10 Tips on Product Packages

1 | If you are deciding on the purchase of a package, it is important to bear in mind your financial product requirements in order to avoid paying for services you do not need. For example, if you generally do not use checks, it is not necessary to have a current account.

2 | It is useful to individually analyze each of the products that make up the package, to determine if they fit your behavior profile. For example, if the package has a domestic or international credit card.

3 | In order to correctly evaluate the package, it is important to know if there are any additional costs for each product, especially credit cards (renewal costs, delivery of monthly statement, insurance). These costs are usually a determining factor in the final price.

4 | The price of the package should be compared to the sum of the individual costs of the products that will actually be used.

5 | In the case of discounts and special benefits associated to the use of a credit or debit card, you should also analyze whether they fall within your consumption profile or not.

6 | If withdrawals are not charged in the ATMs of the institution where you decide to purchase the package—but however, they have a fee in the ATMs of other institutions or other networks—it would be wise to verify their availability in your area, i.e. near your house, work area and the usual routes you take.

7 | Funding limits for different financial instruments, such as credit cards, current account overdrafts and pre-arranged loans should also be considered.

8 | It is also important to understand the differences in interest rates, both to be accrued and to be paid.

9 | Tax burdens and/or tax refunds should also be studied when making a choice of the financial products to be purchased. For example, check processing charge, gross income or VAT partial refund for purchases made with debit cards.

10 | Another aspect to bear in mind is the risk in case of involuntary breaches or force majeure regarding the terms and conditions specified in each of the instruments. For example, if you are late in paying your credit card charges, you must pay punitive interest. Or if the package includes current account overdrafts, you have to remember that they will have a cost in terms of interest.