Most major banks offer credit cards with a grace period today. Its presence allows you to use borrowed funds without paying interest.
It is necessary
- - credit card;
- - loan agreement.
Instructions
Step 1
In order to determine the procedure for using a credit card, it is necessary to clarify how the grace period is determined. Indeed, promises that the credit limit will last 50, 60 or 100 days does not mean that the money will need to be returned within 50, 60 or 100 days, and not earlier.
Step 2
Any credit card has a so-called billing and billing period. In the billing period, the cardholder spends money, and in the billing period he pays off the debts. The meaning of the grace period is that you can pay with credit money using a card and not pay interest and commissions for it, you just need to be in time within the time allotted by the bank.
Step 3
The billing period is determined in each bank in its own way. As a rule, its duration is the same everywhere - 30 days, but the starting point is different. This can be the date of receipt of the card, the first day of each month, or the date of the first operation (activation) on the card.
Step 4
Then the billing period begins, during which you need to pay off the entire amount of the debt. If the debt is not paid in full, interest will be charged on the entire amount. The billing period can be 20, 30 or even 70 days. This period, together with thirty days of the settlement period, is a grace period of 50, 60 or 100 days.
Step 5
After the end of the first monthly billing period, the second billing period begins. Its duration is also 30 days. At the same time, the same month can be both settlement and billing. For example, you have a card with a limit of 50 thousand rubles. You paid by card for purchases on January 1 in the amount of 20 thousand rubles. If the grace period is set within 55 days, then the debt must be repaid by February 25. At the same time, in February, you can also make a purchase within the credit limit (30 thousand rubles). But this amount also needs to be paid off before February 25, otherwise interest will be charged on the use of credit funds.
Step 6
Sometimes in banks the payment period is fixed, for example, on the 25th of each month. This means that if you spent money on June 20, then your grace period will be only 5 days. The debt will have to be repaid by June 25. If you made a purchase on June 26, then you have a month to pay off the debt.
Step 7
Less common is the grace period scheme, in which the debt must be repaid within 30 days from the date of purchase. For example, say you made a purchase using your card on June 30th, and your second purchase on July 15th. Accordingly, by July 30, you need to pay off the first debt, and by August 15 - the second.
Step 8
If you do not have time to pay off the debt during the grace period, you must pay off it with minimum payments. Their size is individual for each credit card. It can be 3%, 5% or 10%. For example, with a debt of 20 thousand rubles. it is necessary to make monthly payments from 600 to 2000 rubles. If the minimum payments are made late, the bank may impose a fine on the borrower, and information on delays is transferred to the credit bureau.
