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The 'false' mortgage bonus: this is how the bank tries to sell its revolving cards

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Linked products are already almost a part of the loans for the purchase of a house. Domicile the payroll or take out insurance are usually some of the requirements for which the bank gives bonuses when contracting a mortgage. But be careful, because they can end up being expensive, since entities are beginning to market their revolving cards.

The consumer who hires one of these cards receives a bonus in exchange, yes, but lowering the differential by 0.05% or 0.1%, which is what is usually offered for these products, can mean a additional debt to the loan really complicated to pay off and more when this card is offered as a significant monthly decrease in the mortgage payment without explaining the risks that involves the use of those revolving cards. This is explained by the legal services platform Reclamador.es, whose experts point out that, currently, many consumers are facing debts that do not stop growing.

A debt that, depending on the year in which the loan was contracted, the interest rate of the revolving card, among other circumstances, amounts, on average, according to its data, to about 2,000 euros, although there are cases in which that debt amounts up to the 10,000 euros. They also highlight that for banks to return the money and consumers can cancel the credit of those revolving they have to go to justice.

"What at first may seem like a good offer to reduce the cost of the mortgage loan, may lead to another debt to face, although it is with some very high interest, close to 20% or even higher, and with a complicated final solution for the affected party, because, once the revolving card is contracted, terminating the debt generated by it becomes a legal battle ", they express. advise future mortgages to study carefully all the bonuses offered by financial institutions to lower the spread of the mortgage loan and compare the cost of these services with the reduction in the fee.

And here, they also include insurance, "whose premiums can neutralize or even make illusory the savings promised in the loan." However, it is recommended that the mortgaged ones study the cost of said policies contracted through the bank with the external offer and calculate if the reduction in the loan installment per year represents a real saving or if, on the contrary, despite this decrease of the differential, at the end of the year the mortgaged ends up paying a higher amount a if you had taken out life or home insurance with a third party.

BANCO DE ESPAÑA WARNING

In fact, the Bank of Spain has warned consumers on several occasions that they should inquire about the characteristics of revolving cards, since, if they do not know well how this type of credit works, it allows defer payments in fixed installments or in a percentage of the available credit, so that the limit is renewed with the part of the installment destined to amortize the capital already spent, they can "misuse and get in trouble".

This product is generally offered to customers under the name of a credit card and, in many cases, is marketed without the word revolving appearing "and sometimes without properly informing about the characteristics of this type of associated credit", and can also be offered in collaboration with large businesses or intermediaries under their trademark.

On January 2, 2021, the different parts of the new ministerial order on revolving credit, published last July. In this way, improvements are incorporated aimed at increasing transparency with customers and prevent future situations of unsustainable debt by strengthening the solvency assessment that entities must carry out before granting revolving credit.

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