Virtual Credit Card: What is it and How Does it Work?

Rate this post Internet has become an indispensable part of our lives to the point that we do not take a step without resorting to this tool. Therefore, Mexican companies created a system to use the virtual credit card, which does not stop with the physical obstacles of the financial world.

 

What is a virtual credit card?

What is a virtual credit card?

A virtual credit card consists of an electronic payment method to buy online or by mobile phone. Depending on the bank you use this will indicate a series of steps to request your digital card.

Being virtual, it is only intended for online purchases. It will give you more confidence the fact that you should not share your personal data when shopping online.

These cards do not have the same conditions as conventional ones, that is, they do not have a magnetic strip. What they will have will be a card number, an expiration date and a control number . You may also be asked for security checks with the help of codes sent to your cell phone.

 

How does it work?

The virtual credit card will have the balance that you provide from your bank account. This is even an advantage because you set a line on what you are going to spend. Thanks to this reflexive and premeditated purchase system, you have more control over your purchases, reducing the possibility of borrowing.

 

Benefits of having a virtual credit card

Benefits of having a virtual credit card

Being completely digital, this card cannot be lost and you will never have to suffer the loss of the plastic. In addition, you will not have to worry about the security of your card, since it has all the protection mechanisms of a normal card.

Also take into account that being a card whose processing is free, you will not have maintenance costs or commissions for carrying out operations with it. What are you waiting for to obtain one?

 

What are the virtual credit cards in Mexico?

What are the virtual credit cards in Mexico?

Search in Mexico for the best alternative for you, so here are three options for you to be encouraged to get your own digital TDC:

  • Wisemoney Wallet: has an application to control your money. When you are backed by MasterCard you can choose to request a plastic and have it sent to your home, or use it in an intangible way.
  • The Mananga Rechargeable Panorte Card: Or through the MasterCard network and is issued by Banorte. To this card you can enter all the capital you plan to spend to use it through the network. A particular benefit is that you will get a $ 150 coupon for purchases on Amazon. eye! This is not a credit card, rather it is debit card
  • Wexi Credit Card : a card that can only be processed online and does not require you to present your credit history. It is backed by a Card and you can present it at any store in Mexico when the physical is sent to your home.

In conclusion…

If you hire a virtual credit card you will learn to manage your money in a healthy and premeditated way. Say goodbye to debts and give yourself the opportunity to use the new alternatives that banks give you to make better use of your money.

Mortgage – How Do You Compare And Find The Best Mortgage?

A mortgage is a loan used by a buyer to acquire a home. A mortgage is usually issued for the purchase of a home, but it can also be obtained for home renovation or investment.

A mortgage is essentially a mortgage. The lender grants the loan and uses the apartment as collateral for the loan. The lender thus reserves the right to housing if, for any reason, the debtor fails to fulfill its obligations.

In Finland, mortgages are mainly granted by large commercial banks. Banks provide mortgages to individuals or companies looking to buy an apartment or property.

The characteristics of a home loan, such as loan size, loan length, interest rate, loan repayment method and other characteristics may vary considerably.

Why apply for a mortgage?

Why apply for a mortgage?

For many people, buying a home is not only a dream, but also the biggest and most important purchase decision. Renting a home is a very typical form of living before buying a first home. So why is a mortgage worthwhile?

When you rent, you pay for the apartment to the owner. If, on the other hand, you take out a mortgage and buy your own home, you repay the loan and raise capital for yourself.

In many cases, the monthly cost of housing can also be lower than the rent. If the repayment of the mortgage and the housing fee charged by the housing association are less than the rent, buying a home is an economically viable decision.

Since borrowing is one of the biggest decisions in life, you should plan carefully. There are many different, many aspects of home loans that you should be aware of.

Conditions for a mortgage loan

Conditions for a mortgage loan

In principle, most retail customers can get a home loan as long as the income level is high enough and there is no major disruption in credit information. Banks pay attention to how well the borrower has handled their finances in the past.

Banks are most sympathetic to customers who have a stable and ongoing employment relationship. However, this is not always a prerequisite for a loan if the assets and solvency are otherwise demonstrable.

Because the bank always makes a loan decision on a case-by-case basis, it is a good idea to prepare your loan negotiations carefully. Often the lender wants detailed information about the applicant’s finances.

Applying for a mortgage in practice

Applying for a mortgage in practice

It is a good idea to reserve information on your income, assets and liabilities for the conference. Your bank will also check your credit information, so if you have any notes, you should be prepared to find out. Often, small debts that are a few years old are not a barrier to getting a loan.

Whenever you apply for a mortgage, the financier wants to know the applicant’s current obligations. So, when you collect information on your existing loans, it is easier for your bank to make a valuation.

The bank is also interested in the applicant’s funds. For example, if you own a portion of a property, summer home or plot of land, this can have a positive effect on your loan application. Equity holdings and securities holdings are also worth exploring.

Loan Negotiation Checklist, What to Include?

  1. Your latest pay slip, at least three months
  2. Information on holdings: real estate, stocks, savings, etc.
  3. Estimate of monthly expenditure
  4. Proof of current loans

You must go through the loan negotiations before making a home offer. This allows the bank to make a loan commitment, a decision about how much they are willing to finance your purchase. The loan promise does not obligate you to take out a loan yet.

In general, the bank requires about 10-20% self-financing. So if you want to buy a home that costs € 200,000, you should have at least € 20,000 in cash or assets. Often banks have a handy mortgage calculator that makes it easy to rotate numbers. If the amount in question is not yet in your account, your bank may require you to save some time.

Mortgage interest rate

Mortgage interest rate

Like other loans, the mortgage is also paid interest. The interest rate is determined by the lender and tied to the loan amount. Mortgages granted in Finland and elsewhere in Europe are tied to a general interest rate, such as Good Finance. Good Finance is the common reference rate for the euro countries, on the basis of which banks lend money to each other.

The mortgage borrower becomes familiar with the Good Finance interest rate and is usually used as a reference rate when borrowing. Often a loan is linked to a 12-month Good Finance, but one, three or six month interest rates can also be used, which means that the interest rate of the loan is reviewed more frequently.

In addition to the Good Finance rate, the bank adds its own margin to the interest rate. This varies from customer to customer. Banks determine the level of risk for each customer and each item, and charge a loan margin based on these.

So the mortgage rate always depends on your personal situation and your finances. When considering a mortgage, it is advisable to calculate the costs accurately, for example, using a loan calculator.