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Customers often look to Visa card maturity services when facing bad debt. So what is Visa card maturity? How does the visa card expire when it is due?
Visa is now becoming more and more popular with convenience in spending, shopping or urgent cases that need urgent money. Although credit cards help customers pay first, pay later after 45 days, after 45 days, if customers do not have enough money to pay, at this time they often look to maturity services to avoid bad debts with high interest rates. .
So what is credit card maturity? How is the Visa card due when it is due? Let's find out with Alo Open Card in the article below.
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What is Visa card maturity?
Visa card maturity, also known as credit card, is a service in the chain of services for withdrawing money from credit cards. Accordingly, you will be provided with money by the service party to repay the bank's debt when the credit card repayment is due, but you do not have money to pay the bank.
In the simplest way, the service companies will load money into your account, the bank will calculate and cut your debt for you; then the service staff will swipe the card through the Pos machine to get the money back as soon as the bank re-issues the limit to the cardholder.
Why must Visa card expire?
If you are late in paying your credit card debt by the due date, it will put you in bad debt and be placed on your CIC Record. With each different timeline, you will fall into a different debt group, specifically:
- Debt group 1 late payment from 1 to 10 days will be prompted by the bank to pay.
- Debt group two late payment from 10 - 90 days, now you will be charged interest penalty up to 33% / year a very high number.
- Group 3 debt is late in payment for more than 90 days, with this group of debts, you will be included in the bad debt list of the bank and it will be difficult for you to get a consumer unsecured loan in the future. Not only that, loans related to credit card unsecured will be much more difficult.
Usually, near the due date for repayment, the bank will notify you via text message to the phone number you registered with the bank. Additionally, your bank will email you monthly statements. Your bank will give you a statement of how much money you have to pay and by when you have to pay them. The time you have to pay the debt is counted from the time the statement is due as mentioned in the statement. Therefore, you need to pay attention to the bank's notice to pay off your credit card debt on time.
When should Visa card expire?
The customer needs to be due when the customer is sent a payment due statement. Statements are sent monthly via email or SMS. The statement includes all the money the customer has spent within a month.
At this time, the Visa card maturity fee will still depend on the customer's bank using the credit card.
What is the Visa card expiration process?
The maturity process of service companies will be to immediately top up the customer's bank account, the bank will calculate and cut the debt, then the service company staff will use the customer's card to swipe the card through pos machine to get money back. The steps are as follows:
- When customers receive email, bank sms request Visa card payment
- At this time, you don't need to worry, please contact the Card Opening Number. Provide the information this unit requires and the service company will help the customer pay quickly in seconds at a very reasonable cost.
- Card Opening will top up the card number provided by the customer according to the amount reported by the customer.
- After the deposit is completed, the bank will cut the debt. AloMoThe will notify the maturity cost and withdraw the money the company transfers to help the customer pay. This fee is much lower than the bank credit card interest rate offered.
Some notes on Visa card expiration
- Pay the amount spent before the due date so that no interest will be charged.
- Check the exact amount and pay it off at once to avoid underpayment, customers will be charged higher interest.
- Pay attention to the repayment time because the repayment time of Visa card depends on the bank.
- If in case the customer does not have enough finance to pay the amount spent, use the maturity service to avoid bad debt.
How to avoid losing money when your credit card is due
The nature of the maturity service is only a form of assisting customers to avoid bad debt from affecting their credit history. However, if customers choose unreputable units, it is easy to fall into the "trap" of scammers. Therefore, please research carefully before choosing a reputable unit to use the service.
It can be seen that credit card maturity is a service that solves your immediate financial difficulties, but it is not the safest and most sustainable solution that customers should choose. Please contact AloMoThe for advice on the best maturity.
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