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According to the latest survey by fintech Fiserv, credit card usage has declined over the last year and has become the last option for regular payments. However, there are those who continue to make their purchases in a single installment with credit card to avoid the usually high interest rates, bordering on usurious at 37.56%.
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However, some people do not know that certain financial products can charge ongoing interest from the first day of purchase, even if the payment is deferred in a single installment.
These are the banks that charge interest even when purchases are deferred to a single installment
- Bancolombia Libre credit card
The Libre American Express credit card from Bancolombia is one of the cards that charge interest on installment purchases. Although it does not charge a processing fee, it does pay interest for the days financed. This is mentioned on their website.
“The ongoing interest is charged from the day of purchase, even for purchases deferred for a month. Interest will be charged on the first invoice after purchase. If the customer pays his debt in full before the invoice date, interest will be charged from the first day of purchase until one day before payment.
It should be noted that this card has a monthly interest rate of 2.69%, which translates to an APR of 37.52%. These rates apply to purchases and payment of taxes as well as domestic and foreign advances, except that international purchases are automatically deferred for 36 months and domestic and international advances are deferred for 24 installments.
- Banco Popular Zero Card
The Banco Popular Cero Mastercard Card has similar features. This card pays interest for the days financed, i.e. from the first day you make the purchase.
However, this card has a 0% interest rate when purchasing at Mercado Libre, although the advantage is only valid for selected references and also has purchase protection in case of damage or theft, so you can get a refund if the purchase was made with this card.
There is also no processing fee for this product and the interest rate on this card is only three basis points below the usurious interest rate.
- Free Davivienda card
The Banco Davivienda Free Card also charges interest for purchases in installments. “Current interest is that which accrues from the day of the transaction to the end of the billing period or to the day of payment.” “The current interest rate on the day of use of the card applies,” says the bank’s website.
This card has an interest rate of 37.35% EA for each purchase and 37.19% for portfolio purchases.
- Davivienda G-Zero card
The Davivienda G-Zero Card has been charging interest on purchases in installments since December 15, personal finance TikTok account Financia_tuvida revealed.
Davivienda has informed its customers that the G-Zero credit card has made this change. “Purchases you make after December 15th, deferred or paid in installments will generate interest depending on how many days you finance.”
The same rates apply to this credit card as to the Free Card. 37.35% EA for each purchase and 37.19% for portfolio purchases.
- CeroRollo Visa credit card from Banco de Bogotá
Interest also accrues when using the CeroRollo credit card, even if it is a single installment. To view the terms and conditions of this card you must access the appendix to the contract as the information is not available on the website.
The interest rate for purchases with this card is 37.53% EA, for paying taxes it is 25.1% EA and for portfolio purchases it is 27.09%.
- Scotiabank Colpatria One Light Card
According to the Scotiabank Colpatria website, there is also no processing fee for this credit card. However, they charge interest on purchases from day one.
“This credit card does not offer any interest benefits for any type of transaction and generates interest from the first day after purchase, regardless of the number of installments set for the transaction,” the bank’s website says.
This credit card has an interest rate of 37.52% on purchases, down payments, tax payments and late payment interest.
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