One-to-one, the banks have launched various support programs to the debtors, which have been well received by their customers, but have also generated a lot of doubts, mainly in the case of credit cards.
The banks offer from 4 up to 6 months not to charge the minimum payment requested each month on credit cards, but it does generate interest, according to the rate that the plastic, by the amount of the debt. This has resulted in social networks a wealth of criticism, but some managers of the banking explained that what should be on a card continues to generate interest, since this credit can continue to be used and is revolving.
In general covered by the support programmes of the banks is the minimum payment to keep the history without affectations, and is for clients that may not cover it, but the remainder of the debt for the portion not paid, and continues to be accounted for is generates interests.
The advantage of this scheme of banking is that you do not pay the minimum amount during the grace period of the bank, with the advantage that you can continue to use it, but continue to accrue interest.
For example, if you need 10 thousand pesos, and was applied to the program of helping paying the minimum on that account, to the next month if I don’t use it you will have a bill more equivalent to the portion of the interest rate charged by the plastic, at the end of the assistance program could owe more than that amount, by the interest charged.
Yes, the banks make it clear that in no case the interests to be charged for the part that is due will be capitalized, that is to say they can’t charge interest on interest, since it is forbidden; in addition to the ordinary interest for the period that they are deferred payments themselves are generated, but not charged.
This scheme, in accordance with each bank applies immediately, or takes time to be activated up to 5 working days, as in the case of Citibanamex and all banks can pay and go to pay his debt during those months. Only BBVA yes will freeze the total debt and interest in those months.
Other credits that also generate doubts is on the mortgage, in which each bank has put in place different measures.
For example, in Banorte the activation of the plan to postpone the payment is not immediate; once enrolled you will be contacted by the institution to verify the information and once, in the process, we request the submission of official documentation via digital to activate it, but that’s not all, you will have a period of 90 days to get the convention signed in original to your branch or Centre Mortgage nearest, that is to say will have to go to deliver this documentation in the coming months.
Santander also asked for those data, but the difference is that you will send to the applicant a special envelope to your home address with that information back to the bank to activate the credit.
In the case of Scotiabank, which offers in some programs, reduction of fees by payment completed, to enroll in the program will not mean that the thaw in the payments lose the prime rate.
At BBVA, in the case of a mortgage, the 4 months will not be paid for the credit, because there is a date for concluding the contract stipulated. The amount of those months that today are not paid will be “prorated” in the period of the funding and will be completed by the date agreed upon initially in the mortgage contract.
-Each banking institution has established its own rules and programs, according to the customer profile.
-Those who have domiciled their payments can access to this program and if it retains cash this will be returned to you.
-There are banks that have not announced measures because they are in design or because it will be for each client.