Credit assignment has become one of the most requested services across the country. In addition to the loan, the payroll credit card also offers good conditions. But, not everyone knows how the minimum payroll card payment works. The payroll credit card has a portion of your invoice automatically deducted . That is, the portion that matches the payable margin is settled through payroll discount.
Therefore, what the customer uses on the card in addition to 5% of their salary or benefit needs to be paid like a conventional credit card. And it is exactly with these two values that users are often confused. It may sound complicated, but now you will understand how the minimum payroll card payment should be made. Have other questions about it? So read on and understand why you should apply for your payroll credit card today.
Automatic Payroll Discount
The payroll-deductible credit card has the same operation as a regular credit card and can be used for installment purchases. In addition, this card also allows you to withdraw cash directly from self-service tellers. What may confuse many people is that the payroll credit card ends up having two distinct values. A portion of the invoice is automatically deducted from the cardholder payment – this is the minimum payroll card payment. However, the other part of the additional monthly expenses, when above the 5% margin, needs to be paid separately. This is the portion of what was spent beyond the payable margin. If not paid, it will be included in the next month’s invoice.
Customers using payroll loans may, by law, use only 5% of the net amount of their payment to pay off the payroll credit card. This is the payable margin, which equals the minimum payroll card payment. It is important to understand that the minimum payment may not match the minimum invoice payment. And therefore, the need to make the additional payment, to settle the monthly balance. The great advantage is that as there is a minimum payroll card payment, the bank may charge lower interest rates . This is because there is a guarantee that at least the minimum amount will be settled every month automatically.
However, this card may only be requested by certain eligible categories. These categories include users who can prove fixed and stable income. Namely: INSS beneficiaries, Public Servants, Armed Forces Military and some private sector employees. As it only depends on the amount of the exclusive payable margin, the payroll credit card is released without consulting the SPC or Terasa. Also, the credit card can be used at the same time as a payroll loan.
Understand your invoice values
Since the payroll-deductible credit card is similar to a regular card, so is your bill. Each month the customer receives a slip detailing the purchases that were made, as well as the cash withdrawals that were made.
Monthly invoice amount
The monthly credit card statement shows the total amount spent last month. However, this value is divided into two other values. There is the minimum payment amount of the payroll card, which is automatically deducted from the salary or benefit of the customer. And then there’s the surplus value, which is all the customer used beyond the payable margin. And, it is worth reinforcing, what is spent beyond the minimum payment, has its payment of full responsibility of the user.
Minimum payment amount
The minimum payroll card payment is the customer’s payroll margin amount. That is, every month is automatically discounted up to 5% of the net payment of the user. If the client spends less than 5% of the payable margin, only the amount used is discounted. For example, if a customer earns $ 2,000, anything that is spent up to $ 100 is paid through automatic rebate.
Payable margin amount
The payable margin was created to prevent borrowers from getting into debt, as credit assignment is paid through automatic discounts, direct on paycheck. Thus, each month the customer can only commit 35% of his net income.Of this amount, 30% should be used for payroll loans. The other 5% is for the use of payroll credit card only. Even if the customer has no loans in progress, the payable margin of the card does not change.
Invoice Over Balance
Everything that is spent in excess of the payable margin amount, ie the minimum payroll card payment, must be paid by the customer. This may decide the best way to settle the surplus balance. Payment can be made at any bank, like a regular bank slip. It is important to respect the due date so that no interest is charged on the next invoice. That is, when the payment is not made in cash, the amounts that are not settled will be charged again next month. However, since there is the use of revolving credit card, there is an additional interest charge.
Although the interest on payroll card revolving credit is lower (3.50% per month on average), it can still be saved. In some cases, the customer may also choose to settle their balance in installments. That is, he pays a portion of the invoice every month, but the balance is not all settled. It is worth noting that all that is paid is being deducted from the total debt.
How to use credit card wisely
Like every credit card, payroll needs to be used intelligently so that the customer does not get into debt. Therefore, some care needs to be taken every month. The main thing is not to spend more than you earn. The credit card can generate a false idea of money that actually does not exist. Therefore, spending must be kept under control, even for small amounts. It is also interesting that the customer always keeps a part of the available limit. This can be very helpful when a financial emergency happens.
Since payroll-deductible credit cards charge lower interest rates, the customer can use it for larger purchases. This makes up for more than spending on a small purchase credit card that could have cash payments, for example. Another caution that needs to be taken is with the cash withdrawal. The amount can be used at the same time, however, everything that is withdrawn will be charged back to the credit card statement, plus interest.
In conclusion, it is interesting that the customer has full control over card limits and monthly expenses. Credit card is a great financial tool when used with awareness.
How to apply for a payroll credit card online?
Several financial institutions already allow the payroll credit card to be applied for over the internet. That is, in addition to all the advantages of the card, the customer can still purchase yours without leaving home. To request a payroll card, the customer simply has to have their documents. Namely, RG, CPF, updated proof of residence and proof of income of the most recent months are required. The first step is to use a free online payroll loan simulator. This tool allows the user to know and compare credit offers from several banks at the same time. It is up to the client to choose the financial institution of their choice.
The payroll-deductible credit card has lower interest rates, is released to those who are negative and also has an international flag. In addition, there is the minimum payroll card payment which is automatic. After knowing so many advantages of this credit card, enjoy and apply for yours right now! The online payroll loan simulator is available for you to find the proposal that suits you right now!
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