# Grace period of Tinkoff credit card: recommendations and how to calculate

In the article, we will consider the grace period of the Tinkoff credit card.

Providing everyday needs with loans is currently very popular - people do not want to wait until they save up the amount to buy things, but buy it on credit. Getting money on credit cards with a grace period is a special type of consumer loan, thanks to which the bank customer may not pay interest for some time.

Today, almost all banking institutions issue such an option. Tinkoff Bank has defined an individual grace period for all credit cards, as it is called in the banking environment. Why and who needs it, how you can use it, we will analyze in the material below.

## Definition

Grace period for the credit card "Tinkoff" bank employees call the period of use of the bank's funds without interest. Each institution has its own terms of use.interest-free loan. Tinkoff uses the following rules:

• grace period up to 55 days;
• interest-free period only counts when making purchases with a card;
• when withdrawing cash, interest is charged at a certain rate.

In the new year, the bank launched a Tinkoff Platinum credit card on the market with a grace period of 120 days. Thanks to this program, you can close credit obligations to another bank, while you will not be charged interest for 4 months.

To manage an account and analyze credit card expenses, the bank provides a personal online account, while it is possible to issue a debit card, on which the bonus and cashback program works, with which you can withdraw money by first transferring funds from a credit account.

Learn how the grace period of a Tinkoff credit card is calculated.

## Calculation

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 must calculate it yourself.

There is a start date for the grace period for the Tinkoff Bank credit card. Every month on this date you will receive an account statement. And it is from this date that 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, the second period begins -payments. It lasts 24-25 days. The term depends on the number of settlement days. February is an exception in that list, because there are 28-29 days in a month, then the grace period will be a little longer - 26-27 days.

Let's consider an example of a grace period for a Tinkoff credit card. The day of the reporting period and the formation of an account statement is set for the 14th day, and in the current month there are 30 days. Then you will be able to make purchases and pay by card within 30 days from the 14th to the 13th of the next month inclusive. And it is necessary to close the debt without accruing interest within 25 days, that is, before the 9th.

## Interest calculation

If you successfully deposited the funds spent during the month before the end of the billing period, then you will not be charged interest, and you will be able to use your credit card again. But in the case when you have not fulfilled your obligations and repaid only the minimum payment, then interest will be charged on the balance of the debt, the amount of which is set by the bank. With a platinum card, the rate for purchases varies from 15% to 29.9%, and for cash withdrawals it is much higher from 30% to 49.9%.

At the same time, if the debt is paid on time, the grace period does not end. For example, if in the next billing month you again pay for purchases with a Tinkoff credit card, and return all the money spent during the grace period, then no interest is charged on these operations.

## 120 days interest free

In 2019, you have the opportunity to receive a grace period on a credit cardTinkoff in 120 days. This service is called “Balance Transfer”, its essence is that a client who has a loan from another banking institution can transfer the remaining amount of the debt to Tinkoff Bank. At the same time, he receives an installment plan for accruing interest up to 120 days. This procedure is also called loan restructuring.

## Benefits

Despite the tempting offer of the developed program, the bank has determined a number of conditions for the loan transfer:

• switching to such a program does not exempt you from the 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 charged interest on the principal, today it is more than 12%;
• service is provided free of charge for now;
• you can use it once a year;
• before connecting the service, you should pay the existing pen alties, fines, debts in another bank;
• grace period starts from the moment you make a purchase or transfer funds from the card;
• Only debt can be transferred to the Platinum card, which should not exceed the limit (for example, a client has a credit card with a limit of 120,000 rubles in another bank, and a debt obligation of 80,000 rubles, then in such case, debt restructuring is acceptable);
• refinancing operation is carried out only between client accounts, if you try to use a third party account, the procedure will stop.

## Algorithm for transferring a loan for a period of up to 120 days

Not everyone knows that the grace period on the Tinkoff credit card is valid for so long. In order to carry out a restructuring operation from any Russian bank, the following steps should be followed:

• close all debts to another banking institution;
• request a certificate from this bank with a specific amount of debt;
• fill out the form on the official website of Tinkoff Bank and send an application for issuing a Platinum card;
• get your hands on a credit card and activate it using the Internet banking, mobile application or cell phone;
• notify the bank employee of the intention to refinance the loan;
• the authorized bank will request the details of the 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 using the account details, the amount for such an operation should not exceed 300 thousand rubles, if by card number, then the maximum amount is 150 thousand rubles. The debt is refinanced exclusively in rubles. At the same time, the minimum transfer threshold is set at 5,000 rubles.

## Apply for a credit card

To order a credit card, it is enough to leave an application on the website of the institution, after approval, its representative will bring the card to your home or any place convenient for you. Card production time from 5 to7 days. The future client must be a citizen of Russia, an adult, but not older than 70.

## Maintenance

It should be noted that there are service conditions for the card:

• commission when transferring or withdrawing money through an ATM is charged in the amount of 2.95% of the amount + 290 rubles;
• reissuing a card costs 590 rubles;
• alert via SMS - 59 rubles;
• annual service will cost 590 rubles

## Late payment pen alty

If you do not pay the debt on time, pen alties will be applied to you:

• if the payment is violated for the first time, then an additional 590 rubles must be paid;
• for the second time - 590 rubles. + 1% of the total debt;
• in the third - 590 rubles. + 2% etc.

In addition, you will be set the maximum interest. In general, a grace period of 120 days for a Tinkoff credit card is very convenient.

## Recommendations for future card users

If you decide to use your Platinum card to restructure your debt with a third-party bank, these tips will help you avoid overpayments:

• carefully study the conditions of the program, pay special attention to the period when benefits end;
• once you refinance, try to use the funds only when absolutely necessary;
• avoid withdrawalcash to make purchases, otherwise you will be charged high interest;
• block paid services;
• pay a monthly fixed fee.

We looked at the grace period for the Tinkoff credit card.