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The deferred (revolving) payment method lets you pay for the credit you use in instalments with interest. It may be associated with a credit account with or without an associated credit card, though in either case, the operation is the same.
Instead of paying everything at once at the end of the month, with the revolving payment option, you repay the amount used, together with the interest that accrues, in instalments that you choose and that you can modify up or down whenever you want, provided the amount is at least the minimum specified by the bank, as explained later.
Remember that it is important to keep in mind that the transactions you do with the credit account, with or without an associated card, with this option, your transactions accrue interest as soon as they are made.
THE DEFERRED (REVOLVING) PAYMENT METHOD LETS YOU PAY IN
MONTHLY INSTALMENTS, WITH INTEREST, FOR THE CREDIT
THAT YOU USE.
You decide the amount of your monthly instalment, subject to a minimum payment, as will be explained later.
You can use your credit at any time to make one-time purchases, for example, provided that your credit limit and available balance allow it.
You will have access to the money automatically, as long as your line of credit has a balance available.
You decide the amount of the instalment that you pay each month, subject to a minimum amount set by the bank (5 euros). The higher the monthly instalment selected, the sooner you will repay the credit drawn down 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.
At CaixaBank Payments & Consumer, we look out for your financial security. Which is why we set a minimum payment to ensure that your loan is repaid within 5.5 years. The formula we use to calculate the minimum payment is as follows:
[(Correction factor + monthly NIR) x the outstanding amount since your last transaction].
The correction factor is a percentage that will depend on the NIR in your contract and whose value will guarantee that the debt will be fully repaid within 5.5 years. We will inform you of this correction factor in your monthly statement
If you want to simulate the deferred payment method, you can do so at the following revolving calculator here.
01
Choose the deferred (revolving) payment method, or change it if you did not select it when you signed the contract.
02
Choose the monthly payment you want to make (subject to a minimum amount, as explained above).
03
Spend what you need to during the month, up to the available credit limit, and pay only the amount chosen
This will reduce how long you are in debt, and thus the amount of interest you will pay. Instead, try to choose amounts that you can pay in a reasonable time, and thus keep better control over your finances.
From your personal section in CaixaBank Payments & Consumer, you can access your statements and keep track of all your purchases and transactions.
If you have any questions, ask. We have specialised personnel who will clear up any doubts you might have.
Analyse your expenses and decide what purchases you really need. Defer purchases/transactions only when you have a large expense, and avoid using it as your normal method; this way, you can manage the credit account with or without an associated card more effectively and avoid paying more than necessary.
At CaixaBank Payments & Consumer, we have implemented a series of measures to ensure that you use the deferred (revolving) payment method responsibly:
WHAT IS A DEFERRED (REVOLVING) PAYMENT CREDIT CARD OR ACCOUNT?
Both credit cards and credit accounts without a card with the deferred (revolving) payment option provide the holder a line of credit in which the credit is not paid back in its entirety at the end of the agreed settlement period; rather, it is repaid over time in instalments with interest (the rate of which is detailed in the pre-contractual information and in the contract).
In addition, the credit is revolving, meaning that it goes down when you make credit payments from the account, with or without an associated card, but as you pay off the credit that you use, it becomes available again for future purchases.
The deferred (revolving) repayment of credit will depend on how much you choose to repay each month and whether you continue to draw down more credit as you repay it.
The higher the monthly instalment selected, the sooner you will repay the credit drawn, and therefore the lower the cost of the credit, since you will pay interest for less time, and more of the monthly instalment will be used to repay the principal.
All our credit accounts, with our without an associated card, let you personalise the credit payment to your financial needs, meaning they all let you choose the type of deferred (revolving) payment.
DO CREDIT CARDS OR ACCOUNTS WITH DEFAULT (REVOLVING) PAYMENT ACCRUE INTEREST?
If you choose the deferred (revolving) payment method, you will pay interest on the credit drawn.
The interest accrues on the outstanding balance you carry over each month and from the time you make the transaction/purchase.
It is important to realise that if the total balance of the credit account with or without an associated card is not paid at the end of each month, interest is added to the carryover balance.
The accrued interest decreases as instalment payments are made, which restores the credit available, although using the credit available will again increase the instalments.
HOW CAN I KNOW IF MY CREDIT CARD OR ACCOUNT OFFERS DEFERRED (REVOLVING) PAYMENTS?
To find out whether your credit account, with or without an associated card, supports the deferred (revolving) payment method, you can look in the pre-contractual information (ESIS) and in the contract you signed when you applied for the card, or in the monthly statements you receive.
You can also check whether your credit account, with or without an associated card, offers deferred (revolving) payments on the following website:
https://www.caixabankpc.com/es/particulares/atencion-al-cliente.
If you still have any questions, there is a free phone number you can call that is staffed Monday to Friday from 9 a.m. to 9 p.m., where we'll be glad to help: 900 101 601.
HOW CAN I APPLY FOR A CARD WITH DEFERRED (REVOLVING) PAYMENTS?
There are different ways to apply for a card with deferred (revolving) payments:
As for the CaixaBank Payments & Consumer cards marketed by CaixaBank, you can request one online or at a branch, and if you are already a CaixaBank customer, you can also do so through CaixaBank NOW.
https://www.caixabank.es/particular/tarjetas-bancarias.html
In the case of credit accounts with or without an associated card, which are usually related to the collaborators with which CaixaBank Payments & Consumer has a commercial collaboration agreement, the process is done in the stores of our partners: MediaMarkt, IKEA, FNAC, and others. It is also possible to apply for these financing products online.
Before you open a credit account with or without an associated card, CaixaBank will give you (during the application flow process, and also through email) the European standardised information sheet (ESIS), which contains the pre-contractual information of the contract for the financing product you select. It is important that you read it carefully and, if you want, compare it with offers in the market. In it, we describe the financial conditions as well as other relevant information about the credit account with or without a card (such as the right of withdrawal, payment methods, your assigned credit limit, etc.). Take your time.
We will honour the conditions offered for 30 days so you can sign the contract once you have thought about it and decided if the product is right for you.
Therefore, before you take out the card, you have the right to:
CAN I WITHDRAW FROM THE CONTRACT ONCE I SIGN IT? AND CAN I CANCEL IT AT ANY TIME?
You have the right to withdraw, i.e., to cancel the contract signed for any of our credit accounts, with or without an associated card, or to render it void, within fourteen (14) calendar days of signing it. You do not need to give a reason for cancelling your contract. After the first fourteen (14) days, you will be able to cancel the contract unilaterally at any time, without providing a reason, although you will first have to pay any amounts you may owe. As soon as you request it, if there is no outstanding debt, we will cancel the contract in 24h.
You can withdraw from the contract in writing, using a secure electronic format (email) sent to the address hola@caixabankpc.com, 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.
If you want to cancel the contract, CaixaBank Payments & Consumer will comply with your termination request within 24 hours of your notification (by the same means you use to exercise your right of withdrawal). To cancel the credit account contract, you must first pay any amounts you may owe and, if it is a credit account contract with a card, you must also return the card associated with it before we can close the account. If the contract is cancelled, the credit account will be closed and, if applicable, the card associated with it will be cancelled (credit account), meaning no new drawdowns may be made. We may charge you the proportional amount of the fees and expenses corresponding to the services you have used since the period started until the moment of termination. If we charged you the full amount of the fees and expenses in advance, we will reimburse this proportionally to the account associated with the credit card and from which the payments made to repay the credit drawn were direct debited.
WHERE CAN I SEE THE CONTRACT THAT I SIGN? WILL YOU GIVE ME A COPY?
Yes, a copy of the contract will be provided to you. We will give you a signed copy of the contract when you sign it and/or we will email it to you.
WHAT ARE THE CHARACTERISTICS OF A CREDIT WITH A DEFERRED (REVOLVING) PAYMENT?
Flexibility
Credit accounts with or without an associated card make it possible to pay for your purchases in instalments instead of having to pay for them all at once. As long as you make the agreed payment, you will have several months to repay any debt.
Speed and availability
Once the transaction is approved by the financial institution, the amount authorised can be used immediately. Moreover, as the debt is repaid, the available limit is restored, which provides greater financial flexibility to deal with any unplanned expenses or liquidity needs in the future.
HOW DOES CREDIT WITH DEFERRED (REVOLVING) PAYMENTS DIFFER FROM OTHER CREDIT OR PAYMENT OPTIONS?
The main difference between a deferred (revolving) payment and other payment methods is how it works:
Deferred (revolving) payment: It lets you make purchases and select how much you want to pay back each month, subject to a minimum payment to avoid excess debt. Keep in mind that interest accrues from the time you make the transaction/purchase.
Payment at the end of the month: With this option, you can group all your purchases together and pay for them at the end of the month. Use the amount of credit authorised for your credit account with or without an associated card and we will charge you at the end of the settlement period. No interest!
Split payments: Like with revolving payments, you pay in monthly instalments, only in this case, instead of choosing the amount, you choose how long you want to take to pay for your purchases, 3, 6 or 10 months. The amount is calculated based on how many months you want to take to pay. Please note that this type of payment can accrue interest.
HOW CAN I CONTACT CAIXABANK PAYMENTS & CONSUMER IF I HAVE QUESTIONS ABOUT HOW MY CREDIT CARD OR CREDIT ACCOUNT WITHOUT A CARD WITH DEFERRED (REVOLVING) PAYMENT WORKS? WHAT IF I WANT TO FILE A CLAIM OR COMPLAINT INVOLVING THE LINE OF CREDIT?
If you have any questions about how your credit card or credit account without a card with deferred (revolving) payment works, don't hesitate to contact customer service:
You can do so through different channels:
If you need to file a complaint or claim involving your financing product:
Gather all the relevant information: all the documents and details related to the problem, which may include monthly statements, bills, contracts, etc.
You can submit the claim and the information associated with it through the following options:
According to its operating regulations, Customer Service has a maximum of 1 month in general, and 15 business days in the case of claims involving payment services, to settle claims. In the event that the claimant does not agree with the resolution or should the aforementioned time period go by without a response, s/he can file the claim with the supervisory claims service. CaixaBank Payments & Consumer is subject to oversight by the Bank of Spain, located in Madrid, calle Alcalá, 50. Its website is www.bde.es.
HOW CAN I CALCULATE THE AMOUNT OF THE DEFERRED (REVOLVING) PAYMENT THAT BEST SUITS MY INTERESTS AND NEEDS? WHAT IS THE PURPOSE OF THE CALCULATOR PROVIDED BY CAIXABANK PAYMENTS & CONSUMER?
CaixaBank Payments & Consumer provides examples of the deferred (revolving) payment option, whether through the pre-contractual documentation (ESIS), the contract or the monthly statements, so that you can decide what amount best suits your needs and interests.
To make it easier to calculate the instalments and interest, we offer the following tool: https://clientebancario.bde.es/pcb/es/menu-horizontal/podemosayudarte/simuladores/calculo_cuota_tarjeta_revolving.html
To use this calculator, you have to enter your card's interest rate, the outstanding balance on the card and how much you plan to pay each month. The calculator will provide an estimate of how long it will take to pay the debt and how much interest will accrue.
This tool will help you make more informed decisions about how to manage your debt, and thus avoid additional costs.
