In times of such high inflation, credit cards become a great help, especially in relation to “kick off” expenses or divide a consumption high in installments, especially if the latter is interest-free. But, once that’s cleared up, the question is whether plastic is sufficiently capped to cope with that consumption, and those caps amid widespread and permanent increases can be a problem.
As for credit cards, keep that in mind there are limits on purchases and cash withdrawals. This means that there is a maximum amount that can be used for purchases both in a single solution and for consumption in installments.
“A credit card limit is exactly that, the amount available to buy or make different transactions with your credit card,” BBVA HomeBanking details. And he adds: “Every time you make a purchase, that limit decreases and recovers as you pay your statement month-to-month.”
In this sense, there are 3 types of limits:
- Limit for installment purchase: is the total amount available to you to finance your payments. For example: if the installment purchase limit is 50,000 pesos, you can make several purchases and install installments until that value is completed; or make a single consumption of $50,000 and quantify it.
- Limit for purchases in one payment: this value refers to the consumption that can be done in a single solution, ie “applies to purchases not in installments”.
- Cash withdrawal limit: for this type of operation there is also a limit. This amount, like the other limits, It decreases as you consume or withdraw. At the same time, it is replenished month by month when the summary is paid.
What is the maximum credit card limit and how to increase it?
The maximum limit for a credit card is defined by the second bank to an evaluation requiring income and credit history.
This Monday the Minister of the Economy, Sergio Massa, will authorize a generalized increase in the ceilings. However, each customer can request a personal extension of the limit. You can also request a temporary extension, which is widely used in case of travel.
As anticipated by the Ministry of the Economy, it will increase 30% purchase margins on credit card installments AND Margins of 25% on credit card purchases in one payment.
The margins on current account advances for MiPymes will also be increased by 25%.
How to see the credit card limit?
One of the ways to know the consumption limit with a credit card is call the supplier’s bank. But they can also be check online banking.
And another way, perhaps the least used today, is to go to the branch where you have the bill and pay face-to-face consultation
NS
Source: Clarin
