period of 24 months. By choosing this offer, Sandra will have to pay €125 for 24 months without any interest.

Example 2: John wants to buy the latest computer to come out on the market, but it costs €1,500, so he would prefer to finance the payment. By taking advantage of a campaign launched by us, Juan can choose to pay for this purchase in instalments with the associated interest, choosing the period over which he wants to pay. John will pay the result of dividing the purchase price + the associated interest by the selected number of months for payment in instalments. 

In addition, CaixaBank Payments & Consumer also gives you the option of taking out a personal loan directly with us, without having to go through any of our collaborators, prescribers or concessionaires. This way, you can finance your project, like refurbishing your room, buying yourself a skateboard or doing that trip you have in mind. In this case, the loan money will be deposited directly into your bank account, and you will repay it in 12, 18 or the months that we offer you. Please bear in mind that this type of loan usually includes interest payments.

Still not clear? Take a look at this video:

• "How to compare loans": SEE VIDEO 

The loans we offer are repaid in monthly instalments, the amount of which you can choose when taking out the loan. You will have to pay the price indicated in the Specific Terms and Conditions of your contract and, specifically, in the attached repayment schedule (contract), which will vary according to the period of instalments (12, 18, 24, or the number of instalments offered and selected). 
The Specific Terms and Conditions of your contract and the attached repayment schedule (contract) indicate the amount you will be required to pay each month, broken down into principal and interest (provided it is not an interest-free offer), as well as the term over which you will finish repaying the loan.

In addition, we may charge you a fee for the financing service provided, together with the first instalment or on a financed basis (in this case, the fee will be included in the nominal amount of the loan). This fee will also be shown in the Specific Terms and Conditions of your contract.

IMPORTANT: The higher the monthly instalment selected, the sooner you will repay the loan granted and, therefore, the lower the cost of the credit, as you will pay interest for less time, and more of the monthly instalment will be used to repay the principal. 

Example: If you buy a sofa, table and chairs worth €1,500 at any of the establishments with which CaixaBank Payments & Consumer collaborates, and you finance this purchase by taking out one of the loans offered by this company, with a repayment period of 12 months, taking into account that the annual interest rate is 9.95% NIR (APR 10.41%), you will have to pay back €1,582.06, in 11 instalments of €131.84 with a final instalment of €131.82. 

Example: Sandra wants to buy a car and goes to a dealership with which CaixaBank Payments & Consumer collaborates and is interested in the financing offered by CaixaBank Payments & Consumer. Considering that the purchase price of the vehicle is €29,106, the price of the financing service is €1,106 (which is incorporated in the nominal amount to be financed), and the annual interest rate is 3.99% NIR (APR 5.08%), she will have to pay back €35,339.79 (of which €5,127.79 corresponds to interest), in 95 instalments of €368.12 each and a final instalment of €368.39.

Please note that you can repay the loan early, fully or partially, at any time by notifying us in writing. Partial repayments may not be less than the sum of two loan instalments. Under the Consumer Credit Contracts Act, as a consumer, you are entitled to a reduction in the total cost of the credit, including interest and costs, including those already paid, for the remaining duration of the contract. Since all our financing products are fixed-rate, we may charge you up to 1% of the amount of the principal repaid early if the period between the early repayment and the termination of the contract is more than one year. If this period is less than one year, the fee shall not exceed 0.5% of the amount of the principal repaid early. The specific fee to be paid shall be specified in the specific terms and conditions of your contract, where applicable.

The early repayment fee shall not exceed the amount of interest that you would have paid during the period of time between the early repayment and the agreed date of termination of the credit agreement.

In accordance with the provisions of articles 4 and 30 of the Consumer Credit Contracts Act, the provisions on early repayment fees shall not apply to loan agreements for amounts in excess of €75,000.

Please note that if you make a partial repayment at any time, you will receive your new repayment schedule free of charge so that you know exactly how much and for how long you have left to repay.

Furthermore, it is important to understand the consequences of failing to meet your repayment obligations.

If you fail to meet your payment obligation, CaixaBank Payments & Consumer will be obliged to allocate resources immediately to cover the unpaid debt, i.e. collection costs. 1) CaixaBank Payments & Consumer will contact you to make a claim: i) by telematic communications (e. g. SMS or similar means); ii) by email and/or notification sent by post and/or in the "PRIVATE CUSTOMER AREA" of the website www.caixabankpc.com, when you have agreed to these means of communication with CaixaBank Payments & Consumer; and iii) through one or more telephone calls to the telephone number provided by you and registered in CaixaBank Payments & Consumer's systems (the number and frequency will be adapted to the particular circumstances of each default and customer—at least two (2) attempts will always be made to make contact with you) or any other personalised method that enables CaixaBank Payments & Consumer to contact you. The fee for reasonable and appropriate collection costs is €35 or €15 (depending on whether the loan is for purchasing a vehicle or not, respectively) (although the estimated collection cost is €40, the amount will be charged in part, taking into account the average amount that remains unpaid for the type of product) unless another price is indicated in the specific terms and conditions (the price indicated in the specific terms and conditions prevails). 2) If the default of payment persists after 15 days, CaixaBank Payments & Consumer may additionally send a burofax or an equivalent means of communication with certification of content and receipt. The current postal cost of sending this document is €24. The 1st fee: i) will only accrue on debts equal to or greater than €60 or €20 (depending on whether the loan is for purchasing a vehicle or not, respectively); ii) only after the specific collection procedures described above have been carried out, and iii) the same non-payment may not generate more than one fee. The 2nd fee: i) will only accrue for debts of more than €300; ii) only after the effective sending of the certified fax due to persistent non-payment, and iii) the same non-payment may not generate more than one fee. 

Collection costs and late payment interest are different concepts. The resources actually allocated to cover the unpaid debt are the collection costs; the profit that is no longer received as a result of non-payment is the late interest.

Late payment interest is generated when you default on the monetary obligations under the contract that are due and unpaid. In this case, interest will accrue in favour of CaixaBank Payments & Consumer at the rate calculated by adding two (2) percentage points to the contractually established nominal interest rate (NIR) from the date of default until its effective payment, regardless of the collection of the late payment fee mentioned in the preceding paragraph.

One more thing! 

If you take out the voluntary credit protection insurance offered by CaixaBank Payments & Consumer, together with the monthly repayment amount, you will be charged the amount corresponding to the monthly premium for this insurance. The amount of the monthly premium will be calculated by multiplying the percentage indicated in the "Insurance premium cost" section of the Specific Terms and Conditions of your contract by the credit amount drawn down.

Please note that CaixaBank Payments & Consumer acts as a banking-insurance operator linked to VidaCaixa and SegurCaixa. It is entered in the Special Administrative Register of Insurance Brokers of the Directorate-General for Insurance and Pension Funds with number OV0077, as can be verified by consulting this body, whose registered address is Paseo de la Castellana, 44, (28046) Madrid, telephone +34 91 339 70 00 and email www.dgsfp.mineco.es.

1. Decide if you want to take out a loan!

Whether you want to apply for a loan to finance the purchase of products sold at an establishment of one of our affiliated dealerships/partners, or we offer you a loan directly from CaixaBank Payments & Consumer to finance your projects, think about whether it suits your needs, interests and financial situation. We will explain the type of loan you wish to take out, how it works, its features, etc., and we will let you know whether there are any associated costs. 

 2. Personalise it!

Choose how you want to repay the credit used.

3. Delivery of pre-contractual information

Before signing the contract, we will show you the pre-contractual information document (ESIS) detailing the financial terms and conditions of the loan. We will send you the terms and conditions offered, which we will maintain for 30 days, so you can read them carefully and compare our offer with others.

4. Sign the contract!

Once you have read the ESIS, we will show you the contract. Read it and sign it when you're ready!

5. Cooling-off period

Please note that once the contract has been signed, you will have 14 calendar days to withdraw (terminate) the contract.

Decide if you want to take out a loan!

Think about whether the loan suits your needs, interests and financial situation. Both CaixaBank Payments & Consumer and its partners will give you all the information you need. 

We will ask you for information and documents through our partners or CaixaBank Payments & Consumer related to your financial, family and professional background to determine the best loan for you.

Personalise it!

You choose the number of instalments and the amount that best suits your needs and budget. Remember that you will have to pay a minimum of €20 per month.

Delivery of pre-contractual information

      Before signing your contract, we will give you the European Standardised Information (INE) free of charge, whether on paper or on a durable medium. This document includes the most important aspects of the loan that you want to take out and we are obliged to provide it to you in due course, before you acquire any commitment. This will allow you to compare different offers on the market and make an informed decision on taking out the loan.

The main purpose of this information is to ensure that you have the sufficient and necessary information to be able to compare our offer with those of other credit institutions and decide which is the best fit for your finances.

We will give you the ESIS in paper format, and/or we will send it to you by email before you sign the contract, depending on the selected application process:

• Online application: the information will be displayed on a screen before you sign the contract. You will be able to download it, and a copy will be sent to your email.
• In-person application at an establishment of our partners/affiliated dealerships: you will be shown the information on the computer or tablet of your sales assistant, and you can ask for a copy of the contract, which will be sent to your by email.

IMPORTANT: Once you have received the ESIS, take as much time as you need to decide whether you want to sign up for the loan. Compare it with other offers on the market and review the necessary information and the financial terms and conditions for your selected product (these terms and conditions are detailed in the ESIS). We will maintain the financial terms and conditions indicated in the ESIS for a period of 30 days from the issue date of the ESIS.

We will also provide you with a copy of the draft contract free of charge upon request unless we are not prepared to conclude the credit agreement with you at the time of your request.

Would you like to see a sample ESIS? Access here.

PLEASE NOTE: This is a sample ESIS that we use when taking out a loan for the purchase of a vehicle without filling in the financial terms and conditions that will apply to your loan. This document is made available to you so that you can familiarise yourself with the sample contract and its contents.

Sign the contract!

  Once the contract is signed, you will receive a copy by email or physical delivery. How you sign up depends on the application channel:

• In-person application at one of our partners' establishments: you will sign in person in writing, digitally or by entering the secret number sent by SMS to your mobile phone in the signature application.
• Online application: using the signature application by entering the secret number sent to you by SMS.

Please note that you can ask us for an additional copy of the contract at any time, and we will send it to you as soon as possible.

Do you want to see an example of a contract? Access here.

PLEASE NOTE: This is a sample contract that we use when taking out a loan for the purchase of a vehicle without filling in the financial terms and conditions that will apply to your loan. This document is made available to you so that you can familiarise yourself with the sample contract and its contents.

Cooling-off period

You have the right to withdraw, i.e. to cancel or terminate the loan agreement, within fourteen (14) calendar days of signing it. You do not need to give a reason.

After the 14 days, you will be able to cancel the contract unilaterally at any time, although you will first have to pay any amounts you may owe.

You can withdraw from or cancel the contract in writing, using a secure electronic format (email) sent to the address [email protected], by sending a letter to Gran Via Corts Catalanes, 159-163, (08014) Barcelona, or by any other means permitted by law that provides a record of receipt and the content of the message.

Furthermore, please note that in the case of linked loans, in addition to being able to exercise your rights against the supplier of the goods or services financed, as defined in the Consumer Credit Contracts Act, you may exercise the same rights against CaixaBank Payments & Consumer with respect to the linked contract, provided that all the following requirements are met:

• The goods and/or services included in the associated contract have not been delivered in whole or in part or are not in accordance with what is agreed in the contract.
• You have file a claim in or out of court against the supplier by any legally recognised means and are unsatisfied with the outcome.

If you decide to exercise your right of withdrawal on a contract of goods or services that you have financed with a loan, the financing will be cancelled without any penalty. That yes, you owe return the lent capital together with the generated interests (according to the rate negotiated) from the day in which you received the money until the day in which it returns it. You have a maximum term of 30 calendar days from when you send the withdrawal notice to make this refund. From then on, if you do not return it, the late payment interest agreed in the contract will be applied.

Please find below the Bank of Spain's banking customer website, where you can use a calculator to figure out how much interest you would pay and when you would end up paying off the debt under one or another level of monthly instalment:  GO TO WEBSITE 

Here are some Frequently Asked Questions (FAQs).

For your information, please also find attached the QUARTERLY INFORMATION ON TYPICALLY APPLIED OR OFFERED FEES AND RATES FOR THE MOST FREQUENT TRANSACTIONS WITH THE MOST COMMON CUSTOMER PROFILES WHO ARE INDIVIDUALS (Appendix 6 of Bank of Spain Circular 5/2012 of 27 June, addressed to credit institutions and payment service providers regarding transparency in banking services and responsible lending).

Finally, please remember that if you have any doubts before or after applying for our loans, you can contact us through the following channels.