Credit card grace period
Any self-respecting bank today issues credit cards to its customers. Their main feature is an interest-free or preferential period of using the institution's money, or grace-period.
What, in fact, is the advantage?
Grace period is a time interval, induring which the borrowed money from the bank can be returned without interest. The main condition is to do this in full and before the end of the agreed period.
It would seem absolutely unfavorable for the bankservice - grace period of crediting. In fact, today there are a lot of unnecessary people. They pay interest and penalties, providing banks profit.
Responsible borrower, wisely weighing all the pros and cons, will easily use the money of the bank, and make their money work for themselves (having issued, for example, a deposit under a good interest).
Peculiarities of calculation
The majority of consumers of banking services do notalways penetrates into the question and understands the system of the grace period. In fact, this is not difficult. Today, banks divide the grace period into two parts. The first is about 30 days and allows you to make transactions on credit. The second, about 20-25 days, is intended to repay the loan. As a result, it turns out that the grace period can last up to 55 days (this depends on the day of purchase).
There are only two options for lending offered by banks: the grace period starts either from the moment of registration of the purchase or from the date known to the bank.
If the benefit starts with the bank's fixed date
If you have a card with a grace period like thistype usually begin the countdown from the first day of the month or from the moment the card is activated, and it lasts an average of 30 days. And all transactions are summed, and before the end of the announced period they must go to the bank account.
Such a privilege is considered impermanent, since,for example, a purchase made closer to the end of the month has a shorter period of interest-free loan. But the number of payments from month to month is the same. For consumers who make purchases often, this option is most convenient. It is enough to remember the beginning and the end of the grace period and the date of making a monthly payment. Usually, banks, in accordance with the conditions for the grace period, send a monthly electronic statement to the customer or an SMS message indicating the amount of the debt and the time it was deposited into the bank.
If the benefit starts from the moment of the transaction
In this case, it would seem, everything is simpler. The period of interest-free repayment of bank funds starts from the date of purchase and lasts an average of 30 days (depending on the institution). But if the cardholder with a grace period makes a lot of small purchases, there is a possibility of simply getting confused both in the amounts of the return and in the dates.
They can arise if the customer has at least forgottento pay off the debt or make the necessary monthly installment. Interest in this case, the bank will charge both for the remaining term of the loan, and for preferential. To repay the debt, you can use one of three ways:
- Enter the amount stipulated by the bank in any of its branches.
- Put cash in the ATM of the bank-creditor in any ATM.
- To issue a wire transfer in any convenient terminal.
Here it is necessary to take into account one nuance. Only the money deposited in the issuing bank (the first option) will be credited to the account on the same day. Payments from other banks can take up to three business days.
There is still such a condition of establishment,issued a credit card as a mandatory payment. This monthly payment is provided for in the contract, and usually does not exceed 10% of the loan amount. Ignoring these payments, even if the borrower pays interest, faces penal sanctions and blacklisting.
Best credit cards of banks with a grace period
The bulk of credit cards work for suchsystem: in the first thirty days, purchases are made for borrowed funds, which must be returned in the next twenty days. But there are credit organizations that provide a grace period for up to two hundred days. The main condition that the client must comply with is the monthly payment. It is not more than 5% of the total debt.
Free loans from 60 to 200 days
Maximum offers on the card MasterCard or Visa Bank Avangard. Get it can a client who did not take credit or first applied. The monthly fee for such a card is 10%.
If after the expiry of the seventh month from the date of issuecard the client will not be paid the next installment, the bank accrues interest for all 200 days of the grace period. At the same time, the rate will increase from month to month.
The credit limit varies from 10 to 150 thousand rubles and is renewable.
Equally beneficial is a card with a grace period (bank"Promsvyazbank") for 145 days. They give it out only for the first time addressed and not using credit cards until this moment. The interest-free period begins with the month of issue of the card. Therefore, there will be more opportunities if you receive it at the very beginning of the month. The credit limit in Promsvyazbank is 600 thousand rubles. For non-compliant bank conditions, the interest rate is 34.9%.
Interesting card that has already gained popularity"Twins" from Alfa Bank. You can use the money of this institution for free for one hundred days. The card is surprising in that it has two working sides. One is a credit one, the other is a debit one. Naturally, the requisites are different, including the pin code. Credit limit for "Gemini" - up to 300 thousand rubles, and interest, if you have to pay - 18,99%.
Curious loans are provided by banks(with a grace period of 60 days) Uralsib and Rosbank. The latter, except for the grace period, makes it possible to book travel services without binding to any air carrier. The credit limit varies from 300 thousand rubles to one million, the interest rate is 24.9%.
Uralsib, in addition to the free first year of service, offers discounts at the Lukoil gas station.
The grace period of the "Yar-bank" credit card lasts for 55 days. With a relatively small percentage (17.5%), you can get up to a million rubles.
One of the favorite credit cards for gamers and fansnovelties of electronics - Kanobu bank "Tinkoff. Credit Systems ». On it, the renewable amount is 700 thousand rubles. But this is not the main thing. Paying a card on the site of Kanobu, the user has a 10% discount, as, incidentally, and in partner shops engaged in the sale of electronics. Interest beyond the grace period - 23.9. And cash withdraw from this credit card is relatively inexpensive.
Cash on a credit card? You are welcome!
As you know, credit cards are not intendedfor cashing. But in the struggle for the client banks began to make various concessions on the issue of money from such cards. All the nuances are prescribed in the contract. You need to carefully read them. Here are some of them:
- The size of the commission can be higher in the "foreign" ATM.
- Commission for the withdrawal of its own funds is also a frequent phenomenon.
- If a paid option of withdrawing money is connected to the credit card, then the commission is likely not, but also the grace period - too.
- Limits on withdrawal can be limited on a day or month. And you can cash out somewhere the entire limit, and somewhere - a small part.
The best offers for cash withdrawal from a debit card
Today, more and more consumers of banking services order credit cards for cashing. Here for such customers, debit cards have unique conditions to appear. Let us consider them below.
One of the leaders in this direction is Alfa Bank. There, the card is drawn up in two days by two documents. It is equipped with all modern technologies, which give a guarantee of safety and facilitate the use.
This institution has one of the bestInternet banking ("Alpha-click"), free SMS alerts, good cashback for purchases that can be made contactless, a significant grace period (cash, by the way, is withdrawn without commission). In the partner banks (they are specified in the contract), too, free withdrawal of money. In other banks, the commission will be 1%, but not less than 150 rubles. Credit limit - 750 thousand per month.
Do not fall behind and Raiffeisen Bank with "Cashcard. "It is issued according to one document, the interest rate is 34% If the rate is reduced to 29% if you enter into a contract for income, the withdrawal of money from the card is free of charge not only in Raiffeisen Bank and Rosbank. "- After cashing, the grace period ends, and interest is charged on everything.
Debit card "Salary" from the bank "Soyuz"is issued free of charge, and commission for annual maintenance is not charged. The credit limit is in the range from 5000 to 300 000 rubles. It is important to take into account that the "Soyuz" bank does not provide a grace period. Interest is accrued on own funds. It is issued under the passport, but only if the client participates in the bank's salary project and its income for the previous three months was more than 10 000 rubles (clean). The monthly contribution is 10% of the principal debt with interest, and should be credited no later than the fifth day.
Cash is withdrawn without commission, but per day - no more than 180,000 rubles, and a month is not more than 450,000.
"Just a credit card" from "CitiBank" -unique banking product. Cash can be rented anywhere in the world for free. For the annual maintenance commission is also not charged. Interest is in the middle category - from 13.9 to 32.9%. Grace period - 50 days - does not cover cash withdrawals. Clients to note: re-card in the office costs 750 rubles, and through the Internet - for free!
Salary program "RosEvroBank" allows forany credit card to withdraw money for free. Issue it only to the participant of this program. The annual cost of the card depends on its specification. But the interest rate and credit limit are considered by the bank individually for each client.
What does Sberbank offer?
The grace period in this credit organization is up to 50 days. However, in order not to fall under interest, it is necessary to carefully study this proposal.
The main thing to consider is: The grace period starts from the date of application for issuance of the card, and not from the moment of purchase, as in most banks. This date will be indicated on the envelope with the pin code. A free fifty-day period of using the bank's funds begins with it, twenty of which are considered a payment period. During this period it is necessary to make payments for the reporting month. Thus, a preferential 50 days is:
- a reporting period of 30 days, at the end of which a payment document is formed (it indicates all purchases and the total amount);
- a payment period that lasts 20 days.
The scheme of using the credit card of "Sberbank" is approximately the following:
- Application for the issuance of a card and its activation.
- Use of bank money within 30 days, without going beyond the limit.
- Receipt of the accounting document for the purchases made.
- An examination of the date of payment and its amount.
- Repayment of another debt.
There is an opinion that if you withdraw cash fromcredit cards and return on time, interest will not be returned. It is a myth. "Savings Bank" grace period provides only for non-cash settlement. As soon as the money is cashed (for this take a certain commission), interest is charged on the whole debt. And this is 24%.
In case of impossibility of repayment of all necessarysums for borrowed funds are accrued at the lowest interest rate, and the client only needs to make minimum payments. In "Sberbank" they make up 5%. If these fees are not in the account, according to the contract, there will be accrual of penalties, and the interest rate will fly up to 38%.
Cash from a credit card of "Sberbank" onanother can be transferred in any convenient way through Internet banking, terminal, mobile bank. Here the main thing is to know that the transferred amount is equivalent to withdrawing cash with all the ensuing consequences.
Minimize interest on cash withdrawalyou can, if you make a transfer through the terminal or the Internet transfer to one of the electronic wallets, and from them to withdraw to the debit card. In this case, the commission will be 1.75%.