You have a credit card and your bank has called you to tell you that they have approved a line parallel to your card. But what does this mean? Well, it’s giving you an additional line.
In other words, a credit that does not affect the original line of the card with which you make consumption in establishments.
The amount they lend you
The amount that a bank will offer you, parallel to your credit card, usually has as reference the credit limit of your cards. That is, if the total amount of your credit cards is 5,000 soles, you can request several parallel credits that do not exceed this amount.
And of course! This additional amount does not reduce the amount available on your credit card. It looks great right? Well, surprise yourself: they can lend you up to 50 thousand soles!
As for the payment time, this varies according to each bank. These types of loans are offered with a minimum of six months of payment and a maximum of forty-eight months.
Of course, since I know that you are a prudent person and are aware of the interests that will be charged for this loan, you will pay it in the shortest possible time. Also, you will be encouraged to advance fees with bonus money or extra income, or am I wrong?
Benefits of parallel lines
One of the great benefits of parallel lines of credit is that they are a quick solution when you need money. Not only can you dispose of them when the bank contacts you, but you can also request them on your own.
Things you should keep in mind
The monthly fees of your parallel line will be charged apart from those of your credit card . You should keep it in mind if you are used to paying the minimum amount. When you ask for these types of loans you should consider the monthly payment of your consumption with your cards plus the payment of your monthly installment including the bank’s interest and commissions.
Some banks only allow you to access parallel lines if you are a punctual customer. Sometimes it is also considered if you have a minimum age of six months with your card. Do you see how good it is to have a clean credit history?
Some parallel line options
There are already many banks that offer parallel lines. Good Finance, for example, offers the “Super Cash” that can only be requested by customers with a Good Finance card who have excellent payment behavior.
As you can see the parallel lines are not bad, but like any loan they must be planned before being accepted. Evaluate your finances and if you really need money and have the ability to pay, encourage yourself to know more about them and always decide for the one that gives you more benefits and lower interest rate.