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Daria Nikitina

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Credit cards, in addition to ease of use, attract customers with a grace period or interest-free period of use credit funds. It allows you to use a loan without paying interest. If you pay off your card debt before a certain date, you can make the loan practically free.

From the moment the credit card is activated, the grace period for using the loan or “grace period” begins. It is from this date that the bank will calculate 50, 100 or 200 days preferential lending. In this case, banks determine two periods depending on the conditions of the card.

In this article:

Billing period

During its validity, you can make purchases and payments. It is usually equal to 30 days and can be counted:

1. Since the card was issued.
2. From the 1st of every month.
3. From the moment the credit card is activated.
4. From the day following the day the bank statement is generated.
5. From the date of the first purchase using the card.

Payment (grace period)

This is the time to pay off existing debt. For most cards it is 20-30 days and begins immediately after the billing period.

The total is about 50-60 days, which is the grace period for the credit card.

Before the end of the interest-free period, the client needs to deposit the amount of money spent on the card, otherwise the bank will charge interest for their use. After it expires you will need to pay minimum payment, which on average is 6-8% of the loan amount.

The grace period does not apply to all card transactions. In particular, transfers to debit card accounts, electronic wallets, cash withdrawals from ATMs cannot be included in the grace period. When performing these transactions, interest will be accrued, and when withdrawing cash, an additional commission will be debited (usually at the expense of loan funds).

Example of grace period calculation

Let's calculate the interest-free period on a credit card for specific example. The credit card has a settlement period of 31 days, which began to operate on March 1. The client spent 15 thousand rubles in a month. The payment period began on April 1, and the bank generates a statement of completed transactions and payments. Within 21 days (payment period), you must deposit 15 thousand rubles onto the card to avoid interest on the loan. The result is a grace period of 52 days.

If, since April 1, the client has spent another, for example, 12 thousand rubles, then by April 22 he will need to pay 27 thousand rubles. (15 thousand in March and 12 thousand in April). Such calculations can vary dramatically depending on the bank and its lending policies.

Minimum credit card payment calculator

List of credit cards with maximum grace period

The average length of the grace period offered by most banks is 50-55 days. But there are a number of cards for which the preferential lending period is from 60 to 200 days.

The table below shows credit cards with attractive grace period conditions

Banks mainly offer maximum lending periods as a bonus to new clients and those who have not used their services before.

Banks are ready to offer a grace period of up to 55 days:

• Renaissance Credit.
• Binbank.
• Tinkoff Bank.
• Russian standard.
• OTP bank.

The country's largest bank, Sberbank, offers credit cards with an interest-free period of up to 50 days.

The preferential lending option plays an important role when choosing a card and bank. However, the right combination will be a combination of a whole range of factors, including interest rate, ease of replenishment and repayment of debt, bonus programs, additional services and an extensive ATM network. Together with the extended grace period, the credit card will become an additional assistant to any budget.

The financial portal “Our Banks” writes how the grace period works for bank cards, how to avoid overpayment and when is the best time to use credit funds.

Often, when choosing a credit card, the most important thing for bank clients is the length of the grace period. It seems that the higher it is, the more preferable the card. And although this is not the only important characteristic in the card, the order of this mechanism is really important to understand. So let's figure out what a grace period is.

What is a grace period

(grace period) is the period during which a client of a financial institution, in particular a bank, gets the opportunity to use borrowed funds for free zero rate or a rate significantly less than annual interest of a given financial product (usually a credit card).

Benefit of banks

It is naive to assume that the bank wants to operate at a loss or, much worse, at a loss. The logic of banks in providing inexpensive and sometimes free services plastic cards with a grace period is as follows.

First of all, financial institutions They expect that the client, for some reason, will immediately or at some point go beyond the grace period. After this, he will be forced to pay increased interest for using credit funds. This percentage can often exceed the percentage that is set on cards without the coveted grace period.

Secondly, banks receive a commission from merchants when you use the card for purchases. Therefore, don’t worry, lenders are definitely not depriving themselves.

Grace period: how to avoid overpayment

As long as you pay the required amount on time monthly payment, this is also beneficial for you. And in order not to overpay, you need to know exactly , What operations are covered by the benefit?(as a rule, only for non-cash payments), and also When does your grace period start and end?. It is the confusion with its duration that is the main subject of conflict.

Another incident that happens very often and causes great irritation among clients is error when paying the required loan payment amount. In this case, it may turn out that if you underpaid only a little, then you were charged interest on the entire amount of the debt, and not on the difference.

Therefore, when applying for a card, do not forget to ask a bank employee when the grace period begins and what operations it applies to. And closer to its end - exactly what amount you must pay.

What is the difference between an accounting period and a payment period (repayment period)

How are they different? reporting period and the payment period, that is, what is the difference between them - are often confused or deliberately identified even by bank employees. But everything is actually very simple.

Reporting period– this is a period determined by the bank from 1 to 31 days, during which you are charged interest for using loan funds. And no matter what you pay, you have time until the end of the payment period.

Thus, payment period- this is the period during which you are asked to pay the full amount of debt calculated for the reporting period in order not to pay interest on using the bank’s money.

The maximum number of days for these two periods in total constitutes the concept of “grace period” (for example, “up to 55 days”).

MoneyRadar infographic

When does the grace period begin: types and principles of calculation

The grace period statement can be calculated:

• by the sum of all transactions of the reporting period
• for each operation separately

It is less common to count each operation separately. That is, you have a certain number of days, starting from the day of the operation, to return the money to the bank without interest. This system is practiced in Ukraine, for example.

As a rule, the statement is generated on the basis of all transactions for calendar month(for example, from the 1st to the 30th of the month or from the 10th to the 10th). After that, you have a few more weeks to pay off. This type of calculation is called honest grace (honest grace period).

Infographics Save money

If the statement is generated on the basis of both the reporting and payment periods, then this is already dishonest grace (unfair grace period). In other words, if you pay both in the first month and in the next - before the repayment deadline, then the real grace period will be the period of time from the last time you used the loan funds until the repayment deadline (for example, until the 25th of the month). And if you make purchases using bank money from the 25th to the 31st of the month, then you will have to pay within a month. At the same time, your grace is reduced from a maximum of 55 to 30 days.

Infographics Save money

Lifehack: to make an “honest” Grace out of a “dishonest” one If you have two credit cards, use them alternately. For example, pay off one in February (repayment on it will be in March), and the second in March (repayment on this credit card will be in April.) And in April you can use the first credit card again - and so on in a circle.

Banks declare only 3 options for when the grace period begins:

• from the date of card issue/activation
• from the start date of the bank's reporting period
• from the moment you start using credit funds

How to calculate the number of days of the grace period: examples

Often, misunderstandings regarding the length of the grace period give rise to a lot of disputes and customer resentment towards banks. In pursuit of the client, they set such grace periods, which, although longer than those of other banks, are also riskier if the client plans to pay at the last moment.

For clarity, let's look at examples.

How to calculate the number of days of the grace period in Idea Bank

Among the partners of the Our Banks portal, it offers the longest grace period - up to 92 days. But users of the portal resource often complain that the bank is allegedly cheating with the conditions.

We hasten to note two important nuances:

• a maximum grace period of 92 days is available in exceptional cases;
• it is only available once, subsequent grace periods will be up to 62 days.

The specifics of the 1st grace period at Idea Bank depend on several factors: when you issued the card, how many calendar days there are in the month, and whether the settlement day falls on a weekend.

Please note that the grace period does not begin from the moment you receive the card at the bank branch. It is calculated from the 1st calendar day of the month in which the card is opened and continues until the last working day of the third month of the grace period.

That is, if you issued a card on December 15, then your grace period is calculated from December 1. Thus, in order to extend it to the 3rd month, you need to pay the minimum monthly payment in the second month (as of 02/07/2018 - this is 6% if the contract includes insurance, and if it does not, then 5%). And in the 3rd month, you would need to pay the entire amount of debt before February 28 at the Idea Bank cash desk or on February 23 in another way (transfer from card to card, replenishing the card in the terminal, depositing the amount through the cash desk of another bank, etc. ). In other words, this must be done no later than three business days before the end of the payment period.

So, maximum term The first grace period of 92 days is possible in several exceptional cases:

• you issued a card on the 1st of the month;
• the months covered by the grace period consist of 31, 31 and 30 days;
• you paid the minimum monthly payment in the second month;
• The 92nd day of the grace period (30th or 31st day of the month) falls on a working day;
• on this working day you are going to pay at the Idea Bank cash desk within its opening hours (the cash desk closes before the branch).

How to calculate the number of days of the grace period in Privatbank

Infographics Privatbank

Table Our Banks

Previously, the financial portal “Our Banks” wrote:

We are used to using credit cards with a “standard” grace period of 50-60 days. But on banking market There are also cards that can last up to 100 days or more. Cards with such a grace period make it possible to use borrowed funds for free for a longer period of time.

The information portal Banki.ru became interested in finding out which banks and under what conditions provide such products.

Let's start with the main thing distinctive feature With such cards it is mandatory to make minimum monthly payments in the amount of 3-5-10% of the debt amount. Before the grace period expires, the client must repay the debt in full so that no interest is charged. Often, banks set a long grace period only for the first transaction, then a “standard” grace period is set at 50-55 days.

Vanguard

* From the second year - 0-600 rubles (not charged for average monthly turnover for the previous 12 months for payment transactions using own and credit funds, as well as cash receipts, conversions and transfers in the Internet bank using credit funds over 7,000 rubles) .
**Double-sided card connecting credit and debit card in one piece of plastic, the credit side of the card is in the Gold category, the debit side is in the Classic category, each side of the card has its own details, a separate chip and magnetic stripe.
*** If there is a debt on the loan, a card maintenance fee is charged - 30 rubles per day.
**** From the second year: the cost of maintenance will be 590 rubles per year.
***** From the second year: 0-1,500 rubles; service fees for the second and subsequent years are not charged if for the previous year the average monthly turnover of non-cash transactions using own and credit funds on the card is at least 30,000 rubles.

When compiling the rating, cards issued outside bank service points (on the territory of partner companies), as well as those whose issuance conditions require the purchase of certain goods or services from the issuer's partner companies, were not considered.

If the bank sets a percentage range within which rates are determined individually or vary depending on parameters not taken into account by the rating conditions, then the comparison was taken maximum bet range. Conditions for cards for which the maximum lending rate is not specified were not considered.

examples questions and answers credit card loan repayment

Question: I use the “Credit in Pocket” card from Russian Standard Bank. The grace period is 55 days, it starts on the 4th of each month, i.e. valid until the 28th of the following month. For example, I made a purchase for 3,000 rubles on May 15 - i.e. must be paid by June 28th? Will this be the interest-free grace period? And if I made another purchase on June 10 for 3,000 rubles, should I pay this money before July 28? And before I make a purchase on June 10, I must pay off the previous debt of 3000 so that interest does not accrue? Or will they not be credited?

Answer:
The grace period of lending is an opportunity to use bank funds and not pay interest for it.

There are different methods for calculating the grace period for lending, and each bank chooses one that is acceptable to it. Let's first look at how Russian Standard Bank CJSC describes the grace period for credit card lending:

1. The grace period of lending is a period of time during which interest on a loan provided by the bank in connection with the performance of Transactions specified in the Tariffs reflected on the account during the Billing period, based on the results of which the corresponding Invoice-statement is issued, is not charged, subject to payment by the Client amounts of the Principal Debt and Excess Limit Debt (if any) as of the end date of the specified Calculation Period in in full no later than the end date of the Grace period indicated in such Invoice Statement (clause 1.27 of the Terms of provision and servicing of “RUSSIAN STANDARD” cards)


2. The grace period applies only to those Operations that are specified in the Tariffs, made at the expense of the Loan, and reflected by the bank in the account within billing period, if no later than the end date of the Grace period indicated in the invoice statement, the Client placed on the account cash in an amount sufficient to repay the Outgoing Balance in full as indicated in the invoice statement (clause 6.15.1 of the Terms);


3. The settlement period is the period of time during which the Bank takes into account Operations included in the next account - statement. The billing period is 1 (One) month. The start date of the first settlement period under the Agreement is the date the Bank opened the Account. The start date of each subsequent billing period is the date following the end date of the previous billing period.


4. Grace period is a period of time determined by conditions and tariffs, during which interest on a loan provided by Russian Standard Bank for performing transactions specified by tariffs is not charged. No interest is charged if the principal amount is paid and over-limit debt(if any) in full no later than the end date of the grace period.


5. The duration of the grace period is counted from the date following the date of reflection of the transaction, which, according to the card’s tariff plan, is subject to the grace period, on the account until the end date of the grace period. The end date of the grace period - 25 days from the end date of the billing period in which the transaction was made - is indicated in the invoice statement. The maximum length of the grace period can be 55 days. (Questions and answers from the bank regarding cards)


6. The grace period for crediting applied to the expense Operations provided for in this Tariff Plan terminates after 55 (Fifty-five) calendar days from the date of the start of the Billing period during which the corresponding expense Operations, namely on the date following the end date of the Grace period of lending specified in the Statement Invoice issued at the end of the corresponding Billing period (clause 15 Tariff plan TP 237/1)

Based on the bank quotes above, it turns out that the day when the grace period on the loan ends directly depends on the date the monthly card statement is issued. And the initial data on the terms of preferential lending are as follows:

• The maximum duration of the grace period is up to 55 days;


• Billing period - 30 days


• Loan repayment period – 25 days


• The end date of the grace period is 25 days from the end date of the billing period

The calculation of the grace period for lending is tied to the end date of the billing period in which the transaction was completed. Based on your data and the bank’s instructions on actual grace period, you had to pay for purchases during the first billing period:

• The billing period is from May 4 to June 4.


• The date of the operation is May 15.


• The billing period turned out to be 18 days (from May 16 to June 4)


• Report generation date – June 4


• The interest-free grace period will be up to 40 days (from May 15 to June 28)


• The end of the grace period is June 28.

So, for the first purchase, the interest-free grace period will be up to 40 days and interest will not accrue for the entire period from the moment the loan originates until the loan is repaid, provided that the entire amount of debt on the loan that arose before June 4 (3,000 rubles) will be repaid no later than June 28. And on June 10, you will spend another 3,000 rubles, which apply to the next grace period, which is possible if there were no problems during the first payment period. It will have to be repaid by July 28 according to the same principle. And so on every new billing period.