Recently, not just credit cards, but installment cards, began to gain more and more popularity. And this is no accident. Such cards have several advantages. Not so long ago, Home Credit Bank also issued its installment card.
Installment Card
Home Credit Bank installments credit card was issued in August 2017. And immediately competed with such cards as Conscience and Halva. This card, unlike others, has a wider affiliate program, as well as a long installment plan. This makes it more attractive in the financial services market.
With an “Home Credit” installment card, you can pay for goods and services not only in stores, but also on the Internet. In this case, the payment period can be from three months to one year.
The credit limit on the card is set by the bank after consideration of the submitted application. For each client it is individual. The credit limit varies from 10 thousand to 300 thousand rubles.
However, please note that cash cannot be withdrawn from the card. It is intended only for payment of purchases by bank transfer.
Card pros
Reviews about the Home Credit Bank installments card are mostly positive. And all thanks to its many advantages:
- Firstly, the card is issued by the bank absolutely free of charge. In addition, the client receives free SMS notifications about operations performed on the card.
- Secondly, this is an interest-free installment period in absolutely any store. And in those retail outlets that are partners of the bank, the grace period when paying with this card reaches twelve months.
- You can pay with a card at any store around the world, because the card is supported by the Visa international payment system.
- The card has a renewable limit. If you make a loan payment on the card, then these funds can again be spent on new purchases.
- You can pay off card debt in full, at any time, and without fines and hidden fees.
The reviews about the Home Credit installment card are also good because only one passport is enough to get it, which means that you do not need to collect a special package of documents and certificates. In addition, the card has a flexible debt repayment system. You can make equal payments on a monthly basis, or pay a minimum amount. It accounts for only seven percent of the total debt.
Card disadvantages
Despite the many positive reviews, the Home Credit installment card has its drawbacks. One of them is the inability to withdraw cash. She can only pay for goods and services. In addition, the bank does not issue cards to credit card holders of its own bank. This is due to the fact that the client in this case has too high a financial burden.
The disadvantages include the fact that little information is provided about the card on the bank’s official website. Yes, and that is very superficial. Therefore, it will not be easy for a person who is not good at credit topics to immediately understand the intricacies of installments.
Who and how can get
Home Credit installment credit card received different reviews. This is due to the fact that not everyone can easily get a card. According to the terms of the bank, a card is issued to clients who have reached the age of majority, but in fact at that age it is difficult to get it. Agree, at eighteen, few have a constant source of income. And fans who want to get a lot of credit cards, most likely, will get a refusal from the bank. This is due to the fact that any credit card increases the financial burden of the borrower, even if it is idle. Therefore, before you get a lot of credit cards, it is worth considering.
In general, any solvent citizen of the Russian Federation from 21 to 65 years of age who has a positive rating in this bank can receive a card. For customers who first contact the bank, the age range is from 23 to 64 years.
From the documents it will be enough to provide a passport, and for non-working pensioners a pension certificate.
An application for a card can be issued both at the bank’s branch and on its official website. As a rule, consideration takes no more than three days.
But it is worth considering that this card is not delivered to your home. Therefore, a visit to the bank with a positive decision will be necessary.
Home Credit Installment Card - Customer Reviews
This card is a novelty of the credit market. For this reason, reviews about it may be different. However, banks often listen to the opinions of customers and try to eliminate shortcomings and improve positive indicators as soon as possible. Unfortunately, the Home Credit installment credit card, according to customer reviews, has its own “disadvantages”. For example, customers complain that they were refused a card, and they also have difficulty understanding the terms of soft loans. Complaints were received about too long registration. But, as you can see, all these claims do not apply to the action of the card itself and cannot fully characterize it.
Negative reviews about the Home Credit installment plan are also expressed by those customers who were refused to receive it because of the high debt burden. So, in one of the reviews there was a complaint and an indication that the borrower has been a client of the bank for several years. At the same time, he regularly pays with an existing credit card. But it is precisely the presence of a bank card that could serve as a refusal. The presence of several credit cards in one bank is almost impossible, since this affects the solvency of the borrower.
The same customers who well understand the conditions provided by the installment card and use them skillfully, are satisfied and leave only positive feedback about it.
Before concluding, after reading negative reviews, it should be noted that most of them are written on emotions. Therefore, it will be nice to learn about the card from bank employees.
It is necessary to take into account the fact that so far there have not yet been complaints about fraudulent transactions by the bank.
Bank employees reviews
Reviews about the Home Credit installment card come not only from those who use it and those who were refused issuance, but also from the bank employees themselves.
In their opinion, the “Installment” card has a number of advantages compared to the cards of competitor banks (“Conscience”, “Halva”), since its grace period is three months when purchased in any of the stores. And in partner stores, it reaches twelve months. Another positive quality of the card is that the annual card service is free. And this makes it more profitable in comparison with the new products from Alfa-Bank (card "100 days without interest") and "Bank Post" ("Element 120").
But it is worth considering that this card does not have any cash backs or other bonus programs.
Terms and Rates
The terms and conditions of the Home Credit Bank installment card are quite simple. As has been said many times, it is intended only for shopping. Therefore, one of the conditions is the lack of the ability to withdraw cash.
The card does not have a cashback and it is impossible to connect the "Benefit" bonus program to it. For this, the bank issues individual cards.
You can pay card debt with equivalent payments. They depend on the credit limit and the funds spent on the card and are calculated at the bank. In this case, there will be no overpayment for purchases at all. If the client decided to pay the debt with minimum payments (seven percent of the money spent, but at least 1000 rubles), then it turns out that he took a loan from the bank at 29.9 percent per annum.
In this case, it turns out that the client pays a penalty and thereby does not spoil his credit history. And the terms of the bank will not be violated. Only the installment conditions are violated.
Principle of operation
Those who have repeatedly stacked with credit cards that have a grace period will be easy to figure out. Well, those who first issued such a credit card will also be able to quickly understand the essence of installments and its grace period.
The “Installment” card has a calculation period, its beginning may be the fifth, fifteenth or twenty-fifth day of each month. The settlement period lasts one month, during which the bank records all transactions made on the card.
Next is the billing period. It is equal to twenty days. These days you need to make a payment on the funds spent. Together, the billing and billing periods are approximately fifty-one days.
The installment period begins its countdown when making the first purchase with a card. It will last three months, and if the purchase was made from one of the bank’s 40 thousand partners, then a whole year.
The first payment by card must be made in the amount necessary to pay by installments. The remaining payments can be made with the same amount or the minimum payments.
The Home Credit Bank installment card received many negative reviews precisely because of a misunderstanding of the difference between the minimum payment and the installment payment.
How to recharge a card
The card replenishment mechanism is quite simple. There are many standard ways to deposit funds. First of all, these are bank cash desks. It can also be done in any terminal.
You can replenish the card through the personal account of the Internet bank by transferring funds from any other bank card. The main thing is not to delay the payment until the very last moment, because it happens that the funds arrive on the card late.
Prepayment
You can make an early repayment on the card at any time. At the same time, there are no penalties for early repayment. As soon as the borrower deposits the entire amount spent on purchases onto the card, the debt will be repaid automatically.
Do not forget that when you make only part of the amount, it will be necessary to continue to make minimum payments. The most optimal way to make early repayment will be during the payment period.
But an incomplete or at the wrong time the perfect payment will automatically terminate the installment plan. It will be possible to resume it only after the full amount of the credit card debt has been paid.
What are the benefits of the card?
Many people ask, what is the benefit of partner stores? After all, it is much more profitable to sell goods on credit than by installments.
Everyone has their own benefit. Bank customers can purchase goods, while paying for them in equal parts, without interest. Partner stores, participating in the bank’s program, increase the number of their customers, and consequently, the number of sales.
And what is the benefit of the bank?
The Bank attracts new customers, which in the future may be of interest to other products of the Bank. Also, the bank receives cash interest for late payments or when the client makes only minimal payments.
Should I open a card
As already mentioned, the reviews about the Home Credit installments card are different. This makes many people wonder whether to draw up this card.
There are pros and cons. For example, if you take into account the fact that the grace period on the card is three months, not only with the partners of the bank, but also when making a purchase absolutely anywhere, of course, it costs.
Against the fact that any delay in payment will add almost thirty percent to the amount of outstanding debt.
Before deciding whether to draw up a card or not, you should read reviews about it and get the most detailed information from bank employees.