Credit cards have changed the Russians' idea of borrowed funds. Using a credit card is much more profitable than taking a consumer loan. Most cards with a bank limit have a grace period. Paying for purchases during this period and paying off the debt on time, the client does not pay interest to the bank. But few people know how to calculate the grace period by credit card.
Grace period - what is it?
The grace period, or grace, on a credit card is a time interval that allows the owner to use the bank without interest. The terms of its observance include expenditures without cash withdrawal and depositing funds to the card before the renewal of the limit.
In other words, the owner of the credit card, in order not to pay interest, must pay by card, and not withdraw cash from it. After making a purchase, the customer must deposit all funds until the end of the grace period.
What is a credit card grace period? When defining the term, the main are 2 conditions:
- Payment by card.
- Renewal of the credit limit.
Failure to comply with at least one of the conditions deprives the client of the opportunity to pay with borrowed funds without interest. The credit card grace period is renewable. After repaying the debt, the user can again make purchases by bank transfer. This will be the beginning of a new grace period.
Features of the grace period
Free credit card use is limited. This is its distinguishing feature. In addition, it is floating, which means the absence of a fixed grace period.
The grace period depends on the start of purchases. It can be minimal, for example, 20 days, as in Sberbank, or reach 100 days without interest (Alfa-Bank).
The end of the period is the day of repayment of the outstanding balance. Banks that offer credit cards to their customers, indicate in advertising only the maximum period, for example, 50 or 100 days without interest.
How to find out about the grace period?
What is a grace period by credit card, it is better for customers to find out before registering a banking product. If the user does not have a clear idea of how to pay by credit card during the grace period, he will be forced to pay interest to the bank in case of violation of the terms of the contract.
Ignorance entails an additional risk - exit to delay. Credit card holders are not always aware when it is necessary to make a minimum payment. Some mistakenly believe that it is not necessary to deposit funds to the card during the grace period.
It is best to ask the manager who issues the bank card about the features of using a credit card. If this is not possible, you can familiarize yourself with the terms of the product on the bank’s website or call support. In large credit organizations (Sberbank, Tinkoff, VTB24), the balance of the credit card debt and the date of making the minimum payment are displayed in your personal account (Internet banking).
The nuances of calculating the grace period
Before you start using a credit card, it is recommended to study the features of the contract. Not always the first time the client can understand at what point the grace period begins and how to calculate it.
Before you understand the grace period for a credit card, you should pay attention to:
- The beginning of the reporting time period.
- The maximum grace period.
- The minimum number of days without interest.
- Features of making cash during the grace period.
- Terms of expenditure operations.
- Responsibility for late repayment.
- Interest rate.
What you should not forget when using a credit card
The beginning of the reporting period allows you to find out the date on which it is best to make purchases with a credit card. Managers recommend paying with a credit card starting from the date of the report. In this case, the grace period will be maximum.
The maximum and minimum terms for using the card allow you to determine how the grace period for a credit card works. The conditions are spelled out in the contract.
In most banks, in order to use a credit card without interest, you need to make purchases only by bank transfer. Withdrawing the limit at an ATM entails interest accrual without grace period opportunities and a withdrawal fee. Therefore, it is important to know the annual rate in order to be aware of the commission and interest when receiving cash from a credit card.
Having a favorable credit card with a grace period, customers sometimes forget to deposit funds on time. This leads to a breach of the loan agreement and entails the accrual of late fees. The consequences of late payment should be clarified in the terms of the contract or at the office of the issuing bank.
How to calculate a grace period by credit card: instructions
Calculation of the grace period is a simple task, but necessary for all cardholders. If the client does not know when it is better to make purchases, he risks becoming a debtor. To avoid this, you should study the features of calculating the grace period.
How to calculate the grace period by credit card:
- Find out the reporting date.
- Remember the day of purchase.
- Find out the end date of the grace period.
- Subtract from the maximum period of the period the number of days after which the customer made the purchase.
Managers recommend making purchases on or immediately after the report date. In this case, the grace period for a credit card will be maximum. If a client pays with a card a month later, a day before the date of the report, this period will be less by 30 days (1 month is deducted from the maximum period).
Grace extension
Cardholders are not always able to repay the entire amount of debt during the grace period. But paying interest in this case is not necessary. There is an easy way to extend your credit card grace period.
To renew the limit, you need to fully pay off the debt. But a partial deposit of funds in the amount indicated in the SMS from the bank can save the card holder from the need to pay interest. This will extend the period without paying the full amount of debt and interest repayment.
Calculation of a grace period (using the example of a Sberbank card)
Hundreds of thousands of Russians use credit cards of the country's largest bank every day. But often, customers ask employees the question: "How much is the grace period on a Sberbank credit card?"
Credit cards of this financial institution allow owners to use funds without a commission from 20 to 50 days. The grace period includes 20 days for the repayment of the minimum payment (the term is called the payment period) and 30 days for purchases by card by bank transfer. When withdrawing funds from an ATM at a client, a commission is charged in the amount of 390 rubles, at least or 3% of the amount.
How to calculate the grace period by credit card? Suppose the report date for the contract is September 8th. The customer made the purchase on September 22. The grace period ends on June 27th. The purchase was made not on the date of the report, but later. The maximum grace period for this reason has become less by 15 days. Therefore, to use a Sberbank card without interest and repayment of all debt to the client remains only 35 days (50-15 = 35).
Renewal of the grace period in Sberbank: conditions
As soon as the client fully repays the debt during the grace period, he will be exempt from interest. A new grace period with Sberbank credit card will begin immediately after the debt is paid off.
To calculate what the new period will be, you should also know the date of the report and the date of purchase, the day the period ends (50 days). The grace period on a gold credit card of Sberbank is calculated in the same way.
The resumption of the grace period is one of the conditions of Sberbank credit cards. It is not limited by the number of expense transactions. Customers can spend an unlimited amount of credit on cashless purchases, deposit funds on time and reuse the benefits of the grace period an unlimited number of times.
In Sberbank on credit cards 50 days without interest are given only when making a purchase on the date of the report. Otherwise, the refund period without interest is reduced by the difference in the number of days from the date of the report to the time of purchase.
Which credit card to choose?
If a client wants to get a credit card, you should study the conditions of the best banking products with a grace period. In Russia, the market leaders are the plastic products of the following banks:
- Sberbank
- Tinkoff
- VTB 24.
- "Alfa Bank".
Each of the financial institutions has several credit card offers. The product line allows you to compare which credit card is the most profitable for registration.
It is not necessary to limit your capabilities. With sufficient solvency, a client can have several credit cards at the same time at different banks. So do those who appreciate the convenience of cashless payment. For purchases with cards customers receive bonuses or cashback. Favorable credit cards with a grace period allow you to forget about interest for at least 20 days.
Sberbank credit cards: features, reviews
Plastic products of the largest bank in the country are distinguished by a stylish design and ease of design. To obtain a card, only a passport is sufficient (relevant for customers receiving a salary in a bank account). The client can order a credit card online and at the office.
Sberbank provides up to 50 days without interest on credit cards. The minimum period during which the client may not pay the bank is 20 days (payment period).
Credit cards are issued to people over the age of 21 who have permanent registration in the Russian Federation and stable, verified income. Citizens can issue a card with a bank limit in the amount of up to 600 thousand rubles. The design is free. The cost of the card depends on the type of credit card (minimum - 0 rubles per year, an offer for salary clients).
Most Sberbank customers respond positively to credit cards. The grace period is easy to calculate, the period depends on the date of purchase. The accrual of "Thank you" bonuses for each non-cash transaction encourages you to use the card constantly.
Tinkoff cards for home delivery
Tinkoff was one of the first in Russia to accept applications for processing cards via the Internet. Customers can get a credit card in a convenient place using courier delivery.
Currently, Tinkoff offers profitable credit cards with a grace period and a limit of up to 300 thousand rubles. An advantage during registration is the absence of certificates confirming income. Only a passport of the Russian Federation is enough.
After regular use of a credit card without delay, the limit can be increased to 1 million rubles. The bank returns up to 30% of the purchase price with bonus points.
A novelty from Tinkoff is a product with a bank limit that combines a credit card and an installment card. Owners can pay for goods with partners on an installment card for up to 1 year.
The Tinkoff credit card application can be processed within 48 hours. Interest rate - from 12% per annum.
The Tinkoff product line has 21 types of cards. The client chooses which credit card is the most profitable. You can order a credit card for purchases in Chinese online stores or the ABC of Taste network. Use bonuses for fans of PFC CSKA or fans of the festival "Invasion". A complete list of credit cards with conditions is presented on the Tinkoff website.
Multicard VTB24
One of the favorites among credit cards is the VTB24 multicard. Recognized as the best credit card of 2017. Available limit - up to 1 million rubles. To get a credit card with a limit of up to 300 thousand rubles, only a passport is enough.
100 days without interest on a VTB 24 credit card applies not only to purchases, but also to transfers, cash withdrawals from ATMs. However, exemption from interest does not mean a complete absence of contributions on a multicard.
The owner does not pay a fee, but must make a mandatory payment. Otherwise, VTB24 will charge a late fee. The maximum grace period for multicards is 101 days. It is calculated from the day the expense transaction is credited to the credit card account.
The bank charges cashback for purchases by bank transfer up to 10%. Select a category - cars or restaurants. In other cases, cashback is provided at a rate of 2.5%.
According to reviews, it is most beneficial to use a multicard in the first month of registration. Within 30 days, the bank does not charge a fee for cash withdrawals and transfers in the amount of up to 100 thousand rubles.
The size of the cashback in the first month on a multicard does not depend on the amount of purchases. In the category "Cars" during the first 30 days of use, the cashback is fixed and amounts to 10%.
Credit cards "Alfa-Bank"
Alfa-Bank's line of loan products is represented by classic cards and special offers with bonuses from partners. Order a credit card can those who regularly drive. For motorists, an increased cashback is provided for purchases in the "Auto" category. Fans of games on mail.ru should not miss the special offer from Alfa-Bank, as well as fans of Warface.
But the most popular and well-known loan product of this financial institution is the card “100 days without%”. To get a credit card, it is not necessary to go to the bank. Registration online takes no more than 15 minutes. Upon approval, the courier will deliver the card for free the next day.
The advantage of the card "100 days without%" are the minimum requirements for documents. To issue a credit card with a limit of up to 50 thousand rubles, only a passport is required. In the amount of up to 100 thousand rubles in the account, you must provide a second document of your choice. And when ordering a credit card with a limit of over 100 thousand rubles, an income certificate is needed.
The main reason why customers choose the card “100 days without%” is a favorable grace period. But it does not mean that the cardholder is completely exempt from paying dues. During the grace period, the owner of the credit card is obliged to make minimum payments without delay. An additional advantage is the ability to withdraw cash in the amount of up to 50 thousand rubles per month without commission.
Reviews on the credit card "100 days without%" on the Web are positive. User confidence gained simple conditions and benefits. Customers note that the bank timely accrues bonus points. Owners of a credit card can monitor the available limit and amount of obligatory payment using online banking or a mobile application.