Are you tired of paying for your credit card membership year after year? You’re not alone! Many users seek to avoid this additional charge that can add costs to their personal finances. In this note, we will offer you practical advice and effective strategies to avoid paying this extra money, so that you will save money and manage your budget more efficiently.
The credit card membership It is one of those fees that may go unnoticed, but that affect your pocket in the long term. Luckily, there are several ways not to pay it. Given this scenario, The Republic interviewed Jorge Carrillo Acosta, a financial expert at Pacífico Business School, to guide us on how to take control of our financial situation and avoid paying for your credit card membership in a smart way.
What is credit card membership?
Jorge Carrillo explains that credit card membership is the payment made to access certain benefits.
“It is a commission that is charged annually or every time they complete one year with the card, basically for having the right to the benefits program. That is, on the one hand, payment through the card, that is, the pos system ; and secondly, the entire benefits package that has such as interest-free days, zero interest on direct credit purchases, points, miles or similar,” highlights the specialist.
How can I NOT pay for your credit card membership?
There are two ways to avoid paying for your credit card membership, each with its own advantages and disadvantages.
“The first is by complying with the exemption requirements set by the financial institution. There are entities that ask you for a minimum consumption per month or so many consumptions per month, sometimes a minimum amount per year. For example, if you consume S/20. 000 a year, it doesn’t matter if it’s a single purchase, they exempt your membership. It can also be one consumption per month or each billing cycle to exempt the membership,” says the specialist.
Another option that Carrillo explains is that “after 11 months the financial institution is told that you give up having the credit card and thus no longer pay for membership, although you will not have your card either.”
How much does a credit card membership cost?
Membership payment depends on the type of card, but can vary from S/50 the cheapest to US$300 one of the most expensive. In addition, the specialist points out that since last year each financial institution has been obliged to offer at least one credit card that does not have membership.
However, the user will not have the option to access the benefits program of each card either; Therefore, you have to weigh the advantages and disadvantages before making a decision.
How to take advantage of paying membership?
Credit cards can generate debt if you do not keep proper control of your finances; However, if the person makes appropriate use, paying for the membership should not represent a major problem for the holder.
“Membership is not bad as long as you use the card. The idea is not to have many credit cards, one or maximum two, and use them permanently so as not to have to pay membership. Sometimes you have six cards; then, they will charge you charge membership in those that you do not use every month,” says Jorge Carrillo Acosta.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
