5 tips to find out if you have a revolving card

Credit cards can be like financial black boxes, but in this article we give you five tips to find out if yours is revolving. These tips will help you unravel the mysteries behind your plastic, make more conscious financial decisions and start protecting your rights if, after reading this post, you discover you have a revolving card. 

Tips to find out if you have a revolving card

This type of card has gained a lot of fame nowadays, but understanding its characteristics is fundamental to make decisions and avoid problems in the future.

1. Check the term "revolving" in your contract.

The key is usually in the small print. Scan your credit card contract for the word "revolving" or "revolving credit". This will be the first red flag.

2. Check your monthly statement

Revolving cards usually show a fixed payment each month, no matter what you spend. If you notice that this amount varies from month to month, it is possible that your credit card is conventional, but if you check your bank statement and notice that the bank deducts the same amount every month, be wary. Your credit card may be revolving. 

3. Analyse the APR

Revolving cards have higher interest rates than regular credit cards. Normally, in the cases that reach us, we are finding numerous claims for revolving cards with an APR above of 20%. 

4. Unaffordable monthly repayments

Revolving cards give you the option of making low minimum payments, which may be tempting, but there are risks associated with it, such as all spending over that amount accumulating as debt for the following month, adding to this amount the interest and fees that revolving credit usually carries. Being aware of how this affects your total debt is essential.

5. Commercial advertisements with which the credit card was sold to you

We have already mentioned the terms that you can find in the contract as one of the tricks to find out if you have a revolving card, but before that, what messages did they use to sell you the credit? If the credit card was presented to you with terms such as "fixed payment at the end of the month", "payment in easy instalments" or "revolving credit", this is another indicator that should make you suspect that you have a revolving credit card.