There are several ways to pay off a credit card; each owner can choose the most convenient option. However, in practice, a number of difficulties arise related to commissions, calculation of the payment date and technical delays. What tactics should you follow to ensure that using a credit card does not cause large debts?
Payment schedule
The main problem that borrowers have when paying off credit card debt is determining the payment date. The terms of the contract stipulate the so-called grace period, which is about 55 days:
- The first part of the grace period allows you to use borrowed funds without overpayment.
- No interest is charged on expenses.
- The second part is the time allocated to repay the loan.
If the client manages to pay the debt before the expiration of the payment period, then the use of borrowed funds remains interest-free. However, when it is not possible to deposit money, a minimum payment is required. Its size varies from 5 to 8% of the total debt, which includes interest at the annual rate for all days of using the loan. If the minimum payment is not received into the bank account during the grace period, a system of fines will come into effect.
Important! When cashing out money through terminals and cash issuing points, the grace period automatically ends.
In order for the client not to fall into a debt trap, you need to know how to correctly calculate the start date of the interest-free period. The grace period can begin on the day:
- making your first purchase with a credit card;
- card activation;
- release of plastic media.
This data is specified in the contract. In addition, you can find out the start and end date of the grace, its duration in personal account on official portal company, as well as in the statement that the bank generates monthly. For convenience on the sites financial organizations Loan calculators are available that allow you to independently calculate the interest-free payment period.
Exact calculation
In order to repay the debt in full, it is recommended to correctly calculate its size. Debt is formed from the following points:
- Money spent during a pay period.
- Fees for withdrawals and over-limit.
- Interest if the interest-free period has expired.
- Monthly service fee.
- Paid options such as SMS banking.
Payment Methods
Banking institutions offer various ways How to pay off credit card debt:
- at a bank branch at the cash desk;
- through a payment terminal by depositing cash;
- at an ATM using a debit card;
- postal transfer;
- transfer from electronic payment systems;
- express transfers;
- via online banking.
According to the rules of the Civil Code, at least one of the repayment methods must be carried out without charging fees; in most institutions this is cash deposit and non-cash transactions through official banking applications. In other cases, a commission fee must be added to the amount of debt.
It is also worth taking into account technical delays, for example, bank and postal transfers can be carried out within 72 - 120 hours, transactions are carried out faster through online banking (up to 48 hours), so it is recommended to pay off the debt in advance.
Money allocated to pay off debt is distributed in the following sequence:
- Commissions, penalties.
- Interest under the loan agreement.
- Service fee and other paid options.
- Principal amount of debt.
If the deposited funds are insufficient, interest will continue to accrue on the balance of the debt, which will have to be paid in the next payment period.
The bank's call center employees can advise on how to quickly repay a credit card. Specialists hotline They will suggest the required payment method, and also advise on the amount of the commission fee. It is recommended that after making the payment you call the call center and make sure that the money has reached the lender.
Today, many of our readers are wondering how to fully repay a credit card from Sberbank of Russia? In this article, we will give you some actionable tips to help you pay off your debt as quickly as possible.
So, when registering credit card you must clearly understand– the faster you give the bank the funds you use on credit, the less you will have to overpay. The fact is that interest rate, which is assigned individually for each client, is accrued exactly as long as you use the borrowed funds. Accordingly, the shorter the period, the less the overpayment.
It is very convenient to use a small limit within your wages, because This allows you to return money spent to your account without much damage to the family budget.
Many of our readers pay only the minimum monthly payment, and wonder why the size of the debt is not decreasing? Let us clarify: the minimum contribution is only 5% of the amount you spent. And by some simple calculations you can understand that by paying only 5%, you will need 20 months to fully repay the amount you borrowed, and all this time considerable interest will still accrue on it.
- In order not to overpay the rather high interest rates of 25.9% per annum, it is best to use the card only for non-cash payments, ideally within the grace period. For those who are not familiar with this term: during this period you can make any purchases without charging %. It lasts up to 50 days, depending on the date the card was issued and the purchase was made. If you return the spent funds within this period, you will be able to use them for free;
- Try not to withdraw cash from your credit account, because... for such an operation a large commission is charged in the amount of 3% of the withdrawal amount, but not less than 390 rubles for any amount. Plus, the grace period ceases to apply;
- As you know, Sberbank cards have a minimum monthly fee that must be paid; it is 5% of the amount of debt + interest. This is a kind of “hook” that many people get hooked on and do not reduce, but only increase their debt. Always try to deposit more than 5%, minimum 10-15%. Remember - you pay back faster, overpay less;
- Don't wait for a paycheck to make a contribution. If you have a part-time job or hobby that brings you even a small income, use the proceeds to pay it off as quickly as possible;
- If you receive earnings into your Sberbank account, setting up automatic payment will be very convenient. This service implies the automatic debiting of a certain amount of funds from salary to credit;
- Always save your receipts, write down where and how much you spent so that you know how much you need to return to a certain number so that you will not be charged a late payment penalty.
How can you pay off your debt:
- The first and easiest way to transfer funds to your card is to deposit them through an ATM. To do this, you need to insert your card into a special slot in the ATM, enter your PIN code and select the “Deposit cash” or “Repay loan” section, depending on the type of ATM. In both cases, the sequence will be similar: you deposit the required amount one bill at a time and look at the displayed amount. As soon as you have deposited all the money, click the “Next” button, check all the data again and confirm the operation.
- The second method is to work with Internet banking “Online Sberbank”, where you transfer funds from your debit card to a credit card through your Personal Account on your bank’s website. To do this, click on the desired account, select “Operations”, and then “Transfer between your cards”. To make a transfer you will need to know the card number.
- In addition, you can top up your credit account using cards from other banks. This is also done through your Personal Account on the bank’s website using the “Card Transactions” or “Transfers and Payments” sections.
- You can also deposit cash on the card at a Sberbank branch through an operator, using both the card number and the account number. In this case, you need to present your passport.
- You can also register, thanks to which funds received on your deposit or debit account will be automatically debited to pay off the debt. The service is free, and you yourself specify how much and when to write off.
- If you work in a large organization with an accounting department, you can contact this department with a request that they themselves pay your loan in a certain amount when crediting wages.
If you have paid all your debt in full, and want to close the card, to do this you must contact the bank branch and make an account statement. You might have forgotten to pay for the service Mobile banking or maintenance, and even a few rubles of debt can ruin your CI.
Based on the name of the term itself, we can conclude that this is a deposit of the full amount of the debt into the account. If you pay everything at once, then this is, and if this is payment in several parts, larger than the required payment, then this is a partial early repayment. These concepts can be applied to any type of loan and in particular to a credit card.
Payment system Qiwi, Euroset, Svyaznoy and others;
After depositing money, you decide on your own to close it or keep it for yourself and use this scheme from time to time.
If a credit card served as an alternative for you and you withdrew a large amount, then it is unlikely that it will be possible to repay it during the grace period. IN in this case the repayment scheme will be similar to any other loan. The significant difference is that with a credit card the bank does not place restrictions on the loan repayment period, and also does not prevent you from paying off your debt early.
When should I make a payment by credit card?
Speaking about the timing when you need to pay the debt, everything is individual here. So, not counting the grace period, usually for all loans, in particular for a credit card, payments are made once a month. Concerning grace period, then sets it individually, although it usually lasts 50 days. This should be kept in mind if you decide to pay off your debt early, because by paying the required amount at this time, you will save yourself from additional expenses in the form of interest.
In case of partial early repayment, it should be understood that this means negative balance, interest-free loans are no longer available. So, pay so that, taking into account the accrued interest, you cover more than that. For example, according to the contract, you have to pay 1,500 rubles monthly. For early partial repayment, the paid amount must be at least 2000-2500 rubles per month.
Regardless of which credit institution you applied for the card, in order to avoid any misunderstandings and difficulties, your plans regarding early repayment should be agreed with the organization.
Advantages and disadvantages of early repayment of a loan
Despite the fact that a credit card is significantly different from a regular consumer loan, there are not only pros and cons to paying off debt quickly.
The advantage, of course, is that not only will you not have a debt around your neck, but you will also save significantly by protecting yourself from the accrual of high interest. By paying everything on time or even earlier, you automatically become a desirable customer for any bank.
There is, perhaps, only one minus here. If you pay off your debt too quickly and do not allow the bank to earn on interest, sooner or later you may be placed on the gray list of clients. This means that in the future you may be denied a loan due to the debt being paid off too quickly.
A credit card is the standard banking product for financial planning for almost the majority of the population. Methods for repaying the loan amount depend on the terms of the agreement with the company that issued the plastic card.
Standard - there are several main ones, which allow you to close part or all of the debt quickly and without high fees. Is it possible to close the loan agreement ahead of schedule and is it possible to contribute maternity capital funds as repayment? How to properly deal with overdue payments is detailed in this article.
Methods
It is standard practice to make a refund, taking into account interest and commissions, in the following ways:
- at the cash desk of a credit institution issuing a card or another bank, the interest rate for the transfer depends on the conditions of the organization that made the payment and the terms of the loan agreement;
- using ATMs and terminals;
- through Russian Post - this method is becoming less and less popular among the population due to the labor-intensive process and high fees for transferring funds;
- from electronic currency wallets such as Yandex.Money, WebMoney or Qiwi;
- from a debit account of any type, salary, savings, pension, the same bank or another;
- transfer through your personal account online from an account or plastic card in the same credit institution or another.
The amount of repayment contributions is calculated according to different schemes:
- payment of interest and commissions plus gradual closure of the principal amount of the debt;
- depositing funds towards accrued interest, and then at the end of the term – repaying the principal amount of the loan;
- annuity payment - implies monthly repayment in proportion to the principal debt and interest in equal amounts; V classic version accrued interest is closed along with the debt.
To reduce the amount of debt and avoid delays, it is enough to make the minimum payments. Their size is established by the loan agreement, for example, 3% of the debt plus interest and commissions.
It is often quite difficult to make a calculation on your own and not make a mistake, so you need to clarify information about the accrued monthly contribution at the bank: by calling the hotline, in a branch, in the client’s Internet bank, through mobile application or by ordering an SMS alert.
If there are insufficient funds for repayment as part of the contribution, even with a difference of up to kopecks in the amount of the next payment or the entire debt, depending on the conditions of the bank, penalties and fines will be charged. In this regard, you should carefully approach the calculation.
Some organizations offer to deposit funds based on the payment schedule that is attached to the loan agreement. This practice is accepted, for example, in Sberbank of Russia. However, it is necessary to keep in mind that the credit line is usually replenishable, that is, when the loan amount is repaid, the cardholder can withdraw the money many times again.
The schedule is usually drawn up for the entire loan limit; if the terms of the agreement change or the plastic holder does not withdraw the full amount, then these conditions are not suitable for payment.
It is also important how the payment is made - if the transfer is made through terminals or cash desks of third-party banks, then a percentage and commission may be charged for the transfer, which reduces the amount deposited Money. Thus, there may be a shortfall in the paid contribution, which will lead to delays and fines.
Is it possible to pay off a credit card early?
If you repay early, you must adhere to the payment schedule. You can fulfill the requirements of the loan agreement at once by placing the entire balance of funds on the card, or repeatedly by increasing the amount of monthly payments proportionally.
When closing a loan on one day, it is necessary to clarify the full amount for repayment at the branch, by calling the bank's hotline and in the borrower's personal account. There is a high probability that in different sources The total amount owed will vary.
The difference may be expressed in several rubles or kopecks, however, if there is a debt on the account of at least one monetary unit, the card will not be closed, interest and fines will continue to accrue. In this regard, it is also necessary to clarify the amount when the debt is completely closed after some time, say 1-2 weeks, in order to avoid delays and close the full amount.
Important: closing a card does not always mean termination of the credit agreement due to the fact that an account is always attached to the plastic card, which can be valid for an unlimited period of time if it is not closed.
Even if the credit card is destroyed by an employee of the credit institution, an agreement to terminate the loan agreement is issued, but the account is not closed, you should expect to be charged amounts for servicing the account that are equal to the cost of maintaining the plastic card. After some time, payments may also arrive to cover interest and commissions.
Some banks promise to close the card within 45 days, for example, Home Credit works according to this scheme. Sberbank of Russia requires 1 week to close an account. Others immediately reconcile all payments and issue a document confirming the closure of the account, as Alfa-Bank does.
To ensure that the bank does not receive any claims in the future, you need to make sure that the card and account are closed and take a statement about the absence of debt. In case of unforeseen situations, this document will serve as the basis for termination of contractual relations.
What to do if you are late
In order to close the card on time, you must make payments on time according to the payment schedule issued by the bank or based on the required amounts for making monthly contributions. Late repayment even in minimum size may result in significant overpayments.
What sanctions are imposed on the borrower in case of violation of financial obligations is specified in detail in the agreement of each credit institution. Rates can also be set individually for each debtor.
Delays often occur due to incorrect calculation of the grace period of the loan. For example, on the card it is 50 days. This means that 30 days are allocated for spending, and only 20 days for early repayment without interest.
Some borrowers continue to think that 50 days are provided for free use of borrowed funds from the date the money was spent, in fact this is not the case. On the issue of calculating the grace period, it is better to consult the bank’s support service or activate SMS notifications. The end of the interest-free period is usually not reflected in the client’s online account.
Is it possible to pay off with maternity capital?
In practice, the question often arises: is it possible to make a loan payment using maternity capital? This becomes especially relevant for those citizens who have fallen into a “long hole” and see no other way to get out of loans.
Let's start with the fact that maternity capital is a form state support for citizens who gave birth or adopted a second and subsequent children. The main purposes of spending funds, and money is provided only for this purpose, is to improve housing conditions, pay for the education of children, pay off mortgages, etc. For 2017, the amount of maternity capital was approved in the amount of 475,000 rubles, its size is constantly indexed, for example for 2015 it was only 453,026 rubles.
It is legally impossible to repay any consumer loan using funds allocated by the state. It is allowed to deposit money only on a mortgage, since it implies improvement of living conditions.
Until recently, there were many companies on the market that issued funds upon provision of a certificate for maternity capital. Their activities were declared illegal. If such cases arise and this type of service is offered, the organization will face not only a large fine, but also possible criminal prosecution of the managers.
The Russian Pension Fund, whose powers include managing public funds, carefully checks the intended use of money.
If a citizen cannot cope with the credit burden, and the amount of debts is constantly increasing, he can take advantage of such a condition as loan restructuring - providing funds for a longer period with smaller monthly payments to repay another loan. It is also possible to take out a loan to pay off your credit card.
This option is acceptable when the money was received from a bank with unfavorable lending conditions, for example, MTS Bank, where a late fee is charged in the amount of 10% of the total debt amount daily.
Video: How to properly pay off credit card debt
Today everyone has a credit card, and often more than one. Many people are so accustomed to this service that they no longer even carry cash in their wallets—at most, a few rubles for travel. Indeed, credit cards have a lot of advantages. But you can make them even more profitable if you know all the rules and nuances about using and paying off credit card debt.
Basic rules for repaying credit cards
Different credit organizations put forward their own requirements for repaying credit cards. But we can still highlight some general nuances:
- During the grace period, you can use credit funds interest-free. After 30, 55 or 100 days (depending on the terms of the agreement), interest may accrue on the entire amount that the borrower borrowed during this period. Therefore, it is advisable to repay the entire debt amount before the expiration of this date;
- if it is not possible to repay the entire amount of the debt before the grace period expires, then you need to make at least the minimum payment. In this case, interest will be calculated on the balance of the debt, but late fees will not be applied;
- You always need to choose the most profitable way to repay a credit card - this can be crediting money through a bass terminal, topping up cash at bank branches, online transfers from the accounts of your native and other banks, and even postal transfers. Of all the options, it is advisable to choose the method with the minimum commission and maximum convenience for the borrower;
- depending on the selected replenishment method credit card You need to take into account the timing of funds transfer. Indeed, in some cases, money is credited instantly - for example, through Internet banking or self-service terminals. But a transfer from another bank can take up to three working days. This must be taken into account when replenishing the card before the end of the grace period;
- It is important not to forget about expenses such as annual card maintenance fees, fees for SMS notifications and Internet banking. Otherwise, fines may be imposed on the amount of the debt. And if you have unnecessary credit cards, then it makes sense to close them so as not to pay extra money for annual maintenance.
How to save with a credit card
Knowing how to use credit cards correctly can help you save money regularly and systematically. To do this you need to adhere to the following rules:
- Try to pay with a credit card only at the terminal. Because credit institutions charge a fairly high percentage for withdrawing cash from ATMs.
- Most banks provide bonuses to their clients - return of part of the funds spent with a cash-back function, discounts in retail networks– bank partners, accumulation of bonus miles to pay part of the cost of air tickets, discounts on the use of mobile communications, etc. Therefore, when choosing a credit card, you need to decide on the desired bonus programs.
- Some banks set a deposit interest on the amount of money deposited on the card in excess of the credit limit. Therefore, if there are free funds, they can be credited to the card.
- If necessary, you can issue an additional card to the main card - for the child or for the parents. Such a card is linked to the main cash account, that is, it will be possible to spend the entire amount of money from it, or a limit acceptable for relatives will be set on it. True, sometimes such additional cards are less functional. For example, if you can pay using a terminal and withdraw money from ATMs with your main credit card, then withdrawing cash from an additional card may not be available - only payments in retail chains.
Money for short-term deposit
There is another way to use a credit card that allows you to earn a small amount of extra money. We are talking about placing available funds on a short-term deposit, while the main expenses are made from a credit card. For such actions, only cards with a long grace period are suitable - 55 or even 100 days, during which you can use credit funds without accruing interest.
The algorithm of actions is as follows:
- a person places his salary or other income into a deposit account - this can be either a short-term program for a month or a deposit with free withdrawal of funds without terminating the contract;
- all this time, the main expenses for paying for food, utility bills, services are carried out from a credit card, ideally through a terminal, which does not require the withdrawal of additional interest;
- before the end of the grace period, money is withdrawn from the deposit to repay the credit card.
The essence of this method is not not to work, but to live from interest. And the fact is that without doing practically anything - just transferring money from one account to another, you can:
- increase your annual income from a thousand to several thousand rubles, depending on the amount of monthly expenses;
- accumulate significant bonuses on your credit card to pay for purchases in retail chains that are the bank’s partners, or collect bonus miles for travel.
Credit cards for online payments
Separately, it is necessary to say about credit cards, from which payments are made for purchases on Internet sites. Today this is a popular service, because you can buy goods in just a few minutes, without leaving your workplace. And here you really can’t do without bank card. Just for security reasons, it is better to have a separate card for online payments with a relatively small credit limit. This will allow you to insure yourself not only against impulsive purchases, but also against fraudulent activities.
If you do not plan to issue an additional credit card, then you should not indicate the full credit card details on websites - card number, cvv code, PIN code, mobile phone number linked to the card. As a rule, to pay on most sites it is enough to indicate the card number, mobile phone and a digital code that comes in an SMS message. But this data may differ depending on the payment system used.