PBH / colombia (travelguide, pictures) / post

¿Cuantas Cuotas?

So how does does the credit card system work in Colombia? When a person makes a charge of say $100.000 and they elect 4 after being asked ¿cuantas cuots? Does that mean their credit card account is charged only $25.000 that month and $25.000 each of the subsequent three months? And are they required to make a payment each of those months of $25.000 or face a penalty? How do interest charges work with this system? Are there any advantages or disadvantages compared to the US approach where your account is charged the full amount of the purchase with in a couple of days?

By Atrevido on Sep 7, 2007, 12:35 in Friendly Talkzone.

ozgringo says on Sep 7, 2007, 12:46:

I have often wondered the same thing.. Nowhere else have I struck this..

may a thousand mangy wombats shit in your billabong

0 funny, 0 helpful.

curramberochris says on Sep 7, 2007, 13:48:

the more quotas you spread the payment over the more interest they charge on each of the months...I have an exito card here but I rarely use it. Their interest rates are pretty steep.

0 funny, 0 helpful.

venustimon says on Sep 8, 2007, 08:46:

Ok, If you are asked "cuantas cuotas", this means that you an choose to pay your debt in 1- 12 installments. If you choose to do it at more than one cuota you will be charged an extra interest rate, beside the one you already have to pay for using your credit card in another country. I rather pay at 1 cuota.

0 funny, 0 helpful.

olga1512 says on Sep 8, 2007, 15:08:

Hi,
Well I just came back from Colombia and when paying with my credit card, they asked me the same: Cuantas cuotas? I did not know what that meant I always said 1. But here in the UK I don't think that matters as we always pay the minimun amount unless we want to pay more.

Life is beautiful if you have LOVE.

0 funny, 0 helpful.