How to order a credit card without confusion

Before issuing a credit card, a person opens a questionnaire on the phone, but does not yet know how to repay the debt. Asking Tinkoff to order a card leads to a specific offer, and the decision begins with another question: what purchase is to be made and from what money it will be paid.

For preliminary calculation, it is enough to write down the purchase amount and the estimated date of refund. Then subtract the expenses from the expected income, which will remain regardless of the appearance of the card. If there is not enough money to repay after that, the plan already contains a gap. For example, the buyer expects to repay the debt from the nearest salary, although part of this salary is intended for renting an apartment. The same amount is promised twice. In this calculation, there is not even interest — only purchase and usual expenses.

What to read before filling out the application

Before issuing a credit card, the terms of use of money are compared, not only the size of the available limit. The credit card gives access to the bank's money, which will be returned under the contract. Therefore, next to the description of the offer, a person opens the tariff and documents on credit conditions. They look for rules for the accrual of interest, the cost of servicing, commissions for individual operations and the procedure for repaying debt. A large limit in itself does not answer the question of how much you can spend without difficulty for the budget. This can be seen in a simple example: a bank is willing to provide more than a person needs to buy, but the source of refund does not change. The remaining amount available does not become personal income.

Why one grace period is not enough

The grace period is the period during which interest can be avoided when fulfilling the terms of the contract. But the promise of no interest cannot be separated from these terms. A person finds out from what date the countdown begins, which operations are included in the grace period and how much is required to return. Not all credit card transactions are serviced the same way: fees and separate rules may apply to withdraw cash. The buyer who has to pay for the goods and the person who needs cash are actually checking different scenarios. After all, the same amount of expenses does not mean the same cost of using the card. It is better to obtain clarification about transfers or withdrawals before the operation, when the decision can be changed without having to return the funds already spent.

How to assess costs and not confuse payments

Credit card expenses are assessed on paperwork, including the full cost of the loan, rather than at a single interest rate. The total cost of the loan reflects the calculated costs of the borrower; the bank informs it before the conclusion of the contract. For credit cards, the range of this metric is disclosed, as money use scenarios may vary. At the comparison stage, a person writes out the indicator in full and separately notes the costs related to his plan. If only payment for purchases is expected, the terms of cash withdrawals still remain a separate line, and do not disappear from view. This helps not to transfer the conditions of one operation to another. With an incomprehensible discrepancy between the description of the offer and the documents, the question is asked about a specific point: what payment is provided for and under what action it occurs.

A separate check requires a distinction between a mandatory monthly payment and a debt repayment to meet the grace period. Listing a small specified amount and returning the used money in full are different actions. The size of payments and terms are determined by the terms of a particular card, so they can not be guessed from the experience of a friend. For example, a person opens the statement on the bright screen of the phone and notices only the nearest amount to pay.

What to check during registration and after it

Before confirming the registration check not only the questionnaire, but also the documents with which the person agrees. Such a review can be carried out in two passes: separately verify personal information, then read the financial conditions. If the document has to be enlarged with the movement of the fingers, this is an occasion to open it on the big screen. An illegible line does not become less significant because it is located at the bottom of the page. Verify the applicant’s data and contact information, without leaving the detected typos for later. Find the terms of use of the credit limit and the rules for debt repayment. Check the cost of maintenance and commissions for the proposed transactions. Understand what additional services are offered, how much they cost and whether there is an intention to use them. Save the received documents and write out questions to which there is no clear answer.

Additional services are read separately from the main offer. The name of the service does not yet explain what exactly the customer receives or pays for. The Bank of Russia recommends assessing the real cost of the loan, taking into account the possible costs of servicing it, and not be limited to a formally allocated indicator.