Knowing how to use the grace period of a Sberbank credit card will help you not to be in debt. This will allow you to spend borrowed funds free or with minimal overpayment.
How to calculate the grace period - an example
Regardless of status (Classic, Gold, Platinum) and payment system, all .
The grace period is the time at which you can return the borrowed money for favorable conditions... To use it correctly, it is enough to learn how to calculate it. It splits into two:
- Reporting. Equal to 1 month (30 days). Designed for shopping.
- Estimated. 20 days. For payment without interest.
The first period is not always 30 days. Example: if February is 28 or 29 days, reporting period is reduced by 1-2 days. It should be borne in mind that the maximum period of 50 days is provided only for a purchase made on the first day of use.
Example: if a purchase from a card was made on the 10th day, then the time for an interest-free refund is reduced from 50 to 40 days. If you pay from the card on the last day of the month, there are only 20 days left for its payment.
The grace period begins from the day the Momentum, Gold, etc. credit card is activated, which occurs automatically the next day after issuance.
Each subsequent grace period of the Sberbank credit card is superimposed on the previous one and is also 50 days. Example: starting to use the product on November 24th. The period for using the loan lasts until December 23, and you can pay on preferential terms until January 12.
The second disbursement period starts on December 24th and ends on January 22nd and 50 days ends on February 11th. If the credit limit is not fully exhausted in the first period, you can continue to use it in the second, regardless of whether the debt is paid. You can calculate the grace period for your card on the Sberbank website using a special calculator.
On the last day of the reporting period, the Report comes. For these examples, these are December 23 and January 22, respectively.
How to use the grace period of 50 days
No overpayment, i.e. only borrowed money can be returned in 50 days or less, depending on the start date of spending.
To get it right, you need to clarify the repayment rules.
If the payment is not made or is not completed in full, the interest rate begins to apply to the debt. It is calculated for each purchase separately, starting from the moment it was made. They are assigned individually to each client, based on his category and other characteristics. Today the following tariffs are in effect:
- Instant: 23.9%
- Classic and Gold: 27.9% (23.9% for some existing clients on a separate offer);
- Platinum: 21.9%
- Signature visa, incl. Aeroflot and MasterCard World Black Edition: 21,9%.
If you do not use the grace period of the Sberbank card (Gold, Standard, etc.), the borrower must make a minimum payment before it ends. The required minimum is 5% of the current debt. After that, the interest rate is applied, and the remaining debt with accruals is carried over to the next period.
If on the date of payment the borrower has previous unpaid loans, they must also be paid, otherwise a penalty will be applied. A penalty of 36% is charged if the minimum amount or the entire amount borrowed is not paid during the grace period.
Unpaid loans are included in the report for the next month, taking into account the accrued headquarters.
Information about debt in Sberbank
- Formation period;
- Customer product details: type (example:), allowed limit, percent, available amount (if any);
- Payment date;
- Total debt, obligatory payment... The first one must be paid in order to take advantage of the interest-free period, the second - so that no interest is charged;
- Account movements: total amount all receipts, expenses (purchases from the card), cash withdrawals, interest and commissions paid in the previous period;
- Explanation of the obligatory payment: the calculated amount, previous debts, penalties, etc.;
- Detailing of the operations performed: the day, size and type of operation are indicated (in a store, on the Internet, cash withdrawals, money transfers, wire transfers).
If there are many operations, then an additional sheet is attached where they are listed.
If you find a discrepancy in the provided list of transactions, you need to submit an appeal to Sberbank. This must be done in a timely manner - before the expiration of 30 days from the time of receipt of the letter. The claim is reviewed and, if necessary, corrections are made.
You can get similar information yourself at Sberbank Online. In the Cards, Accounts section, all the user's products are displayed. You will need to select the one you need. There is a short description next to its name:
- Available amount for borrowing;
- Date of the next payment;
- The size to be deposited with Sberbank;
- A brief description of the characteristics: card expiration date, interest rate, credit limit, grace period for a Sberbank card, etc.
You can also generate a statement in the Internet bank to view the transactions performed for any period.
In order not to apply penalties to the client, it is enough to pay the monthly amount indicated in the report received. It is not so easy to calculate it yourself, since from the moment of its formation, the borrower could still use up borrowed resources, which will be taken into account in the next period.
How to pay off credit card debt
It is allowed to start repayment at any time, starting from the day of the loan. This will be taken into account by Sberbank when generating the statement. It is not difficult to calculate how much you need to pay during the grace period yourself, given how much money has been spent from the loan provided.
Pay by credit card Sberbank with a grace period in several ways. Non-cash offers:
- Through Sberbank Online. Translate from existing debit card through the item Payments and transfers - Between own cards. It is necessary to indicate the card numbers and the amount of sending. The transaction is confirmed by a password sent by SMS.
- By SMS. Dial TRANSLATION, last 4 characters of debit card, 4 credit and size in numbers. Send message to 900. Available for persons who have activated.
- Through an ATM. Insert the plastic from which the payment is sent, select Payments, write down the credit card number and value.
- Through the services of third-party institutions.
You can also use the cash desk of Sberbank or another institution, as well as the terminal to pay in cash.
If you use the services of Sberbank, money is usually credited instantly, at most the next day, without charging a commission. Through third-party organizations, enrollment lasts longer, with a maximum of 3 days. The commission is set by the relevant bank, and on average is about 1%.
When transferring a larger amount than the borrower owes to Sberbank, the money remains on the credit card account as if it were their own. When paying by card, they will be debited first, and then borrowing from available limit... At the same time, for withdrawing your own funds from a credit card, tariffs are inherent in debit ones.
Conclusion
The grace period for a Sberbank credit card allows you to return only the amount of the loan. At Sberbank for everything credit products there is an interest-free maturity period of 50 days. If it is impossible to return the borrowed funds on time, it is required to pay the mandatory minimum in the same period, after which the rate is applied to the balance. If one of the rules is not followed, Sberbank charges a forfeit.
In Sberbank, the grace period can be maximum 50 calendar days ... This is how much you can not pay interest for using credit funds... But it should be noted that the LP will be valid only if you paid with a card for purchases or services. If you have withdrawn money at the cash desk or ATM, spent it in a casino or made a transfer, interest will be charged from the first day in any case.
So, in order not to pay interest, you need to pay the entire amount of the payment during the grace period. Many people think that the 50-day countdown starts from the date of purchase. But this is not the case with Sberbank. As I said before, 50 days is the maximum. In general, the LP can be 20, 30, and 40 days. How do you know when his term ends?
When you receive the card, you will be given a PIN envelope with the date of the report. This will be the beginning of the grace period.
For example, the PIN envelope says that the reporting day for your credit card is 5th day of every month... This means that 50 days will be counted exactly from this date: i.e. 30 (31) days until the next 5th day (this is called reporting period) and plus another 20 days (this maturity period). Those. in our case, the final maturity date will be the 25th.
It turns out that the LP can be at least 20 days and maximum 50. To make it clearer, consider a few examples. At the same time, do not forget that our report date is the 5th.
Example # 1 : you made your purchase on June 7th. In this case, you have 28 days until July 5th plus another 20 days (ie until July 25th). A total of 48 days of the grace period is obtained.
Example # 2: you make a purchase on June 26th. Accordingly, you have 9 days left until July 5th plus 20 days. The grace period in this case will be 29 days.
It turns out that it is best to make a payment with the help at the beginning of the reporting period, then the grace period will be as long as possible.
In addition to questions about the length of the grace period, the question often arises of whether exactly what amount should be repaid in order not to fly out of the grace period... I answer: the main thing is to deposit the amount spent during the reporting period... Payments made for purchases during the maturity period are optional! They do not affect LP.
Example # 3: On June 8, you purchased goods with a card in the store for 3 thousand rubles, on June 25 - for 1 thousand rubles, and on July 9 - for another 2 thousand rubles. Before the date of payment (i.e. until July 25), in order not to fly out of the grace, it is imperative to pay only 4 thousand rubles. (3 thousand + 1 thousand). The remaining 2 thousand you can pay until August 25 (i.e. they fall under the next LP).
By the way, the amount and the deadline for the payment must also be indicated in the monthly report on the card. There are two ways to get this:
1) personal appearance of the owner of the plastic at the place of opening the account (i.e. you will have to go to the bank every month);
2) via the Internet to the address Email(which, it seems to me, is much more convenient).
Initially, the method is indicated in the application for a credit card, but in the future it can be changed. To do this, you need to contact the department where the card was opened and write a corresponding application.
In the event that there were no transactions on the card for a month, the report is not generated.
And do not forget that if you have not paid all the debt by the maturity date, then interest will be calculated on the amount of the actual debt. Those. in the next report, in addition to the principal debt, the compulsory payment will also include interest accrued from the day the transaction was recorded on the card account.
Banking organizations are actively offering to issue credit cards. Companies are developing various bonuses for customers in the form of discounts, cashback, grace period, miles accrual and much more. This is due to the fact that credit cards have a revolving credit limit, and upon expiration of the plastic, new card comes automatically.
Thus, the bank gets a long-term relationship with the borrower. But in this article we will tell you how to use the card and not pay interest, consider the subtleties of the grace period and the formation of a mandatory payment, and for example, take the product of Sberbank "Credit Visa card Classic and MasterCard Standard ".
Conditions on the Sberbank card
First, consider general terms and Conditions offered on this card. At the moment, the promotion is valid until December 31, 2017, under the terms of which a free annual service is provided. The standard commission for using the card is 750 rubles. The credit limit does not exceed 600,000 rubles and is formed on an individual basis.
There is a grace period of up to 50 days. Cashback on the card reaches 10%. "Thank you" from Sberbank is one of the best customer reward services operating in Russia. The company also has a highly functional personal account. The product is quite attractive on the credit card market and is in demand among consumers.
Classic credit card
License of the Central Bank of the Russian Federation No. 1481
Limit: RUB 300,000
Rate: 27.9%
Grace period: 50 days
Cashback: 0.5%
An example of a job description and calculation
To make it easier to navigate banking terminology, we will consider specific example for calculations. So, the credit card is activated on September 1st. This means that from this moment begins settlement period... This is the period when all movements are taken into account. Money by card, including transactions for payment and receipt of funds. The billing period is valid for a month from September 1 to September 30.
From October 1 to October 20 starts billing period
... This is the deadline for the client to pay the minimum payment. On November 1, an account statement is generated, which indicates the amount of the total debt on the card, as well as the minimum payment and the due date.
The client's credit limit is 60,000 rubles. In this case, 2 purchases were made:
- September 20 for 20,000 rubles;
- September 25 for 30,000 rubles.
Minimum payment calculation
You must pay interest for using credit funds. The bank includes the interest on the card in the amount of the obligatory payment. They are charged for actual use credit money in the billing period. Each banking organization applies a single formula for calculating compound interest:
Pr = SD * PrS * FD / DG
Pr - the amount of accrued interest;
SD - the amount of the principal debt;
PrS - interest rate;
FD is the actual use of money in days;
DG - days of the year.
Let's calculate the interest on the loan agreement for September:
Pr = 20,000 * 0.25 * 5/365 = 68.5 rubles.
20,000 is the amount for which the customer made a purchase on September 20;
0.25 - coefficient equal to the interest rate of 25%;
5 - the actual number of days of using credit funds in the period from September 20 to September 25;
365 days a year.
Pr = 50,000 * 0.25 * 5/365 = 171.2 rubles.
50,000 - arrears after the second purchase made on September 25;
0.25 - interest rate;
5 - the actual number of days in the period from September 25 to September 30;
365 - days a year.
Total = 68.5 + 171.2 = 239.7 rubles.
This is interest that will be included in the mandatory payment, which must be paid before November 20, provided that the funds are not returned in full during the grace period.
In addition to interest, the minimum payment is formed based on the amount of the principal debt at the end of the billing period. The debt to the bank as of September 30 was:
20,000 + 30,000 = 50,000 rubles.
The minimum payment includes 6% of the amount owed:
50,000 * 0.06 = 3,000 rubles.
Thus, the formula for calculating the mandatory payment is:
OB = SD * 6% + Pr
ABOUT - mandatory payment;
SD - the amount of the principal debt at the end of the billing period;
0.06 - coefficient equal to 6% of the principal amount;
Pr - interest on the loan agreement.
This amount will be formed on October 1. The minimum payment must in any case be made between October 1 and October 20. Failure to comply with this condition will lead to the fact that the bank will charge a fine for overdue debt, as well as transfer the information to the credit bureau.
It is worth noting that the mandatory payment may include a service fee, a cash withdrawal fee, fines and penalties. But in our case, such charges are not provided.
After making all purchases, the client has an available balance of 10,000 rubles.
Balance = 60,000 - 50,000 = 10,000 rubles.
60,000 is the credit limit. 50,000 - spending in September.
| Account statement: 01.10.2017 | ||||
|---|---|---|---|---|
| date | Replenishment, p. | Consumption, r. | Available limit, p. | Debt, p. |
| 01.09.2017 | 60 000 | 0 | ||
| 20.09.2017 | 20 000 | 40 000 | 20 000 | |
| 25.09.2017 | 30 000 | 10 000 | 50 000 | |
| 31.09.2017 | 10 000 | 50 000 | ||
| Debt information | ||||
| The amount for the implementation of the grace period until October 20: | 50 000 | |||
| Mandatory payment amount before October 20: | 3 000 |
How to use the grace period?
The second important section is the grace period. The term when you can deposit all the money and not pay interest. The main nuance is that the grace period does not apply to cash withdrawal transactions. If the client withdraws cash through an ATM or cashier, then the interest for the actual use of the money will have to be paid in any case. This applies to our Sberbank credit card. There are credit cards for which a grace period is also valid in case of money withdrawal.
Grace period - a set of billing and billing periods. It reaches 50 days. V this case grace period from September 1 to October 20. The later the purchase is made in the billing period, the shorter the grace period becomes.
To use bank money without interest, you must return the entire amount of the debt at the time of the grace period. If 50,000 rubles are credited to the account before October 20, then you will not have to pay interest.
- 20,000 - the first purchase on September 20.
- 30,000 - purchase on September 25th.
50,000 rubles are credited to the account from September 1 to October 20, no interest is charged on a credit card!
If you do not meet the grace period
Consider the second situation in which a bank client paid the minimum payment, but did not meet the grace period. The conditions remain the same. At the same time, 3,000 were credited to the account on October 10. The credit card situation will be as follows:
50 000 — 3 000 = 47 000
50,000 - debt to the bank after September purchases;
3,000 - payment on the loan on October 10.
The client has money and wants to pay off the entire debt. On October 25, 47,000 rubles are credited to the account. Thus, the credit limit is fully restored, the borrower again has 60,000 rubles available on a credit card.
Remaining debt = 47,000 - 47,000 = 0
47,000 - debt to the bank on October 10 after payment of 3,000 rubles;
47,000 - the amount deposited on October 25.
But since the amount was credited to the account after the end of the grace period, that is, after October 20, on November 1, interest for September in the account statement: 239.7 rubles.
Thus, the principle:
- Purchases were made in September.
- The amount was not returned in full until October 20.
- On November 1, an account statement is generated with interest for September and the amount of debt as of October 31.
- The indicated mandatory payment must be made by November 20.
How to restore the grace period
To renew the grace period, you do not need to write additional applications. This service is automatic and permanent. It is valid for the entire term under the loan agreement. The main requirement is that it is necessary to deposit funds on time. Each new month begins a new grace period from the 1st day of the settlement month to the 20th day of the payment period.
Let's continue with an example. On October 27, a purchase is made for 5,000 rubles. Card balance on October 27:
60,000 - 5,000 = 55,000 rubles.
60,000 - the amount of the restored credit limit;
5,000 - bought on October 27.
55,000 - balance as of October 27th.
55,000 - 239.7 = 54,760.3 rubles.
55,000 - balance on the card as of October 31st.
54 760.3 - balance as of October 31.
We continue the life cycle of the card
On November 1, an account statement with a mandatory payment and a cash flow statement for October is generated:
Total debt amount:
60,000 - 54,760.3 = 5,239.7 p.
60,000 - credit limit.
54 760.3 - balance as of November 1.
5,239.7 is the total debt as of November 1.
OB = 5 239.7 * 0.06 + 239.7 = 554.1 p.
5,239.7 - total debt as of November 1.
0.06 - coefficient.
239.7 - interest for September.
| Account statement: 01.11.2017 | ||||
|---|---|---|---|---|
| date | Replenishment, p. | Consumption, r. | Available limit, p. | Debt, p. |
| 01.10.2017 | 10 000 | 50 000 | ||
| 10.10.2017 | 3 000 | 13 000 | 47 000 | |
| 25.10.2017 | 47 000 | 60 000 | 0 | |
| 27.10.2017 | 5 000 | 55 000 | 5 000 | |
| 31.10.2017 | 239,7 | 54 760,3 | 5 239,7 | |
| 31.10.2017 | 54 760,3 | 5 239,7 | ||
| Debt information | ||||
| The amount for the implementation of the grace period until November 20: | 5 239,7 | |||
| 554,1 |
On November 10, the card account receives the amount of 1,000 rubles, which is sufficient to pay off the minimum payment, but less than the principal amount. At this stage, the debt balance will be:
5,239.7 - 1,000 = 4,239.7 p.
The entire amount was not replenished before November 20, respectively, on December 1, an account statement will be generated:
PR = 5,000 * 0.25 * 4/365 = 13.7 rubles.
5,000 - bought on October 27.
0.25 - tariff rate coefficient;
4 - days from 27 to 31 October.
13.7 - percent for October.
On November 30, 2017, interest for October will be debited from the account, since the amount of debt was not returned until November 20. Balance status as of 30.11.2017:
4,239.7 + 13.7 = 4,253.4 p.
4,239.7 - debt before interest write-off.
13.7 - percent for October.
4 253,4 – total debt on 30.11.2017
OB = 4 239.7 * 0.06 + 13.7 = 268.1 p.
| Account statement: 01.12.2017 | ||||
|---|---|---|---|---|
| date | Replenishment, p. | Consumption, r. | Available limit, p. | Debt, p. |
| 01.11.2017 | 54 760,3 | 5 239,7 | ||
| 10.11.2017 | 1 000 | 55 760,3 | 4 239,7 | |
| 30.11.2017 | 13,7 | 55 746,6 | 4 253,4 | |
| 30.11.2017 | 55 746,6 | 4 253,4 | ||
| Debt information | ||||
| The amount for the implementation of the grace period until December 20: | 4 253,4 | |||
| Mandatory payment amount before November 20: | 268,1 |
Thus, by making an amount that exceeds the mandatory payment, the borrower reduces the debt, which leads to a decrease in the minimum payment. After all, the minimum payment on December 20 will be formed from the debt on November 30.
In any case, the client can check transactions and interest accruals in personal account... V banking company the calculation of interest and payments takes place in an automated mode, errors are virtually excluded. The whole process is carried out by software, which is of course controlled by competent specialists. In order not to have to count the interest on a credit card, you just need to follow the rule - to deposit money during the grace period.
Grace period- the number of days during which interest is not accrued for use line of credit or by overdraft opened to the client's card account.
Depending on the capabilities of the card system used by the bank, the "grace period" can be set for each individual transaction (for example, 30-50 days from the date of the transaction) or for a calendar period (for example, from the 1st to the 15th day of the month).
The grace period is a variable value. The number of days indicated in the advertisement, during which you can use the loan almost free of charge, in practice often turns out to be much less. A common misconception among holders of preferential credit cards is the belief that the grace period starts from the day of the purchase. In fact, most banks advertised 40-55 days of interest-free card lending start from the 1st of the current month. It is necessary to pay off the resulting debt strictly until a certain date of the next month (as a rule, until 10-25). So the closer to the end of the month the card payment is made, the fewer grace days for using the loan will remain.
When, after closing the credit limit, you can use the funds againfrom a credit card free of charge, within the grace period?
Funds are usually available immediately after they are credited to the account, while it is important to remember that between depositing funds to the account and crediting them to the account, it can take from 5 minutes to several days, depending on how the client deposited money. For example, transferring funds from salary card through the Internet and depositing money through the self-service terminal, there will be different times for the receipt of funds to the account.
It should be noted that the grace period is often only valid for trading operations(settlements in the trade and service network and purchases on the Internet), and the grace period does not apply to funds withdrawn in cash. In order for the grace period to operate again, it is necessary to fully repay the debt, both for purchases and for cash withdrawal operations for the previous reporting period.
How is the grace period calculated if the loan funds were withdrawn twice - partly last month, partly this month?
The grace period is valid for each billing cycle separately. The settlement cycle is usually 30 calendar days. Thus, the debt that arose in October is repaid in November - the client receives a grace period for operations in October and the funds deposited are available to him for operations in November. Credit card holders should be aware that past outstanding debt does not affect the ability to grant a grace period for the current billing cycle.
To obtain a grace period in this case, it is necessary to pay off the full amount of debt that was formed during the previous billing cycle. To constantly use the grace period, you need to pay off the entire debt of the previous billing cycle on a monthly basis.
It happens that it is very difficult for a client to independently calculate the amount to be repaid in order not to pay the bank interest for using the loan. It depends on the internal regulations of the bank and the contractual relationship with the client. It is recommended to check the repayment amount in the contact center before the repayment date.
What is required to successfully use the credit limit?
It should be remembered that the credit limit is revolving, the funds deposited to repay the used limit are again available for use.
The rules for applying the grace period should be taken into account in terms of the timing of depositing funds to use the grace period.
The grace period may not apply to all card transactions. For example, a cash withdrawal may be a transaction for which there is no grace period.
Using the service of buying in installments with a credit card allows you to reduce the burden on the client's budget.
To successfully use the credit limit, you must:
- familiarize yourself with the tariffs and interest rates to understand what costs may arise when using credit funds;
- find out what is the minimum payment and in what time frame it is necessary to make monthly in order to avoid late payments and accrual of fines;
- clarify which additional services you can use it for a more convenient use of a credit card (for example, the presence of SMS informing, Internet banking, applications for a smartphone - mobile banking);
- use a credit card constantly when making payments in retail outlets, since many banks have additional bonuses for using credit funds in a retail network, which will allow the client to take advantage of bonus and preferential offers.
How to calculate the end of the grace period correctly?
In this case, the funds must be returned (deposited into the account) on a specific date. As a rule, this is either the so-called day. billing (settlement date), for example, the 1st day of each month for all clients, regardless of when any of them started using the credit limit. Or the last day of using the grace period (most often, Ukrainian banks use the so-called grace period of 30-45 days). In this case, the grace period will work. Theoretically, it is possible to “make it in 60 minutes” if the money is credited to the account even at the last moment before the start of billing. The system will carry out necessary calculations and will re-issue (set) a credit limit on the client's account.
The main difference in approaches when taking into account the grace period for credit limit for Ukrainian banks, the accounting period itself is: it is either a specific day or a clear time period. In the first option: if for all clients the day of the end of the grace period, this is (for example) the first day of each month, then, regardless of the day of starting to use the credit money, the day of settlement will be the same. Thus, the client who used the credit money on the 5th is in a more advantageous financial situation in comparison with the client who borrowed on the 25th. Since for the first, the real grace period will be 26-27 calendar days, while for the second only 6-7 days. In the second approach, regardless of what day of the week the client "got into debt", he has a hard 30-45 days, during which the use of the loan is carried out on favorable terms.
The grace period (sometimes called the "grace period") allows you to use your card credit free of charge. The grace period applies to transactions to pay for goods and services using a credit card, including those made via the Internet, as well as to payment transactions utilities... As a rule, it does not cover cash withdrawal operations through a cashier's office or ATM, transfers to electronic wallets of any of the payment systems, transfers to other accounts, payments for the services of gambling houses and casinos.
Obviously, since such a service exists, then it should be beneficial to banks. It is no less obvious that the service should be useful to customers as well. Banks in this case rely on the fact that you will not be able or will not want to pay off the debt on time. As a result, interest will be accrued for the entire time from the moment the debt arises, and this is not to mention the penalties that appear if the monthly minimum payment is not paid. On the other hand, with a competent approach to the grace period, you can use the bank's money for free, while own funds can gradually bring income on the deposit.
Most banks divide the grace period into two parts: 30 days, when you can make a purchase on credit, and the following 20-25 days, when the debt can be repaid. Thus, the maximum loan grace period can be up to 50-55 days, depending on the date of the purchase.
Grace period = calendar month +
The grace period described below is the most common. In accordance with it, the grace period is equal to the number of days until the end of the month plus 20-25 days following it. In this case minimum size the grace period will be 20-25 days, the maximum - 50-55. If, by the 25th day of the calendar month following the billing month, you do not repay the full amount of the debt indicated in the monthly statement, then interest is charged on the entire amount of the debt from the moment of its occurrence. Moreover, in order to continue using your credit card, you need to make the minimum payment specified in the statement (usually it is 5-10% of the amount owed). Otherwise, penalties will be applied.
Example:
March 1: a credit card is used to pay for a refrigerator in a retail chain worth 20 thousand rubles.
April 1: You will receive a monthly card statement showing this amount.
March 1 - April 25: Your grace period will expire.
You can continue this example, based on the assumption that you suddenly did not pay off the debt on time.
April 25: The bank calculates interest for the entire term of the loan. If we take the average rate on cards with a grace period (25% per annum), then the amount of interest will be 753 rubles.
Compare.ru advice: Don't be limited minimum payment... Enter the entire amount of debt, otherwise the accrual of interest cannot be avoided.
Grace period = billing period +
As you use your credit card, you will receive invoices, which indicate all transactions carried out in the reporting period, as well as the debt indicators calculated for this period. In some banks settlement period not tied to a calendar month. Then the duration of the grace period for you will directly depend on how far the purchase date lags behind the date of receipt of the last statement.
Example:
The bank statement comes monthly on the 3rd day.
March 1: you pay with a credit card for a refrigerator in a retail chain worth 20 thousand rubles.
March 3: the bank issued an invoice.
March 1 - March 23: Your grace period.
Advice Compare.ru: Carefully follow the dates of statements and count " days of grace"From them. Do not tie the grace period to the dates of card transactions.
Grace period = calendar month + next
With this scheme, the grace period can be up to 60 days. In the first month, you make purchases with a credit card, but within the next month you must pay in full for these purchases. The nuance is that, having outstanding debts for the previous month, you will not be able to use the grace period in the next.
Example:
March 1 - April 1: You made purchases with a credit card for RUB 20,000.
March 1 - May 1: grace period, during which it is necessary to pay in full with the bank.
If, for example, on April 5 you spend 10 thousand rubles from your card, then the grace period will not apply to this amount. It will be possible to “turn it on” only from May, having fully repaid the entire debt in April (ie 20 thousand rubles for March and 10 thousand rubles +% for April).
Sravn.ru advice: Set reminders on the last days of each month about the timely repayment of the credit on the card. And in order to avoid unwanted interest when repaying a loan, always check the amount of your debt with a bank employee.
Grace period = date of first purchase on credit +
In some banks, the grace period does not start from the beginning reporting period or a calendar month, and from the date of the card transaction. The period lasts on average up to 50 days: 30 days is the billing period, 20 days is the billing period.
Example:
March 14 - April 16: You made purchases for 20 thousand rubles.
March 14 - April 26: grace period.
In order not to accrue interest on the loan, it is necessary to pay the full amount of the arisen debt on any day before April 26 inclusive.
Compare.ru advice: Do not forget that despite the length of the grace period, the minimum payment must be made on a monthly basis.
Fixed grace period
A fixed grace period is set for each purchase separately. As a rule, its duration does not exceed 30 days. This scheme is typical for inexpensive cards.
Example:
March 1: you paid for groceries in a supermarket for 3 thousand rubles.
March 1 - March 30: Your grace period.
March 4: you purchased a cell phone with a card for 15 thousand rubles.
March 4 - April 3: Your grace period for phone debt.
Compare.ru advice: Remember the dates of your purchases on the card in order to fit into the deadline set by the bank. Otherwise high interest cannot be avoided.
Remember, the grace period is a double-edged sword. A careful study of the conditions will help turn the benefits in your favor. loan agreement... Read the product description to understand which grace period scheme applies to your card. Always be careful and pay off your card debt on time.
