How to pay off a Sberbank credit card: grace period, interest accrual, early loan repayment and conditions for debt repayment

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

Credit cards today are very popular among bank customers. It is easy to issue such a payment instrument. You don't always need proof of income. It is also easy to use borrowed funds. But, like any loan, the spent credit card limit will have to be returned to the bank. If you do not have time to repay the debt during the grace period, the burden of paying interest falls on the holder. Therefore, the question of how to pay off a Sberbank credit card in full is quite relevant. This article will give practical advice for solving the problem. In addition, the reader will learn the terms of loan repayment and interest accrual, as well as how to repay the loan ahead of schedule.

Quick debt repayment reducesoverpayment

When a person goes to the bank for a credit card, he must understand one simple rule: the speed of returning the amount of borrowed funds to the bank guarantees a reduction in overpayment. This is due to the fact that the interest on the loan is distributed over the entire period of repayment of the debt, therefore, by reducing the loan term, some interest remains outside this period, which leads to a reduction in overpayments.

In order not to wonder later how to pay off the debt on a Sberbank credit card, you should take care in advance to exclude a large encumbrance. If such a banking product is issued “just in case”, and not for the purpose of purchasing expensive goods, experts recommend choosing an amount that does not exceed the client’s salary. This will allow you to return the money to the card on time without big financial losses for the family budget.

Big card limit - big waste

Don't take too much money limit, so as not to spend it on unnecessary things once again. In any case, you will have to return the money, and it is very difficult to find an amount in excess of your own salary.

Those customers who make the minimum payment to the account every month do not understand why the loan amount decreases so slowly and how to quickly pay off a credit card in Sberbank? The math is very simple: the minimum contribution is just the minimum part of the amount spent by the borrower.of money. When depositing small amounts, it will take much longer to repay the debt. As mentioned above, the faster the return, the less the overpayment. In this case, the opposite is true: the term has increased, the overpayment has also increased.

Ways to minimize debt

The following are simple recommendations on how to repay a loan on a Sberbank credit card and reduce interest overpayments to the maximum. The holder must adhere to the following rules:

• To reduce interest rates, you should use the payment instrument in question only to pay for goods in a non-cash form and at the same time try to always return the money within the grace period.
• Without a special need to withdraw money from the card is not worth it, because this procedure is charged quite a significant commission - about 3% of the amount. At the same time, the smallest commission amount starts from 190 rubles. The grace period after cashing out ceases to apply.
• Sberbank sets a minimum contribution of money that must be received every month on the card account - 5% of the total debt plus the interest rate. If you pay at least 10 percent instead of 5 percent every month, then the debt will begin to decrease noticeably.
• If there is an additional source of income, then there is no point in waiting for wages, you can immediately deposit money into debt.

In case of receiving a salary on a Sberbank card, a very good solution would be to use the "Auto payment" service. With this option, money will be automatically transferred from the salary card to the credit card on the specified date. This will avoid late payment, and hence pen alties.

What is the card grace period?

For its customers, the bank makes incentives in the form of a grace period. This is the best option to pay off a Sberbank credit card profitably.

This option means that if the borrower returns the money to the account before the due date, then no interest will be charged, but in case of delay, fines in the form of interest rates will follow. For example, a customer made a purchase using a credit card, and 15 days later, on their payday, they returned the spent amount to it. In this case, there will be no overpayment: the borrower spent as much money as he borrowed from the bank, and returned the same amount. Benefits apply only for non-cash payments for any goods, but do not apply when withdrawing money from the card and when paying for goods via the Internet.

The duration of the period does not exceed 50 days. It's almost two months. With a correctly chosen limit and proper spending of borrowed funds, it is quite possible to deposit the spent amount back to the card.

The presence of such an indulgence from the bank does not guarantee that the client will not return funds in excess of the amount spent, because there is a minimum payment of 5%, which is paid every month, regardless of the use of the card.

How is interest calculated?

As a rule, the main points are spelled out in the contract. It is important to take them into account in order to know how to pay off a debt on a Sberbank credit card quickly and with minimal losses. Most often, payment instruments are issued on the following conditions:

• Interest starts from the first day the grace period ends.
• The end of the term for calculating interest is the day following the day of full repayment of the debt. This means that if there is no debt on the credit card, then there will be no interest.
• The calculation is based on the annual interest rate, which is prescribed in the agreement with the bank.
• No interest will be billed during the grace period. Without violating this period, the interest-free period will be almost 2 months.
• Additional pen alties will apply for late payments.
• In case of withdrawal of cash from the card through an ATM of Sberbank, 3% of the issued amount will be debited and 4% - due to cashing out through terminals of other companies.

Methods of debt repayment

For those who do not yet know how to pay off a Sberbank credit card, we can give some advice. To close the debt, it is recommended to use the following methods:

• The most popular repayment option is to deposit money into an account through a Sberbank ATM. The card is inserted into a special slot, then a security code is entered, after whichA list of actions will appear on the screen. In this case, select the "Deposit cash" tab. Money is deposited one by one, until the required amount is displayed on the screen. After that, all the data on the operation being performed is necessarily checked and completed with the next and done button. The ATM will dispense a check worth keeping.
• The next option for transferring funds is online transfer. Recently, many holders of payment instruments of the company in question have been interested in how to pay off a credit card through Sberbank-online. Each registered user of this service has many options available. Among them is the transfer of funds from a debit card to a credit card. You can carry out the operation in the "Payments and transfers" section of your personal account.
• An alternative option is to deposit money through the cash desk of the nearest bank branch. The employee will need to provide their passport and details of the card to which payment is required.
• Enabling auto payment solves a lot of problems and saves a lot of time. The main thing is that the card from which the funds will be debited has the required amount. This service does not require additional payment, and you can set the terms for automatic transfer yourself.
• In some companies, usually large ones, you can contact an accountant who will transfer money from wages to a credit card. To do this, you will have to write an application with this request.

How do I figure out how much to deposit?

BeforeIn order to pay off a Sberbank credit card, it is important to know the exact amount of debt and the amount of the required minimum payment. This information can be obtained in several ways:

• The Bank notifies its customers via SMS to the phone number specified in the agreement.
• In addition to SMS, the client will receive a special report on card transactions by e-mail.
• You can go to Sberbank-online and see this information in your personal account.
• Go to any bank branch.

Early repayment of debt

As for the repayment period of the loan, it is determined by the agreement on an individual basis. If you do not take into account the grace period, then depositing money into the account should be carried out every month. The grace period is 50 days, and in case of early fulfillment of obligations, you can avoid paying additional interest.

In case of incomplete early repayment, interest will be charged without fail. This means that you need to pay an amount greater than the interest accrued. To pay off a Sberbank credit card in full ahead of schedule, you must pay the entire amount of the debt at once. The client can do this at any time.

Pros and cons of early repayment of the loan

The main plus of a quick repayment of debt is getting rid of the credit burden and saving on interest overpayments. By making early payments of the debt, the client becomes a reliable payer for the bank.

The disadvantage of early repayment is that the bank loses its profit on interest, and over time may refuse to issue a loan for thisreason.

Closing credit card

When the client has fully repaid the debt to Sberbank, and the card is no longer needed, the question arises of closing it. There is nothing difficult in this: you need to go to the bank, ask for an account statement. This must be done in order to be sure that the loan is repaid in full, to the penny, and other services, such as mobile banking, are also paid. This is done because even a penny debt can ruin your credit history and lead to a large fine. After that, the client can receive a certificate of account closure.

When taking on debt obligations, you should know in advance how to pay off a Sberbank credit card, and understand from what funds payments will be made. Only in this case, its use can be beneficial for the client.