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cuantas cotas???

I am not exactly sure what this phrase means. I go to a store and give them my debit/credit card to pay for say my groceries and before the clerk processes the transaction she asks me, “cuantas cotas?” I always say una cota. But what exactly am I saying? How many cotas can I ask for? Am I charged extra for this like interest or some other fee?

I need to buy some tires for my car and I was thinking of asking for 4 cotas. Is this an okay thing to do or am I opening myself up for some huge fee somewhere?

By Rikito on Apr 1, 2009, 11:43 in Friendly Talkzone.

mrgizmo says on Apr 1, 2009, 12:06:

Actually, the phrase is "Cuantas Cuotas?'' it means how many payments or in how many installments do you want to pay for the item. You have the choice of selecting payments.

Behind every successful man, there's a nagging woman

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pablo says on Apr 1, 2009, 12:35:

I believe that even if you select more than one cotas it will still show up on your credit card as full charge.

ʇı dןǝɥ ʇou ןןıʍ sıɥʇ ǝʞıן ɹǝʇndɯoɔ ɹnoʎ ƃuıpןoɥ

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makopp5 (☼Travelguide writer) says on Apr 1, 2009, 12:39:

pablo

yes, but the coilombians can pay up to 24 cuotas (and you have to pay interests 2,3% per month). For foreign cards it doesn`t metter.

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Rikito says on Apr 1, 2009, 12:42:

so you are saying that if I ask for 4 cuotas on my Citibank USA card it will show as one deduction amount.

Thanks, that's the info I was looking for.

...and so it goes

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ColombianoGringo (Moderator) (Trustee board) (☼Travelguide writer) says on Apr 1, 2009, 12:50:

Yes. With non-Colombian cards, it always gets charged as one.

Yo me como los mocos debajo de la ruana pa que no me pidan.

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Desideria (Moderator) (Trustee board) says on Apr 1, 2009, 13:01:

Thanks, that's good information. I always say "one" anyway, because I don't have that choice here.

A fronte praecipitium a tergo lupi

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ColombianoGringo (Moderator) (Trustee board) (☼Travelguide writer) says on Apr 1, 2009, 13:10:

It's certainly an interesting concept. Maybe people in the US would have less trouble with their credit card balances if they had to decide how long it would take to pay for a purchase. I personally avoid them like the plague. With the exception of homes and cars, I avoid putting anything on credit. If I can't pay for something in cash, I simply don't buy it.

Yo me como los mocos debajo de la ruana pa que no me pidan.

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Desideria (Moderator) (Trustee board) says on Apr 1, 2009, 13:14:

I try to avoid credit cards too. I usually pay my online purchases (airline tickets etc) with one of my cards but try to pay the balance off the first month.

A fronte praecipitium a tergo lupi

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Mononoke28 says on Apr 1, 2009, 13:18:

Yeah CG but many people can't afford to do that, myself included. The thing about credit cards is that you have to be responsible and try to pay them off and not let debt accumulate. That's pretty much what we do and not only have we been able to purchase things on a whim or cover unexpected expenses but our credit is always between 790-800.

But anyway in Colombia many people can't afford a lot of things so it's a great choice for them.

Diana

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ColombianoGringo (Moderator) (Trustee board) (☼Travelguide writer) says on Apr 1, 2009, 13:29:

That's a great credit score Diana. Luckily, you manage it well. Unfortunately, many people don't. It amazes me to hear about the balances that some people carry. My secretary once told me that she owed more on credit cards than she made in a year. At the time, she made over $40,000. That's just insane.

Honestly, I am absent minded and would probably mess up my credit score if I used a lot of credit cards. Automatic payments for all my bills are my salvation

Otherwise, I just use debit cards for everything. Don't get me wrong. It's not like I spend obscene amounts of money all the time. I just don't buy stuff that I can't afford in cash. It probably keeps me from buying a lot of useless crap. However, at Christmas bonus time I just go buck wild. That is the one time of the year I allow myself to just go crazy with buying stupid stuff. That is when I buy things like TVs, Playstations and other nonsense.

Yo me como los mocos debajo de la ruana pa que no me pidan.

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Atrevido (☼Travelguide writer) says on Apr 1, 2009, 16:38:

My understanding of the the way it works in Colombia is that if I pay for my pack of chewing gum with a Colombian credit card and answer "ten" when they ask me cuantas cuotas only one tenth of the total charge will show up on my statements for each of the next ten months. So how and when is interest assesed?

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makopp5 (☼Travelguide writer) says on Apr 1, 2009, 16:47:

You are right. You pay 2.3% interest per month!

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Fence231 says on Apr 1, 2009, 17:00:

YEAH BUT DONT FORGET THAT THEY WILL STILL REDUCE YOUR AVAILABLE BALANCE BY THE TOTAL AMOUNT OWED, PLUS INTEREST. NOT THAT GOOD A DEAL REALLY. BETTER TO PAY IN CASH OR STEAL IT HAHAHAH

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Atrevido (☼Travelguide writer) says on Apr 1, 2009, 17:11:

"You are right. You pay 2.3% interest per month!" Yes but on what? the total original purchase or the amount of the cuota?

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