In the article, we consider the grace period of a Tinkoff credit card.
Providing everyday needs with loans is very popular at present - people do not want to wait until they accumulate the amount to purchase things, but buy it on credit. Getting money for credit cards with a grace period is a special type of consumer loan, so a bank client may not pay interest for some time.
Today, almost all banking institutions issue this option. Tinkoff Bank has determined an individual grace period for all credit cards, as it is called in the banking environment. For what and to whom it is needed, how it can be used, we will analyze in the material below.
Definition
The Tinkoff credit card grace period the bank employees call the period of use of the bank’s funds without interest. Each institution has its own conditions for using interest-free credit. Tinkoff uses the following rules:
- grace period up to 55 days;
- an interest-free period is considered only when making purchases with a card;
- when withdrawing cash, interest is accrued at a certain rate.
In the new year, the bank launched the Tinkoff Platinum credit card with a grace period of 120 days. Thanks to this program, you can close loan obligations to another bank, while interest will not be charged to you for 4 months.
To manage the account and analyze credit card costs, the bank provides a personal online account, it is possible to draw up a debit card, which runs the bonus program and cashback, using it you can cash out money by transferring funds from the credit account first.
We will find out how the grace period of a Tinkoff credit card is calculated.
Payment
If you decide to use credit money, then you must first study all the conditions and requirements of interest-free lending, and in order to better assess all the risks, you need to calculate it yourself.
There is a separate start date for the Tinkoff Bank credit card grace period. Every month on this date you will receive an account statement. And from that date the countdown will be conducted. The bank divides the grace period on the Platinum card into two parts: the purchase period and the payment time. To make purchases, you are given a period of 30-31 days. After this period begins the second period - payments. It lasts 24-25 days. The term depends on the number of settlement days. February is an exception in that list, because in the month of 28-29 days, the grace period will be a little longer - 26-27 days.
Consider an example of a grace period on a Tinkoff credit card. The day of the reporting period and the formation of the account statement is scheduled for the 14th day, and 30 days in the current month. Then you can make purchases and pay by card within 30 days from the 14th day to the 13th day of the next month inclusive. And closing a debt without interest is necessary within 25 days, that is, before the 9th day.
Interest accrual
If you have successfully contributed the money spent for the month before the end of the billing period, then interest will not accrue to you, and you can use your credit card again. But in the case when you have not fulfilled your obligations and paid off only the minimum payment, then the interest will be calculated on the balance of the debt, the amount of which is set by the bank. On a platinum card, the purchase rate varies from 15% to 29.9%, and for cash withdrawals it is much higher from 30% to 49.9%.
At the same time, with timely payment of the debt, the grace period does not stop. For example, if in the next billing month you again pay for your purchases with a Tinkoff credit card, and in the grace period you return all the money spent, then interest is not charged on these operations.
120 days without interest
In 2019, you have the opportunity to receive a grace period of 120 days on a Tinkoff credit card. This service is called Balance Transfer, the essence of which is that a client who has a loan at another banking institution can transfer the remaining amount of debt to Tinkoff Bank. At the same time, he receives an installment plan for calculating interest up to 120 days. This procedure is also called credit restructuring.
Benefits
Despite the tempting offer of the developed program, the bank determined a number of conditions for transferring a loan:
- switching to such a program does not exempt you from mandatory contributions on the principal debt, which is 6%, but new interest will not be charged;
- as soon as the grace period ends, you will be accrued interest on the principal debt, today it is more than 12%;
- the service is still free;
- You can use it once a year;
- Before connecting the service, you should pay the existing penalties, fines, debts in another bank;
- the grace period starts working from the moment of making a purchase or transferring funds from a card;
- to transfer to the Platinum card, only debt will be transferred, which should not exceed the limit amount (for example, a client has a credit card in another bank with a limit of 120,000 rubles, and a debt obligation is 80,000 rubles, then in this case a debt restructuring is permissible );
- a refinancing operation is carried out only between customer accounts, if you try to use a third party account, the procedure will stop.
Loan transfer algorithm for a period of up to 120 days
Not everyone knows that the Tinkoff credit card grace period has been in effect for so long. In order to carry out a restructuring operation from any Russian bank, the following steps should be taken:
- close all debts to another banking institution;
- request from this bank a certificate with a specific amount of debt;
- fill out the form on the official website of Tinkoff Bank and send an application for the issue of the Platinum card;
- get a credit card in your hands and activate it using the Internet bank, mobile application or cell phone;
- notify the bank employee of the intention to refinance the loan;
- an authorized bank will require the details of a loan agreement;
- in 2-5 days, the loan will have to be transferred from another bank to Tinkoff;
- apply to the bank for confirmation of account closure.
You can reissue a loan at Tinkoff Bank according to the details of the account, the amount for such an operation should not exceed 300 thousand rubles. If the card number is used, then the maximum amount is 150 thousand rubles. Debt is refinanced exclusively in rubles. At the same time, the minimum transfer threshold is set at 5000 rubles.
Credit card
To order a credit card, it is enough to leave a request on the institution’s website, after approval, its representative will bring the card to your home or any place convenient for you. Card production time from 5 to 7 days. The future client must be a citizen of Russia, full age, but not older than 70 years.
Service
It should be noted that there are service conditions for the card:
- commission for transfers or withdrawals through an ATM is charged in the amount of 2.95% of the amount + 290 rubles .;
- reissue a card costs 590 rubles .;
- notification via SMS - 59 rubles .;
- annual maintenance will cost 590 rubles.
Late payment penalty
If you did not pay the debt on time, penalties will be applied to you:
- if the payment is first violated, then an additional 590 rubles must be paid;
- the second time - 590 rubles. + 1% of the total debt;
- in the third - 590 rubles. + 2%, etc.
In addition, you will be set to the maximum interest. In general, the grace period of 120 days with a Tinkoff credit card is very convenient.
Recommendations for future card users
If you decide to use the Platinum card to restructure a debt in a third-party bank, then with these tips you can avoid overpayment:
- carefully study the conditions of the program, pay special attention to the period when benefits cease;
- as soon as you carry out the refinancing procedure, try to use the funds only at the extreme need;
- Avoid withdrawing cash to make purchases, otherwise high interest will be charged;
- block paid services;
- repay a monthly fixed fee.
We examined what grace period a Tinkoff credit card has.