{"id":5434,"date":"2022-12-28T08:37:42","date_gmt":"2022-12-28T08:37:42","guid":{"rendered":"https:\/\/www.in99.com\/?p=5434"},"modified":"2023-08-29T14:11:51","modified_gmt":"2023-08-29T14:11:51","slug":"what-is-revolving-credit-card","status":"publish","type":"post","link":"https:\/\/www.in99.com\/en\/blog\/what-is-revolving-credit-card","title":{"rendered":"What is a revolving credit card and how can I find out if I have one"},"content":{"rendered":"

Wondering what a revolving credit card<\/strong> is? If you have the feeling that your debt has no end, you may have one of these cards<\/strong>. This is an important aspect to help start identifying it. But there\u2019s more. We\u2019ll tell you all the key details to find out if your credit card is a revolving card and if you\u2019re paying much more than you should be.<\/p>\n

Let’s start from the beginning, what exactly is a revolving credit card<\/strong>? <\/strong><\/h2>\n

Revolving credit cards are credit cards that give you a certain credit limit that you can then pay back in regular instalments, under the terms you have chosen. This means it can be paid back in fixed monthly instalments, for example, of \u20ac150 per month. Or as a percentage of the debt, for example, 10% of the amount owed.<\/p>\n

Differences between a conventional credit card and a revolving card<\/strong><\/h2>\n

Moving on to the next step, what exactly is the difference between these two types of card? We\u2019ll explain it in plain terms.<\/p>\n

On one hand, if you have a conventional credit card<\/strong> and you make a purchase, you pay the financial entity the amount due in full, the following month<\/strong>. And the debt is then paid off.<\/p>\n

Whereas, if you have a revolving credit card<\/strong>, you pay the money you have borrowed in several<\/strong> (usually monthly) instalments<\/strong> with very high interest rates<\/strong>. This means that most of what you pay back in these instalments are interest and fees on the card,<\/strong> but only a small amount of what you have actually borrowed. So, your debt is dragged out over time.<\/p>\n

What are revolving credit cards?<\/strong><\/h2>\n

The first thing we want you to know is that there isn\u2019t a closed or predetermined catalogue. There are loads. And they\u2019re usually more frequent in financed credit or personal loan companies.<\/p>\n

Here is a list of some revolving credit cards <\/strong>that have excessive interest rates. Although, as we said, there are many others:<\/p>\n

    \n
  1. WiZink<\/li>\n
  2. Repsol<\/li>\n
  3. Cofidis<\/li>\n
  4. Barclaycard<\/li>\n
  5. Oney Alcampo<\/li>\n
  6. Carrefour Pass<\/li>\n
  7. Citibank<\/li>\n
  8. Affinity Card<\/li>\n
  9. Vodafone-Bankinter<\/li>\n
  10. Cetelem<\/li>\n
  11. Eroski Visa<\/li>\n
  12. El Corte Ingl\u00e9s<\/li>\n
  13. BBVA<\/li>\n
  14. EVO Finance<\/li>\n
  15. Santander Consumer Finance<\/li>\n
  16. IKEA VISA<\/li>\n
  17. CaixaBank Consumer & Finance<\/li>\n<\/ol>\n

    How do I know if I have a revolving credit card?<\/strong><\/h2>\n

    An easy way to find out is by considering these 3 things:<\/p>\n

      \n
    1. Your card has excessive interest rates. Between 20% and 30% Annual Percentage Rate (APR). We\u2019ll explain below how you can find out the APR on your card.<\/li>\n
    2. There is a lack of transparency in what you have contracted. For example, if the term or the amount due are not easily identified.<\/li>\n
    3. The payments never end. You can\u2019t see an end to the outstanding debt.<\/li>\n<\/ol>\n

      I think I have a revolving card, what can I do?<\/strong><\/h2>\n

      First of all, we want to put your mind at ease, because if you discover you have one of these cards, you can claim to cancel the contract and get the money back that you overpaid.<\/strong> We\u2019ll tell you the key details.<\/p>\n

      To find out if your card has excessive interest rates or contains unfair terms, you can take a look at the fine print of your contract or at the APR<\/strong> that should appear on your bank statement if you can\u2019t locate the contract. If your APR is higher than the average credit card interest rate (around 20%), you can claim<\/u><\/a>.<\/p>\n

      But that\u2019s not all. If your contract contains clauses on interest that is compounded or if there isn\u2019t a clause that specifies the interest rate or the APR, your contract lacks transparency. Therefore, it\u2019s unfair and you also have the right to claim<\/a>.<\/p>\n

      I want to make a claim on my revolving credit card<\/u><\/a><\/span><\/p>\n

      What does \u2018compounded interest\u2019 mean? <\/strong><\/h2>\n

      The fact that these cards are so appealing is because they\u2019re often sold as easy to pay back cards because the monthly instalments are low. The problem is that sometimes they are so low that they don\u2019t cover the interest and fees mentioned before. This means the interest is added to the debt as capital and in turn generates even more interest<\/strong>. In other words, the debt is constantly increasing. This is why the consumer ends up feeling that even though they have borrowed such a small amount, it never gets paid off.<\/p>\n

       <\/strong><\/p>\n

      How can I make a claim?<\/strong><\/h2>\n

      To make a claim on your card you don\u2019t have to see a lawyer in person, or go anywhere else for that matter. You also don\u2019t have to make any payments upfront. At in99 we\u2019ll explain everything, step by step<\/a> and make it easy for you to begin your claim straight away without having to worry about a thing. Without having to go anywhere. And in less than 99 seconds.<\/p>\n

      I want to make a claim on my revolving credit card<\/u><\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

      Wondering what a revolving credit card is? If you have the feeling that your debt has no end, you may have one of these cards. This is an important aspect to help start identifying it. But there\u2019s more. We\u2019ll tell you all the key details to find out if your credit card is a revolving […]<\/p>\n","protected":false},"author":8,"featured_media":5288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[859,852,855],"tags":[935,833,936,832,934],"acf":[],"yoast_head":"\nWhat is a revolving credit card and how can I find out if I have one - in99<\/title>\n<meta name=\"description\" content=\"Wondering what a revolving credit card is? If you have the feeling that your debt has no end, you may have one of these cards.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.in99.com\/en\/blog\/what-is-revolving-credit-card\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is a revolving credit card and how can I find out if I have one - in99\" \/>\n<meta property=\"og:description\" content=\"Wondering what a revolving credit card is? If you have the feeling that your debt has no end, you may have one of these cards.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.in99.com\/en\/blog\/what-is-revolving-credit-card\" \/>\n<meta property=\"og:site_name\" content=\"in99\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/in99.esp\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-28T08:37:42+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-29T14:11:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.in99.com\/wp-content\/uploads\/2022\/11\/que-es-una-revolving.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1282\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gema Alcaraz\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@in99_esp\" \/>\n<meta name=\"twitter:site\" content=\"@in99_esp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gema Alcaraz\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.in99.com\/en\/blog\/what-is-revolving-credit-card#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.in99.com\/en\/blog\/what-is-revolving-credit-card\"},\"author\":{\"name\":\"Gema Alcaraz\",\"@id\":\"https:\/\/www.in99.com\/en#\/schema\/person\/acad938c9c732fd37a0569253bab1143\"},\"headline\":\"What is a revolving credit card and how can I find out if I have one\",\"datePublished\":\"2022-12-28T08:37:42+00:00\",\"dateModified\":\"2023-08-29T14:11:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.in99.com\/en\/blog\/what-is-revolving-credit-card\"},\"wordCount\":825,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.in99.com\/en#organization\"},\"keywords\":[\"abusive interest rates\",\"claim revolving card\",\"revolving credit\",\"revolving credit card\",\"What is revolving credit card\"],\"articleSection\":[\"Claims\",\"General1\",\"in99\u2019s advice\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.in99.com\/en\/blog\/what-is-revolving-credit-card#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.in99.com\/en\/blog\/what-is-revolving-credit-card\",\"url\":\"https:\/\/www.in99.com\/en\/blog\/what-is-revolving-credit-card\",\"name\":\"What is a revolving credit card and how can I find out if I have one - in99\",\"isPartOf\":{\"@id\":\"https:\/\/www.in99.com\/en#website\"},\"datePublished\":\"2022-12-28T08:37:42+00:00\",\"dateModified\":\"2023-08-29T14:11:51+00:00\",\"description\":\"Wondering what a revolving credit card is? 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