Credit card grace period
Today, almost everyone has a credit card. And someone and not one. And for sure, many people know that each card has its own grace period. And while it is not over, the card holder can return the withdrawn money, without any overpayments. But if it seems to you. To make it very easy, you are mistaken. In fact, not so simple!
Credit Card Grace Period: What Should I Know?
If you go back a little into the past, for 2-3 years, there were no such difficulties and bank tricks. And so the grace period of the credit card was fairly simple and straightforward to use. Now the situation has changed a bit, and we will tell you about it in more detail.
Rule one: pay attention to the commission
First of all, what you need to remember is the fee for withdrawing money (cash out). There is no commission on the salary cards, but on the credit card it is about 2-5% of the total amount of withdrawn funds. There is also a minimum commission of thirty rubles. And this should not be forgotten.After all, if you withdraw only one hundred rubles, then your debt to the bank will be 30 rubles.
Point two: annual rate
Secondly, bank employees are often silent about the fact that during the grace period of a credit card, the annual rate is zero, and the maintenance fee is still taken. This fee is small, about 2 dollars. And this amount does not depend on the withdrawn funds.
Question Three: Banking
Thirdly, some banks designate a grace period for a credit card only for those operations that were made through the store terminal or via the Internet. When withdrawing money from an ATM, there is no grace period.
For example, having paid for purchases with a card in a supermarket, and you do not have time to put money on a credit card before the end of the grace period. You think that interest will begin to accrue only from the day when the period ended, but it is not. You will have to pay all interest. As if the grace period was not there.
As you can see, when using a credit card there are many pitfalls. Therefore, it is necessary to use it very carefully. Of course, not all banks prepare such a complex system with a grace period.But in order to protect yourself, we advise all the same in advance to find out all the questions from employees.
We recommend to find out if there is a grace period for a credit card, for what period interest is calculated, if there is a commission when withdrawing money from an ATM.
Grace period and everything connected with it
The grace period of a credit card (that is, the grace period) is incredibly tricky in the sense that not all ways of using the card apply. This subtle point needs to be clarified before purchasing the coveted plastic. Often we are lazy to read the contract. But it is precisely in it that it is indicated on which methods and methods of use the exemption may apply, and on which - not.
Often it is established only for purchases in supermarkets by bank transfer. But when withdrawing or transferring money to another bank card, you can lose quite substantial funds. The grace period does not apply to such moments.
If you are not using a credit card
A person who does not use a credit card thinks he has no debt. He may not even suspect that it can be formed without his participation.Even without taking anything out of the account, you can find a negative balance on it in six months. Why?
The grace period of a credit card does not mean any movement on the account without your participation. The bank can withdraw payments for account maintenance and even - attention! - for the fact that you do not use credit funds. For this purpose, in a contract that no one bothered to read, there is even a penalty.
The reason that you are losing your money, there are charges for mobile banking, and for SMS, which come to you as information on payment. Therefore, the account must be carefully checked at least once a month and in case of misunderstandings and questions, contact the branch of the bank that issued you a credit card or the hotline.
In conclusion, I would like to advise you to use a credit card as rarely as possible, in the most extreme situations. It is better to borrow funds from relatives or friends. So you protect yourself from unnecessary trouble with the bank.