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The deferred (revolving) payment method lets you repay the credit used in monthly instalments, with interest. This payment method is available on your credit card or line of credit.
You choose how much to pay monthly (the instalment), which you can change at any time, as long as you pay the minimum amount set by the entity. We'll explain what this minimum amount is later.
We would like to remind you that any transactions you make in the deferred payment (revolving) modality generate interest from the time you make them.
The deferred (revolving) payment method lets you repay the credit used in monthly instalments with interest
You decide how much to pay each month. You can choose the monthly instalment that best suits you, as long as it is at least the minimum amount set by the entity. We will explain this later.
You can use your credit at any time, as long as there is a balance available on your credit line or card.
You choose the monthly instalment.
The higher the instalment you choose, the earlier you will return the credit and less interest you will pay. This is because you are returning the money earlier and a larger part of the monthly instalment goes to returning the capital used.
Why is there a minimum instalment?
At CaixaBank Payments & Consumer, we set a minimum instalment to ensure that your debt is repaid within a maximum of 5 and a half years.
To calculate this minimum instalment, we use the following formula:
[(Correction factor + monthly NIR) × outstanding amount since the last transaction]
What does this mean for you?
01
Choose this modality. You can choose the deferred payment (revolving) modality when signing the contract or activate it later if you did not choose it at that time.
02
Set your monthly instalment. You decide how much you want to pay each month, always respecting the minimum instalment we’ve explained.
03
Use your credit when you need it. Make your purchases or payments throughout the month, up to your available credit limit, and pay the monthly instalment you choose.
If you choose very small instalments, it will take you longer to repay your debt and you'll pay more interest. It's better to choose an instalment you can comfortably afford, but that allows you to repay the credit within a reasonable period.
You can view your statements and check your purchases and transactions from your personal section in CaixaBank Payments & Consumer. This way you'll have better control over your money.
If something's not clear, don't worry. Our team is available to help and to answer any questions you may have.
Before using deferred (revolving) payment, consider whether you really need it. It is useful for one-off or unexpected expenses, but consider whether a split payment may be a better option for purchases/transactions when you need to spend more.
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 revolving payment credit card or a credit account without a card?
A revolving payment credit card or a credit account without a card gives you a line of credit. This means you can use the available credit up to the maximum limit specified. With the revolving payment option, you don't have to repay the credit used all at once, but gradually, through monthly instalments. These monthly instalments include interest, which is explained in the pre-contractual information (INE and pre-contractual documentation on payment services and revolving credit) and in the contract you sign.
In addition, this type of credit is renewable. That is, when you use part of the credit, your available balance decreases, but as you repay what you used, that credit becomes available again.
You choose the monthly instalment you wish to pay, provided it is at least the minimum instalment we set to prevent your debt from dragging on for too long. The higher the monthly instalment you choose, the sooner you will finish repaying your debt and the less interest you will pay, because you will be repaying a higher amount of the capital used.
All our credit accounts, with or without a card, let you choose how you want to repay the credit you use. You can adapt the repayment to your financial needs and choose the revolving payment option if you wish.
Does the deferred payment modality generate interest?
If you choose the deferred payment (revolving) modality, you will have to pay interest.
This interest will apply at the time you make a purchase or a transaction using the account or card.
Remember, as you do no return at the end of the month the entire amount you have withdrawn, the interest is added to the pending amount. No interest is generated over the interest you have to pay. But, if you fail to pay an instalment, late-payment interest may be generated over the ordinary interest.
The credit amount withdrawn is returned as you pay the monthly instalments, so less interest will be generated due to using less credit. But, if you use the credit card or account again, the pending amount will be higher, generating more interest.
How do I know if my credit card or account without card has the deferred payment (revolving) modality available?
To find out if your credit account, with or without card, has the deferred payment (revolving) option available, check the precontractual information we have given you (ESIS and precontractual information about revolving credit and payment services) and the contract you have signed. You can also check it in the monthly statements you receive.
If you still have any questions, you can call us at 900 101 601. We are available Monday through Sunday from 09:00 to 23:00.
How can I apply for a credit account with or without a card with revolving payment?
There are several ways to apply for a credit account with or without a card with revolving payment.
If it is a CaixaBank Payments & Consumer card offered through CaixaBank, you can apply:
Apply for your card here
In the case of credit accounts, with or without an associated card, offered in collaboration with stores such as MediaMarkt, IKEA, or FNAC, you can apply for them directly at these outlets. In some cases, you can also apply online.
Before opening a credit account, with or without an associated card, we will provide you with the European Standardised Information (INE), the pre-contractual documentation on payment services (if a credit card is associated), and information about revolving credit, which contains all the important details about the product. We will show you this information during the application process and also send it to you by email.
It is important that you read this information carefully. These documents detail:
You will have 30 days to decide whether you want to sign the contract under the conditions we offered you.
Before taking out the credit, you have the right to:
Remember to always check the APR (Annual Percentage Rate). This way, you will know the cost of the credit and you will be able to compare it with other offers and credits.
Can I withdraw from the contract once I have signed it? And, can I cancel it at any time?
Yes, you have the right to withdraw from the contact. That is, you can cancel the contract that you signed to obtain any of our credit accounts, with or without associated card, and the contract will no longer be valid if you do so within the first fourteen (14) calendar days of signing it. You do not need to explain the reason for cancelling the contract, and we will not charge you any penalty.
You can withdraw from the contract:
After withdrawing from the contract, it will no longer be valid and you will have 30 calendar days from the date of your communication to return the amount of credit that you have used and any accumulated interest.
All the associated physical and virtual cards, if you have any, will be cancelled.
The right to withdraw from your financing contract does not mean that you can automatically withdraw from the financed purchases. These purchases are governed by their own regulations.
After the first 14 days from which you took out the credit account have elapsed, you may cancel the contract at any time. You do not need to give any reason. But, you must return the money you have been lent, along with the agreed interest that has accumulated up to that time.
In order to know how much you have to pay exactly, ask for a “letter of payment”. This document specifies the total amount that you must pay to cancel the contract. You must ask for it by sending a signed document to the financial institution by email or post. You can also request it by calling the financial institution’s customer service.
If you have a credit account with card, you will also have to return all the associated credit cards.
You may be charged for the services that you have used up to the cancellation, and you may be charged a fee for early payment, if established in your contract.
What are the characteristics of a credit with a deferred (revolving) payment?
Flexible
You decide how much to pay every month. You can choose the monthly instalment that best suits you, as long as you pay the minimum instalment set by the institution.
Available
You can use your credit at any time, provided there is balance available in your credit account, with or without an associated card.
Renewable
As you repay the credit, that amount becomes available for you to use again.
Keep in mind that excessive use of credit can extend your debt over time if you don't manage your spending carefully.
How does revolving credit differ from other payment methods?
The main difference between revolving payment and other payment methods lies in how you repay the credit you use.
Revolving payment
You can choose how much you want to pay each month, provided it is at least the minimum instalment set by the institution to prevent your debt from extending excessively.
Keep in mind that this payment method generates interest from the moment you make the transaction (for example, a purchase).
End-of-month payment
You group all your purchases and pay them together at the end of the month.
No interest is applied.
Instalments
You also pay in monthly instalments, but in this case, a specific number of months is agreed upon (for example, 3, 6, or 10) to repay the amount of the transaction (for example, a purchase).
The amount of each instalment depends on the repayment period you choose.
This type of payment may generate interest, although there may be promotional campaigns that are interest-free.
How can I contact CaixaBank Payments & Consumer if I have any questions about my credit account or card with the deferred payment (revolving) modality?
If you have any questions about how your credit account or card with deferred payment (revolving) modality works, you can contact our customer service through various channels:
And if I want to submit a claim or complaint?
If you would like to send a claim or complaint about your financing product, follow these steps:
How long does it take to resolve a claim?
If you do not agree with the response or do not receive a response within that time, you can submit your claim to the complaint services of the supervisors.
CaixaBank Payments & Consumer is supervised by the Bank of Spain
Address: Calle Alcalá, 48, 28014 Madrid
Website: www.bde.es
How can I calculate the instalment that best suits my needs for revolving payment?
What is the purpose of the calculator offered by CaixaBank Payments & Consumer?
At CaixaBank Payments & Consumer, we help you understand how revolving payments work. For this, we provide examples in the pre-contractual information (INE and pre-contractual documentation on revolving credit), in the contract, and in the monthly statements, so you can see which instalment best suits your needs.
We also make available a very useful tool:
Revolving Credit Card Instalment Calculator from the Bank of Spain
How does this calculator work?
You just have to enter:
The calculator will show you:
This tool helps you make more informed decisions and avoid unnecessary costs.
Missed payments – What happens if I fall behind on a payment?
If at any point you fall behind on the instalments of your credit, the financial institution will contact you, as you will be in breach of the contract you signed.
The actions the institution may take to recover the debt can vary depending on:
If you fall behind on a payment because you did not pay on time, the unpaid amount accrues daily interest. This interest is called late payment interest.
Late payment interest is calculated using the interest rate stated in the Specific Conditions of your contract.
Your main obligation as a customer is to make each payment scheduled in your contract. If you fail to meet this obligation, we must carry out collection procedures to bring the contract up to date. These collection procedures have a cost. The cost of collection procedures is separate from late payment interest. Late payment interest is not a fee; it represents the financial loss from not paying on time.
We will initiate collection procedures within the first 15 days, which include:
A) Telematic communications (for example, SMS or similar methods).
B) Email and/or electronic banking mailbox communications, if these forms of communication have been agreed.
C) One or more phone calls; we will make at least 2 attempts to contact you, but the number and progression will be adapted to the circumstances of each debt and each customer.
D) Additionally, any other personalised method that allows us to contact you.
The fee for collection procedures is €15, even if the actual cost for us is higher. The fee will only be charged to the account balance once the collection process is complete; it is not automatic. Furthermore, only one fee will be charged per missed payment; it cannot be repeated. The collection procedure fee will not apply to missed payments under €20; smaller amounts are exempt.
If you would like to know the possible consequences of a late payment, click here.
