Cumulative card: advantages and disadvantages

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

As practice shows, depositors' confidence in bank deposits during crises falls sharply. In order not to lose their customers, they created a new financial instrument - a savings card. What is a savings card, as well as its advantages and disadvantages will be discussed in this article.

General concepts

This type of card is no different from ordinary debit cards, except for one thing - interest can be charged on it. Naturally, bonus funds will be received for the amount that is available on the account balance. You can use deposit funds at any time and at your own discretion. Savings cards of banks can be opened by individuals. Instead of piggy banks and wallets that are easy to lose, such payment instruments have received a lot of trust from citizens.

How to get a savings card

First of all, you should decide on the bank where the client wants to receive it. It is better to give preference to public financial institutions, becauseall deposits in them will be insured. So, a citizen who has reached the age of 18 can apply to a bank with a request to issue this financial product to him. It will be necessary to write an application for receipt and carefully study all the conditions and tariffs so that there are no disagreements in the future. You also need to present an identity document and wait for the manager's response. For example, a Sberbank savings card will be ready in 10-14 days. In order to find out the result, you need to call the bank's hotline and ask the operator about the readiness of the payment product or contact the nearest branch of the financial institution.

You can also apply for registration using the official website of the bank. To do this, go to the "Documentation" section and fill out the proposed form. Within a certain period of time, a response will come about the possibility of receiving a deposit product or a refusal.

Benefits of savings cards

Those citizens who use the service of accumulating deposit funds on their payment card receive distinctive advantages over those who do not have this financial product. Now you do not need to carry wads of money with you and be afraid that they can be stolen. In addition to the safety of funds, the client also receives additional interest on accumulated deposits, that is, on the amount that is on the account. According to the contract, this amount must be equal to or higher than the established minimum. Each bank has its own requirements and fees. Anotherthe advantage is that the client can partially withdraw the deposit from the account, but only up to a certain level. Of course, it all depends on the conditions of the bank. For example, a savings card of Sberbank gives privileges to those customers who have more than one hundred thousand rubles in their account. Such persons receive free service through bank cards. In addition, the more accumulated funds, the higher the interest rate becomes.

In addition to the above advantages, with the help of this financial instrument you can pay in the store. Also, a savings card makes it possible to transfer interest to a credit card. In some cases, this helps a lot to avoid getting a loan.

Flaws

In addition to the advantages, the accumulative card also has disadvantages. So, for example, you cannot withdraw the entire amount from the account through a payment instrument. Otherwise, all deposit interest can be withdrawn. You will also need to replenish the balance by a thousand rubles or more every month. Naturally, the higher the amount, the greater the percentage and passive income of the client. If a person transfers wages to this card, then he will not be able to withdraw it in full. In addition, you always have to control your expenses so as not to reach the minimum amount. Some banks suspend interest charges if the amount on the card falls below the required level.

Features

As you can see from the above, there is nothing difficult in getting such a universal financial product as a fundedmap. What you should pay attention to is the conditions of the bank. In some cases, tempting interest threatens the impossibility of withdrawing funds on their own. Also, you should not pay additional fees for opening a banking product, as this should be done at the expense of the bank.

When choosing between opening a deposit and a savings card, you should still prefer the first one. This is explained by the fact that the interest on the deposit account will be much higher.

There is another type of card systems - a cumulative discount card. It practically does not differ from the above. Only with its help it is possible to pay more profitably in shops and supermarkets. There is a special discount system that allows you to save even more.