The option of dividing the payment of a purchase into installments sounds tempting. In fact, many see it as an instant solution to reduce spending and, precisely, that is what credit cards offer. However, behind this initial ease lies a cost that can end up being very significant and that often goes unnoticed until the final calculation is made.
Credit cards have an average interest of 18.14%, according to the latest data from the Bank of Spain. This implies that, for every thousand euros paid over a year with these products, about 100 euros are paid in interest. For example, if you choose to pay in installments for the 512 GB iPhone 15 Pro, with a market price of 1,499 euros, using a card, an additional 151 euros would be added.
The problem arises when trying to accurately calculate the final cost, since not all cards allow you to select a specific payment term. This lack of clarity complicates the estimation of the time required to pay off the debt and the associated interest.
However, the market offers multiple products with different characteristics and costs. In that sense, it must be taken into account that the term and the APR play a crucial role in what postponed purchases cost in the end. A lower APR means fewer additional expenses. "There are credit cards with interest rates considerably lower than the average, which can mean very notable savings in terms of interest," they point out from HelpMyCash.com.
