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The Banco Central de Reserva (BCR) reminded credit card users of the importance of promptly reviewing their statements, a practice that allows for better control of personal finances, identifying any unrecognized charges, and avoiding late payments that could generate additional fees and interest.
The institution emphasized that, according to regulations issued by the Central Bank’s Standards Committee, financial institutions are required to send credit card statements at least 15 days before the payment due date. This provision aims to ensure that customers have sufficient time to review the details of their transactions and make informed financial decisions.
The statement summarizes all transactions made during a specific period, including purchases, payments, charges, interest applied, and the total outstanding balance. It also contains important information such as the billing cycle date, the payment due date, and the minimum payment required.
Having this information in advance allows users to verify that all recorded charges correspond to purchases they made. If they detect any inconsistencies or unrecognized charges, they can contact the financial institution to request clarification or initiate the corresponding process before the due date.
Furthermore, reviewing the statement helps to better plan the monthly budget. Knowing the amount due in advance makes it easier to organize expenses, avoid late payments, and reduce the risk of accumulating debt that could affect the household’s financial stability.
The BCR also noted that making payments within the established timeframe avoids late fees, additional interest, and potential negative impacts on credit history. Good payment contributes to maintaining a healthy financial relationship and can facilitate access to other credit products in the future.
This recommendation is part of the financial education efforts promoted by the institution to encourage the responsible use of credit cards and strengthen a culture of economic planning among salvadorans.
Authorities reiterated that staying informed about account activity and regularly reviewing documentation sent by financial institutions are key actions to protect personal finances and make safer decisions about credit management.
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