With the deferred payment revolving, you can pay a fixed amount each month or a percentage of your card bill. This payment method charges interest.
- Interest rate: 17.52%.
- Credit limit: €1,500.
- Yearly credit card issue and maintenance fee: €23. See if your account contract allows you to waive this fee.
The monthly payment settlement date is the 20th of each month, but if you have chosen to pay the bill on the 5th and you opted for the deferred payment, you will have to pay interest from the settlement date until the payment date.
The minimum monthly amount is €12, and you can choose any higher amount.
The payment chosen is used to pay the interest and agreed expenses first, and then to repay the loan or the balance you draw down. Because of this, selecting lower payments could lead to a smaller proportion of the principal being repaid every month.
Once you take out the card, you can use both the BBVA app and bbva.es to calculate the repayment period based on your chosen payment method, as well as the total interest payable, if any.
You can also use the card simulator revolving Bank of Spain's revolving card simulator to calculate the approximate total card payment or the final payment date, based on the amount and the payment method chosen (https://clientebancario.bde.es/pcb/es/menu-horizontal/podemosayudarte/simuladores/calculo_cuota_tarjeta_revolving.html).
Remember that you can change the payment method for your card whenever you want.
Deferred payment example revolving with fixed payment
If you make a purchase for €1,500 with an NIR of 17.52% and you choose to make a fixed monthly payment of €43.69, you would have to pay:
- 48 monthly payments of €43.69.
- The total amount payable will be €2,188.98 and the APR will be 21.96% (18.84% NDER).
The calculation of the APR and the total amount payable takes into account the €23 card issuance and maintenance fee, which is charged annually.
This example complies with the information requirements of Order EHA/1718/2010, which governs and controls the advertising of banking services and products, the conditions of which may not correspond to those of the contract.
IMPORTANT: With the Young Person's Despues Card, the credit cannot be repaid in 48 equal monthly installments because:
- The minimum amount to be repaid is 3% of the balance drawn. This means that if the amount chosen is lower than this percentage, each month you will pay the amount that results from applying that percentage.
- The credit card issuance and maintenance fee, which is €23, is charged annually, so the payment will always be higher on the month when this fee is charged.
Therefore, if you get this card and on the same day, for example, May 1, 2020, you make a purchase for 1,500 euros and choose to make payments on the 5th of each month, the total amount payable over 48 months, assuming an NIR of 17.52% (18.84% NDER), would be €2,111.75. The APR will be 22.58%.
Remember that if you decide to pay the bill on the 5th of the month, you will have to pay interest from the settlement date until the payment date.
The fixed monthly payment may not be less than 3% of the amount spent, shown in the "Credit Card Account" statement before settlement, plus the interest generated during the corresponding monthly settlement period and the relevant fees.
The NDER is the narrowly defined effective rate and is equivalent to the APR without including fees and expenses.