What is an ATM?
It is a machine that allows clients to do their banking transactions at any time, anywhere. When you use your debit or ATM card in an ATM, you can withdraw cash from your checking or savings accounts make deposits, transfer money from one account into the other, among other transactions. You can also withdraw cash in advance from your credit card in an ATM.

What should I do if my card is lost or stolen?
If your card is lost or stolen, you should contact your card's issuing bank immediately. We suggest you keep this number someplace else, other than your wallet or your purse.

How do I request an increase on my credit card credit line?
The best strategy is to talk to the financial institution that issued your card. The contact information usually appears on the back of your credit card, or on your statement.

If my card offers a grace period, does that mean my charges are free of interest even when a balance is transferred from a month into the other?
No. If a balance is transferred from a month to the other, the issuer will charge you interest from the closing date, or from the purchase date (depending on your contract), on all your purchases. Your purchases are free of interest only when your card offers a grace period; you start the billing period with a zero balance and payout all new purchases on the due date. Most cards offer a grace period on advanced cash withdraws.

Would it help my credit history if I filed for bankruptcy, since I wouldn’t have debt anymore?
No. Bankruptcy won't make your debt disappear; on the contrary, since you won't pay that debt, a negative report will be produced.

If I accept an offer for a pre-approved credit card, is it guarantee I’ll receive it?
No. Credit card issuers have the right to investigate your background, thoroughly when you accept a pre-approved offer. If you are eligible in accordance with their standards, they might offer you a card with different terms, or they can deny it.

If a lending institution denies me because of my credit, do I have the right to know why?
In México there is no legal obligation to provide the applicant with a copy of the credit report (if one was used to evaluate the request), the specific reasons for the denial, instructions of how to obtain said reasons, or written notice informing you about it.

Since most credit card issuers use some kind of daily average balance to calculate interest, would I save more money (when transferring balance month to month) sending money early instead of waiting until the due date?
Yes, since interest clock is tic-tacking daily, the sooner your payment is received by lending institution, the lower will be the interest charged to you.

What kind of techniques can a collection agency apply to force me to pay what I owe?
Only actions taken by agencies or offices responsible for recovering non-performing loans for the Court are legal. Extra-judicial actions, like harassing calls to your home and to your job are frequent, but if they do anything illegal, you can report them. Contact your attorney if you think the actions taken by collecting agencies towards you are illegal.

How can I stop someone from using my personal information to request credit in my name?
When a person misuses someone else’s information to obtain financial gain, it constitutes identity theft, which is a felony. What you can do to reduce the risk of it happening to you is:                                           

Review your credit report at least once a year. Look for accounts that don’t belong to you.
Shred any credit card request, statements, and any other confidential document.
If you don’t receive your statement for one specific month, call the company immediately. Don’t just assume you are free of responsibilities for that month.

Use a locked mail box to send and receive correspondence (especially bills).

What is a budget?
A budget is a way to organize your finances. It tells you how much money is coming in, how much is going out, and where it is going.

Why do I need a budget?
A budget will help you achieve your financial goals, track your expenses, and drive you to a safe financial future.

How can I prepare a realistic budget and stick to it?
Preparing a budget isn’t difficult. All you need is dedicating some time to organizing and planning. Once it is done, it is easy to maintain it: Enter what you spend with school registration, books, food and personal care. Don’t forget to calculate and be prepared for variable expenses, like long distance calls and holiday trips. Save an amount for emergencies monthly. Whatever is left is your own personal credit line, or what you can allow yourself to spend on entertainment. Review your budget every month, and make changes when necessary.

How does a credit card work?
Using a credit card is like borrowing money. It is not free. Every time you charge something to it, you are borrowing money that you will have to pay back sooner or later. If you choose to pay it back later, the credit card company will add interest to the amount of your purchases. 

What are the different types of credit?
Credit is the money you borrow from a bank or credit card company. You may obtain credit for a specific purpose, like financing a new car, buying a house, or paying for school. Loans are divided in warranted and unwarranted. On warranted loans, something of equal of greater value is offered as collateral to assure payment (like a car, a house, or a deposit in cash).  An unwarranted loan has no collateral.

You can also get a credit line linked to your checking account, protecting you from bouncing checks, in case you write a check for an amount greater than your available balance. And there are credit cards, which are probably the most popular of all.

How do I choose the right credit card for me?

Choosing the right credit card for you depends on how you plan to use it. We all have different needs and financial priorities, but there are 3 things you should consider before making a decision: Does it offer you the best interest rate? Does it cover your spending needs? Will you receive prizes, cash back, points, etc? Any good credit card should provide you with tools to help you manage your expenses. Some of the available features are email alerts, automatic payments, and account managers.

How do I choose the right credit card for me?
Choosing the right credit card for you depends on how you plan to use it. We all have different needs and financial priorities, but there are 3 things you should consider before making a decision: Does it offer you the best interest rate? Does it cover your spending needs? Will you receive prizes, cash back, points, etc? Any good credit card should provide you with tools to help you manage your expenses. Some of the available features are email alerts, automatic payments, and account managers.

How many credit cards should I have?
Credit is a very powerful tool, but it is also a great responsibility. The number of credit cards you have should be based on your income, budget, and on your ability to manage money. Before you decide how many cards you should have, establish a plan to pay for everything you charge. Keep in mind that having more credit cards than your income can cover might have a negative impact on your credit in general.

How can I request a credit card?
After carefully selecting the best credit card, and reading its terms and conditions, you should fill out an application. Creditors will gather information about you and your credit experience, observing key factors, like your bill paying history, pending debt, and your ability to make payments in accordance with your earnings and your financial situation. The manner in which you conduct your credit will determine if you are approved or not.

What costs will I front with my credit card?
Some credit cards charge an annual fee, which will represent your annual cost for using your card. This charge will be included on your balance when you open your account, and once a year after that. You might incur late fees if you pay your balance after the due date and another fee if you exceed your credit line. You also may be responsible for covering whatever costs the company had with bounced checks. Read your contract carefully and be aware of all fees and charges applicable to your credit card.

What is grace period?
If you always pay your total balance on time every month, the purchases you make during the next billing cycle would not incur interest. This period of at least 20 days is called grace period. On the other hand, if you are transferring an outstanding balance from month to month, your new purchases are added to your outstanding balance, accumulating interest immediately.

When should I pay for what?
You can avoid interest by paying your total balance every month. You might want or need to purchase something expensive at once. This is the main reasons to have a credit card, so you can transfer your balance, and pay it in regular installments. For every month you don’t pay at least the minimum amount, you get a spot on your credit report, even if you payout your balance the following month.

Should I pay more than the minimum amount every month?
Your statement shows the minimum amount due. This is not the amount you should pay, but the absolute minimum amount you have to pay by the due date to keep your account current. If you want to keep interest as low as possible, you should pay your total balance as soon as you can.  Try to pay double, or even triple the minimum amount, so you can payout your balance faster with less interest. 

What are financing charges, and how are they calculated?
Financing charges are the amount credit card companies charge you for transferring your balance from month to month. They can be calculated in different ways; your statement will show which method applies to your account. Usually, your financing charges can be based on your average daily balance, an adjusted balance, or final balance. 

How do cash provisions work?
Most credit cards allow cash advances through your credit line, by using your card at an ATM.  A cash advance is different from regular charges, it works more like a short term loan, and it is subject to different interest rates and conditions.

How can I maintain a healthy credit?
Always pay your bills on time. When you pay them late, you will incur late fees and it will appear on your credit report. Don’t request more credit cards than you need, too much available credit may look like a risk from a future lending institution’s point of view.

Is it okay to postpone a payment if I can’t make it on time?
You shouldn’t make purchases you can’t afford. However, if the circumstances make it impossible for you to pay even the minimum amount; call the issuer immediately to arrange a new payment date. Late fees and additional interest may be applied to your account during that period. You shouldn’t make new purchases until your account is current again.

Is it okay to increase my card’s credit line?
If you demonstrate you are able to use your credit card responsibly, or if your annual income increases, the issuing companies may increase your credit line. You can always request them to keep your credit line as it used to be, if you feel tempted to spend more than you should.

What is the difference between a debit card and a credit card?
Using a credit card is like getting a loan. Each time you use it, you are taking a loan to be paid at the end of the month or a different time period. In return for this loan the credit card company adds financing charges to your invoice that must be paid along with the amount you spent. The debit card is used to make purchases at retail stores the same way as a credit card. However, the money comes directly from your checking or savings account.

What is a credit report?
The credit report is the record kept on the manner you pay what you owe to your creditors. It includes information on how you handle and honor your bills. The information on your record can affect your ability to obtain credit cards, mortgages or loans.

What information is displayed in my credit report?
Your credit history usually contains information about your personal identification. The information about your credit (your payment frequency and punctuality) as well as a list of entities that recently asked information about your credit report.

Who can see my credit report?
Only you, financial institutions, and commercial companies (with credit related activities) that you authorize. That’s why a good or bad credit report can make all the difference when it’s time to get the loan you need. We recommend that you check your credit report every year to check for inaccuracies.

What happens if there is an error on my credit report?
Errors do not happen by chance. If you find one, you must contact the Credit Bureau immediately. The law requires that the credit bureau investigates your claim and correct or remove any information that is not accurate.

How to keep your credit safe?
It’s important to be careful about how and when to use your credit cards. We offer a few simple rules to protect you and help preventing you from becoming a victim of credit card fraud:

Never loan your credit card to anybody.
Never leave your credit cards or credit card receipts laying around.
Choose a card that has additional security features, like your picture.
Always check your receipts against your monthly statement. Errors can be reported within 190 days after the invoice has been closed.
Write down the credit cards numbers, due dates and phone numbers. Keep this information in a safe place, away from the credit cards.

Situations
I’m a debit card user. Lately, I’ve been getting a lot of calls offering me a credit card. The majority of banks offer a credit card that is free for life, while others offer rebates on purchases, etc. Before I decide which offer I’m going to accept, I want to ask you: What features should I look for in a credit card and what precautions should I take?

When choosing a credit card, you should look for the following features - interest rate, payment period, revolving credit interest rate (if you don’t make the full payment every month), and charges for withdrawing cash, credit limit and minimum amount payable each cycle.
Don’t trust rumors on the topics mentioned above.  Consult the bank’s website to get more details about the credit card and insist on receiving a brochure. This way you’ll be sure that the information you have is accurate.

What are the consequences of making a payment before the credit card’s due date? Are there any fees for early payment, or for payments made out of the due date assigned by the credit card company?
There are no charges for early payments on credit cards. In fact, your credit score will improve if you pay your bills early, before the assigned due date. 

However, if you don’t make your payments on time, this will have a negative impact on your credit score.

Is it okay to take on a personal loan on a credit card and invest the money in the stock market?
No, certainly not.

How can I manage the sudden need of financial resources?
Life if full of surprises; cars break, health issues appear, jobs are lost, etc. In order to avoid these accidental events to hurt your financial health, you should also budget for emergencies. This will help you avoid taking loans or turning to your savings. 

Emergency fund: you must allot a reasonable amount to emergencies. A good idea would be to reserve money through a demand deposit. The majority of banks are willing to grant a loan up to 75% of the amount deposited. For that reason, at any time an emergency rises, you can get a loan based on your deposit, without having to convert it to cash. 

Develop savings discipline: A future with financial independence requires saving, and saving requires discipline. An emergency savings fund equivalent to six to twelve months of living expenses is the ideal. However, you should make long term saving plans for goals like education and retirement.

Where should I go in case I have complaints related to costumer services under the payment system?
First, you must turn to the bank in question to file a complaint and ask them to resolve it. In case the bank can’t resolve the matter satisfactorily, you should contact the National Commission of Consumer Protection or SUGEF.