Today the bank offers a credit card with a grace period. Most of them, however, provide 60 days for interest-free use of the loan. However, there are products with more attractive contract terms on the market. One of them is the “100 Days without interest” credit card. Good Finance offers interesting conditions for customers.
Credit cards have a period of time during which the client can use the borrowed funds without paying interest if certain conditions are met. The key is to close the debt before the end of the grace period. Otherwise, the bank will deduct the interest.
It is also important to pay attention to the operation that extends the grace period. We usually only talk about cashless payments for goods. In the case of cash withdrawal from the card, the grace period is reset.
conditions of use
The computational algorithm is also very important. A grace period of up to 120 days does not mean that the client can use the full amount today, but to repay the debt in three months. The exact date depends on the date on which the interest calculation starts. The grace period does not cancel the debtor’s obligation to make a monthly payment.
Let’s take a closer look at how the Good Finance “100 Days Without Interest” card differs from other similar products on the market.
Grace periods apply to all types of operations, including cash withdrawals from ATMs. The three-month interest rate is provided only on traditional credit institution cards. This condition does not apply to co-branding and cards that support contactless payment technology. For these payment instruments, the grace period will be 60 days.
The card provides a mandatory payment in 5% of the debt, but not less than 320 USD. You must transfer money to your account every month during the payment period. It starts on the day of the conclusion of the contract and lasts 20 days.
The interest-free period starts after the first purchase. After 100 days you have to repay all penny debts. If this requirement is violated, interest will be charged and the next grace period will not start.
Good Finance: 100-day credit card
Conditions, interest, credit card “100 days”, let’s take a closer look:
- Type: Visa Classic.
- Edition: immediately.
- Technological features: 3D Secure.
- Interest on personal balance: none.
- Release fee: None.
- Rate: 19% -32%.
- Maintenance: 1290 USD
- Cash withdrawal: at every ATM: 6.9%, min. 500 USD
- Payout limit: 60 thousand USD. per month.
- In case of breach of the payment conditions of the minimum payment, a fine of 1% per day is charged.
Where is the “100 Days Without Interest” card issued? Good Finance offers customers to issue a current or preferred card at the credit institution’s branches. How to do it:
- Complete the form by providing up-to-date information and contact details.
- After 5 days, wait for the credit manager’s response.
- If the application is approved, please contact the department to get the card.
Requirements for debtors
Good Finance card with a grace period of 100 days issued to customers over 21 years of age. The potential borrower must have a monthly income of 9,000 USD. and work at the last workplace for at least 3 months. They must also have a local registration.
The interest rate is calculated separately for each client and depends on the borrower’s documents and credit history. The presence of a job certificate, a car passport, a passport with a note of recent departure abroad, VHI policy significantly reduces the percentage. A credit card application is issued if there are at least two documents, one of which must be a passport of a citizen of the Russian Federation.
To better understand how Good Finance’s “100 Days Without Interest” credit card works, let’s take a closer look at the following diagram.
Let’s say a contract was concluded with a client on November 22nd. The 22nd month will be the reporting date. After 6 days, ie on November 28th, the customer paid for the in-store purchases with this card. The grace period starts at 29 and lasts 100 days, until 9 March.
For the month – December 22 – the client will receive an SMS notification stating the amount spent. An additional 20 days are allocated to make a compulsory payment (before January 11). Suppose that the funds were credited on 28 December, but only covered part of the amount owed by Good Finance CJSC. The Visa card, with a grace period of 100 days, continues to run on preferential terms.
If the client manages to repay all debts by March 9, one grace period ends and the next grace period begins. If the entire amount of the debt is not repaid in time, interest will begin to accumulate.
Where and how to determine the amount, date of payment? You can check the amount of the debt at any time from the statement received at the internet bank, through the mobile application, at the credit institution department, from the call center employee.
Advantages and disadvantages
After a detailed examination of all the nuances of using the plastic, to sum up, do I really need a credit card “100 days without interest”? Good Finance offers an interesting payment instrument.
Three months of preferential use covers all types of operations. Advanced users can manage the account directly through the Internet bank: check balance, view statement, transfer funds, repay the loan. Those who are “up to you” with the Internet can activate the SMS notification service and receive the same account statements directly to the phone.
There is another big benefit of the “100 Days Without Interest” card. Good Finance offers its customers several ways to repay their debts: bank transfer from any account, cash deposit through the bank’s cash register. To complete the transfer, simply include the card number and the payee name.
The card has only one disadvantage of “100 days without interest.” Good Finance charges monthly SMS and online banking fees. Most credit institutions provide these services for free or for a nominal fee.
Other offers on the market
Avangard offers a maximum interest payment delay (up to $ 200 days) with Visa and MasterCard credit cards. Any new client can get it, just like one who has never used an overdraft. The monthly payment is 10%. If the account is late on the 19th day of the seventh month after the withdrawal of funds, interest will be charged on all days of use of the credit at an increasing rate of 24%. The maximum limit is 150 thousand USD.
Good Finance on SureCard offers 145 days of preferred use of plastic. Offer only relevant to new customers and only to the first transaction. All the following will already be calculated based on 55 days. The grace period starts when the card is issued. Upon completion, the rate will rise to 34.9%. The maximum credit limit is 600 thousand USD.