Credit cards today are very popular among bank customers. Making such a payment instrument is easy. Not even a statement of income is always required. It is also easy to use borrowed funds. But, like any loan, the spent credit card limit will have to be returned to the bank. If you do not have time to pay off the debt in the grace period, the holder bears the burden of paying interest. Therefore, the question of how to repay a Sberbank credit card in full is quite relevant. This article will give practical tips to solve the problem. In addition, the reader will learn the terms of loan repayment and interest, as well as how to repay the loan ahead of schedule.
Faster repayment reduces overpayment
When a person goes to a bank for a credit card, he must understand one simple rule: the speed of returning the amount of borrowed funds to the bank guarantees a reduction in overpayment. This is due to the fact that interest on the loan is distributed over the entire period of debt repayment, therefore, due to the reduction in the loan term, some interest remains outside this period, which leads to a reduction in overpayments.
In order not to wonder later how to pay off the credit card debt of Sberbank, you should take care in advance to exclude a large burden. If such a banking product is executed “just in case”, and not with the aim of acquiring expensive goods, experts recommend choosing an amount that does not exceed the client’s salary. This will allow returning money to the card on time without large financial losses for the family budget.
Big limit on the map - big waste
You should not take too much money limit so as not to spend it on unnecessary things once again. In any case, it will be necessary to return the money, but it is very difficult to find the amount in excess of your own salary.
Those customers who make a minimum payment to the account every month do not understand: why does the loan amount decrease so slowly and how to quickly pay off a credit card at Sberbank? The mathematics is very simple: the minimum paid in is just the minimum part of the money spent by the borrower. When making small amounts, it will take much longer to repay the debt. As mentioned above, the faster the return, the lower the overpayment. In this case, on the contrary: the term has increased, the overpayment has also increased.
Ways to minimize debt
Below are simple recommendations on how to repay a loan with a Sberbank credit card and reduce interest overpayment to the maximum. The holder should adhere to the following rules:
- To reduce interest rates, it is worth using the payment instrument in question only to pay for goods in non-cash form and at the same time try to always return money during the grace period.
- You don’t need to withdraw money from the card without a special need, because a fairly significant commission is charged for this procedure - about 3% of the amount. In this case, the smallest amount of commission starts from 190 rubles. The grace period after cashing out of money ceases to apply.
- Sberbank establishes the minimum contribution of money that must be received every month to the card account - 5% of the total debt and plus the interest rate. If you make at least 10 percent every month, but at least 10 percent, then the debt will begin to decline markedly.
- If there is an additional source of income, then there is no point in waiting for wages; you can immediately deposit money into the debt account.
If you receive a salary on a Sberbank card, a very good solution would be to use the "Auto payment" service. With this option, a salary card will automatically transfer money to a credit card on a specified date. This will avoid delay in payment, and hence penalties.
What is a grace card period?
For its customers, the bank makes incentives in the form of a grace period. This is the best option to pay off a Sberbank credit card.
This option implies that if the borrower returns the money to the account before the due date, then interest will not be charged, but in case of delay, penalties in the form of interest rates will follow. For example, a customer made a purchase with a credit card, and after 15 days on the day of the salary he returned the amount spent on it. In this case, there will be no overpayment: the borrower spent as much money as he borrowed from the bank and returned the same amount. The benefits apply only to non-cash payments for any goods, but do not apply when withdrawing money from a card and when paying for goods via the Internet.
The duration of the period does not exceed 50 days. This is almost two months. With a correctly chosen limit and competent spending of borrowed funds, it is quite possible to deposit the spent amount back to the card.
The presence of such a concession from the bank does not guarantee that the client will not return money in excess of the amount spent, because there is a set minimum payment of 5%, which is paid every month regardless of the use of the card.
How is interest charged?
As a rule, the main points are spelled out in the contract. It is important to consider them in order to know how to pay off Sberbank credit card debt quickly and with minimal losses. Most often, payment instruments are executed on the following conditions:
- Interest accrual starts on the first day the grace period expires.
- The end of the interest calculation period is considered to be the day following the day of full repayment of the debt. This means that if there is no debt on the credit card, then there will be no interest.
- The calculation is based on the annual interest rate, which is prescribed in the contract with the bank.
- During the grace period, interest will not be charged. Without violating this period, the interest-free period will be almost 2 months.
- For late payment additional penalties will be charged.
- In case of withdrawal of cash from the card through an ATM of Sberbank, 3% of the issued amount will be debited and from 4% due to cashing out through terminals of other companies.
Debt repayment methods
For those who still do not know how to pay off a credit card of Sberbank, you can give some tips. To close the debt, it is recommended to use the following methods:
- The most popular repayment option is to deposit money into an account through a Sberbank ATM. The card is inserted into a special slot, then the security code is entered, after which a list of actions appears on the screen. In this case, select the "Deposit Cash" tab. Money is paid in turn, until the desired amount is displayed on the screen. After that, all data on the operation being carried out is surely checked and is completed with the next and ready button. The ATM will issue a check that is worth keeping.
- The next option for transferring funds is online transfer. Recently, many holders of payment instruments of the company in question are interested in how to pay off a credit card through Sberbank-online. Each registered user of this service has many options. Among them is the transfer of funds from a debit card to a credit one. You can perform the operation in the “Payments and Transfers” section of your personal account.
- An alternative is to deposit money through the cash desk of the nearest bank branch. The employee will need to provide their passport and card details, which require payment.
- Connecting an auto payment solves many problems and saves a lot of time. The main thing is that on the card with which funds will be debited, the required amount should be. This service does not require additional payment, and the timing of automatic translation can be set independently.
- In some companies, usually large ones, you can contact an accountant who will transfer money from salaries to a credit card. To do this, you will have to write a statement with this request.
How to find out how much money to deposit?
Before repaying a Sberbank credit card, it is important to know the exact amount of the debt and the amount of the minimum payment required. Such information can be obtained in several ways:
- The Bank notifies its customers via SMS to the phone number specified in the agreement.
- In addition to SMS, a special report on operations on the card will be sent to the client by e-mail.
- You can go to Sberbank-online and in your personal account to see this information.
- Go to any bank branch.
Early repayment of debt
As for the loan maturity, it is determined individually by the contract. If you do not take into account the grace period, then the payment of money to the account should be carried out every month. The grace period is 50 days, and in case of early fulfillment of obligations, payment of additional interest can be avoided.
In case of incomplete prepayment, interest will be compulsory. This means that you need to deposit an amount greater than the percentage accruals. In order to early repay the credit card of Sberbank in full, it is necessary to pay the entire amount of debt at once. The client can do this at any time.
Pros and cons of early repayment of a loan
The main plus of quick debt repayment is getting rid of the credit burden and saving on interest overpayment. Making early payments of debt, the client becomes a reliable payer for the bank.
The disadvantage of early repayment is that the bank loses its profit on interest, and over time may refuse to issue a loan for this reason.
Credit card closing
When the client has fully paid the debt to Sberbank, and the card becomes unnecessary, the question arises of closing it. This is nothing complicated: you need to go to the bank and ask for an account statement. This must be done to ensure that the loan is fully repaid, to the penny, and other services, such as a mobile bank, are paid. This is because even penny debt can ruin your credit history and result in a large fine. After that, the client can receive a certificate of account closure.
Taking on debt obligations, it is worth knowing in advance how to pay off a credit card of Sberbank, and understand from what means payments will be made. Only in this case can its use become beneficial for the client.