How to calculate the grace period on a credit card? What is the best credit card

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Credit cards have changed the perception of Russians about borrowed funds. Using a credit card is much more profitable than taking out a personal loan. Most bank limit cards have a grace period. Paying for purchases during this period and repaying the debt on time, the client does not pay interest to the bank. But few people know how to calculate the grace period on a credit card.

Grace period - what is it?

Grace, or grace, period on a credit card is a time interval that allows the owner to use the bank's funds without interest. The conditions for compliance with it include spending transactions without cash withdrawal and depositing funds to the card until the limit is renewed.

In other words, the owner of a credit card, in order not to pay interest, must pay on the card, and not withdraw cash from it. After making purchases, the client must deposit all funds before the end of the preferentialperiod.

What is a credit card grace period? When defining the term, 2 conditions are basic:

1. Pay by card.
2. Renewal of the credit limit.

Failure to comply with at least one of the conditions deprives the client of the opportunity to pay off borrowed funds without interest. The grace period on the credit card is renewable. After paying off the debt, the user can again make purchases by bank transfer. This will be the beginning of a new grace period.

Features of the grace period

Free credit card use is limited. This is its distinguishing feature. In addition, it is floating, which means there is no fixed grace period.

The duration of the grace period depends on the start of purchases. It can be minimal, for example, 20 days, as in Sberbank, or reach 100 days without paying interest ("Alfa-Bank").

The end of the period is the day of repayment of the balance of the debt. Banks that offer credit cards to their customers advertise only the maximum term of the period, for example, 50 or 100 days without interest.

How to find out about the grace period?

What is the grace period on a credit card, it is better for customers to find out before applying for a banking product. If the user does not have a clear idea of how to pay with a credit card during the grace period, he will be forced to pay interest to the bank if the terms of the contract are violated.

Ignorance brings additional risk- out of date. Credit card holders are not always aware of when the minimum payment must be made. Some mistakenly believe that it is not necessary to deposit funds to the card during the grace period.

It is best to ask the manager who issues the bank card about the features of using a credit card. If this is not possible, you can read the terms of the product on the bank's website or call the support service. In large credit institutions (Sberbank, Tinkoff, VTB24), the balance of the credit card debt and the date of the minimum payment are displayed in your personal account (Internet banking).

Nuances of calculating the grace period

Before you start using a credit card, it is recommended to study the features of the contract. It is not always possible for a client to understand from the first time when the grace period begins and how to calculate it.

Before you understand the grace period on a credit card, you should pay attention to:

1. Beginning of reporting period.
2. Maximum grace period.
3. Minimum interest-free days.
4. Features of cash deposits during the grace period.
5. Conditions for debit transactions.
6. Responsibility for late repayment.
7. Interest rate.

Things to keep in mind when using a credit card

The beginning of the reporting period allows you to find out the date on which it is best to make purchases with a credit card. Managers recommendpay with a credit card starting from the date of the report. In this case, the grace period will be maximum.

Maximum and minimum card usage periods allow you to determine how the credit card grace period works. The conditions are written in the contract.

In most banks, in order to use a credit card without interest, it is necessary to make purchases only by bank transfer. Withdrawing the limit at an ATM incurs interest without grace period options and a withdrawal fee. Therefore, it is important to know the annual rate in order to be aware of the commission and interest when receiving cash from a credit card.

With a good credit card with a grace period, customers sometimes forget to deposit funds on time. This leads to a violation of the loan agreement and entails the accrual of pen alties for delay. The consequences of late payment should be clarified in the terms of the agreement or at the office of the issuing bank.

How to calculate the grace period on a credit card: instructions

Calculating the grace period is a simple task, but necessary for all cardholders. If the customer does not know when is the best time to make purchases, he risks becoming a debtor. To avoid this, you should study the features of the calculation of the grace period.

How to calculate the grace period on a credit card:

1. Find out the reporting date.
2. Remember the day of purchase.
3. Find out the grace period end date.
4. Subtract from the maximum term of the period the number of days after whichthe customer made a purchase.

Managers recommend making purchases on or after the report date. In this case, the grace period on a credit card will be maximum. If the client pays by card a month later, one day before the report date, then this period will be less by 30 days (1 month is deducted from the maximum period).

Extension of grace period

Not always cardholders have the opportunity to repay the entire amount of the debt during the grace period. But in this case, it is not necessary to pay interest. There is an easy way to extend the grace period on a credit card.

To renew the limit, you need to fully repay the debt. But a partial deposit of funds in the amount indicated in the SMS from the bank can save the cardholder from having to pay interest. This will allow you to extend the period without paying the entire amount of the debt and repaying interest.

Calculation of the grace period (on the example of a Sberbank card)

Credit cards of the country's largest bank are used by hundreds of thousands of Russians every day. But often clients ask employees a question: "How long is the grace period on a Sberbank credit card?"

Credits from this financial institution allow owners to use funds without commission from 20 to 50 days. The grace period includes 20 days for paying off the minimum payment (the term is called the payment period) and 30 days for card purchases by bank transfer. When withdrawing funds from an ATM, a commission of at least 390 rubles or 3% of the amount is withheld from the client.

How to calculate the grace period on a credit card? Let's say the report date for the contract is September 8th. The customer made a purchase on September 22. The grace period ends June 27th. The purchase was not made on the report date, but later. For this reason, the maximum grace period has been reduced by 15 days. Therefore, the client has only 35 days left to use the Sberbank card without interest and pay off the entire debt (50-15=35).

Renewal of the grace period at Sberbank: conditions

As soon as the client fully repays the debt during the grace period, he will be exempt from paying interest. A new grace period on a Sberbank credit card will begin immediately after the debt is repaid.

To calculate what the new term will be, you should also know the date of the report and the date of the purchase, the day the period ends (50 days). The grace period for a Sberbank gold credit card is calculated in the same way.

Renewal of the grace period is one of the conditions for Sberbank credit cards. It is not limited by the number of expenditure transactions. Customers can use the credit limit for non-cash purchases, deposit funds on time and reuse the benefits of the grace period an unlimited number of times.

In Sberbank credit cards 50 days without interest are given only when making a purchase on the report date. Otherwise, the interest-free refund period is reduced by the difference in the number of days from the report date to the date of purchase.

Which credit card to choose?

If the client wants to issue a credit card, you should study the conditionsthe best banking products with a grace period. In Russia, the market leaders are the plastic products of the following banks:

• Sberbank.
• "Tinkoff".
• VTB24.
• Alfa-Bank.

Each of the financial institutions has several credit card offers. The product line allows you to compare which credit card is the most beneficial for processing.

You don't have to limit yourself. With sufficient solvency, the client can have several credit cards in different banks at the same time. So do those who appreciate the convenience of cashless payment. For purchases with cards, customers are awarded bonuses or cashback. Profitable credit cards with a grace period allow you to forget about interest for at least 20 days.

Sberbank credit cards: features, reviews

Plastic products of the country's largest bank are stylish and easy to handle. To receive a card, only a passport is enough (relevant for customers who receive a salary to a bank account). A client can order a credit card online and in the office.

Sberbank provides up to 50 days without interest on credit cards. The minimum period during which the client may not pay the bank is 20 days (payment period).

Credit cards are issued to people over the age of 21 who have permanent registration in the Russian Federation and a stable, confirmed income. Citizens can issue a card with a bank limit of up to 600 thousand rubles. Registration is free. The cost of the card depends on the type of credit card (minimum - 0 rubles per year,offer for payroll clients).

Most of Sberbank customers speak positively about credit cards. The grace period is easy to calculate, the period depends on the date of purchase. Accrual of bonuses "Thank you" for each non-cash transaction stimulates the use of the card constantly.

Tinkoff cards with home delivery

Tinkoff was one of the first in Russia to accept applications for issuing cards via the Internet. Customers can receive a credit card in a convenient place using courier delivery.

Currently, Tinkoff offers profitable credit cards with a grace period and a limit of up to 300,000 rubles. The advantage in registration is the absence of certificates confirming income. All you need is a Russian passport.

After regular use of a credit card without delay, the limit can be increased to 1 million rubles. The bank returns up to 30% of the purchase price with bonus points.

New from "Tinkoff" - a product with a bank limit, which combines a credit card and an installment card. Owners can pay for goods from partners using an installment card for up to 1 year.

The term for consideration of an application for a Tinkoff credit card takes no more than 48 hours. Interest rate - from 12% per annum.

The Tinkoff product line includes 21 types of cards. The client himself chooses which credit card is the most profitable. You can order a credit card for purchases in Chinese online stores or the Azbukataste . Enjoy bonuses for PFC CSKA fans or fans of the Invasion festival. A full list of credit cards with conditions is available on the Tinkoff website.

VTB24 Multicard

One of the favorites among credit cards is the VTB24 multicard. Recognized as the best credit card of 2017. The available limit is up to 1 million rubles. To get a credit card with a limit of up to 300 thousand rubles, only a passport is enough.

100 days without interest on a VTB 24 credit card applies not only to purchases, but also to transfers, cash withdrawals from ATMs. However, exemption from interest does not mean the complete absence of multicard contributions.

The owner does not pay remuneration, but must make a mandatory payment. Otherwise, VTB24 will charge a pen alty for delay. The maximum grace period for a multicard is 101 days. Calculated from the day the debit transaction is reflected on the credit card account.

The bank charges cashback for cashless purchases up to 10%. Choose a category - cars or restaurants. In other cases, cashback is provided in the amount of 2.5%.

According to reviews, it is most beneficial to use a multicard in the first month of registration. Within 30 days, the bank does not charge a commission for cash withdrawals and transfers in the amount of up to 100 thousand rubles.

The amount of cashback in the first month on a multicard does not depend on the amount of purchases. In the category "Cars" for the first 30 days of use, the cashback is fixed and amounts to 10%.

Alfa-Bank credit cards

Alfa-Bank's line of credit products is represented by classic cards and special offers with bonuses from partners. Those who regularly drive can order a credit card. For motorists, an increased cashback is provided for purchases in the "Auto" category. Fans of mail.ru games should not miss the special offer from Alfa-Bank, just like Warface fans.

But the most popular and well-known credit product of this financial institution is the "100 days without%" card. You don't have to go to the bank to apply for a credit card. Online registration takes no more than 15 minutes. If approved, the courier will deliver the card for free the next day.

The advantage of the card "100 days without %" are the minimum requirements for documents. To issue a credit card with a limit of up to 50 thousand rubles, only a passport is required. For an amount of up to 100 thousand rubles on the account, you must provide a second document at the choice of the client. And when ordering a credit card with a limit of more than 100 thousand rubles, you need a certificate of income.

The main reason why customers choose the "100 days without%" card is the advantageous grace period. But it does not mean that the cardholder is completely exempt from paying fees. During the grace period, the credit card holder is required to make minimum payments without delay. An additional advantage is the ability to withdraw cash in the amount of up to 50 thousand rubles per month without commission.

Reviews about the credit card "100 days without%" on the Web are positive. Simple conditions and benefits have won the trust of users. Customers note that the bank accrues bonus points in a timely manner. Credit card holders can monitor the available limit and the amount of the mandatory payment using Internet banking or a mobile application.