In the market today, you will find different modes of Personal Payday, such as Personal Paydays offered at department stores, or those traditionally offered by banks.
But, did you know that there is also a card for retirees and pensioners of the INSS? It facilitates the approval of credit and loans for this public.
Types of Personal Payday
Let us know the main characteristics of two types of cards offered in the market: the conventional card and the card for retired.
Conventional Personal Payday
The conventional Personal Payday allows you to make purchases in credit or debit. Generally this type of card is released by banks and has a high interest rate application , being up to 17% per month, in addition to collecting annuity.
Currently, department stores also bet on the release of Personal Paydays for their customers in order to facilitate the purchase and payment of their products. However, these cards can only be used for in-store purchases .
The limit released on the conventional card is the maximum amount that the bank or store releases for you to use until the closing of the invoice. However, in the case of this card, the limit can not be removed.
Card for retired
As for the retired card, known as consignado, it is a good option for those who need a Personal Payday to make and install purchases, but wants to pay low interest rates . In this case, they vary around 3% per month.
This card template does not have an annuity and the invoice minimum discount is automatically debited every month from the beneficiary’s account, but with a limit set at 5% of the beneficiary’s income.
With this, the risks of default are reduced, favoring the release of credit even for the negatives.
For those who need extra cash on hand, it can also be used as a loan, as you can withdraw up to 95% of the available limit and pay only in the subsequent months.
How does the consigned card work?
The minimum payment amount of the invoice of the consigned card is deducted directly from your salary or benefit, according to the consignable margin.
However, it stipulates that only 5% of your monthly income can be directed toward the payroll deduction. In this way, in addition to avoiding delays in the payment of the invoice, delinquency rates are reduced.
Still do not know what the assignable margin is? Read our post Margin Consignable: what is it, how to calculate and what are the advantages? and know how to calculate your assignable margin.
Why is the card exclusive to retirees?
This type of card has the minimum value of the invoice discounted every month directly from the payee’s paycheck.
In this case, to have the card, it is necessary to have a fixed and guaranteed income , as is the case of the INSS beneficiaries, so that the debts are correctly realized.
Not all benefits are accepted on paycheck Personal Payday. Temporary or time-bound benefits, for example, can not be used for consignment.
The rule may change depending on the financial institution, but overall the lifetime benefits are the most accepted.
What are interest rates?
The interest rate on the payroll card revolves around 3% per month , up to 3 times lower than the interest on traditional cards. This is because the payment of the invoice is automatically deducted from the monthly income of the applicant, thus ensuring the effectiveness of payments.
Thus banks have a guarantee that the installments will be paid off and offer reduced interest as a benefit.