Many of our citizens apply for a variety of bank loans. At the same time, they do not know how profitable and painless it is possible to save on overpayments. Which repayment scheme should you choose? Is it possible to get my money back for insurance?

Let's consider all the questions in more detail.

How to repay a loan economically, the most profitable schemes

Today, the most profitable loan repayment schemes are considered to be:

• differentiated scheme;
• annuity option.

If we talk about the first option, then it implies slight reduction in monthly payments. In simple words, you initially need to pay premiums in large amounts, but in subsequent months the amount decreases.

This scheme is beneficial when applying for a mortgage or buying a car.

You can calculate the approximate amount using the formula:

interest rate + fixed part = payment.

In this formula, the fixed part is the repayment of the main body of the loan. The percentages themselves are determined as follows:

(balance*bet)/100.

Let's look at an example: The client received a loan in the amount of 1 million rubles. The loan period is 20 years and the interest rate is 12%.

Thus, the total amount should be divided by 240 months (20 years), and a monthly fixed amount of 4 thousand 166 rubles is obtained. However, please note that the interest rate will vary. For example, for the first 10 years when paying 50% of the principal loan amount, the amount is calculated:

((0.5 million x 12%)/1 year)/100% = 5 thousand rubles. Thus, the total amount of the monthly payment is 9 thousand 166 rubles.

This scheme is perfect for citizens who:

• receive unstable wages;
• have a desire to significantly reduce the amount of overpayment;
• issues loans for a long period.

If we talk about the annuity option, it is used by those citizens who take out custom loans.

With such a scheme it is produced calculation of the total cost of the loan in addition to a one-time commission fee. The entire amount is divided by the loan period. The borrower will have to pay monthly fixed payment.

This option is advantageous in that there are no problems with the size of the monthly payment. The borrower knows when and how much he needs to pay.

This scheme is perfect for those categories of borrowers who:

• have a stable salary;
• cannot financially contribute more than the required amount;
• issues loans for a short period.

How to profitably repay a loan early

The possibility of profitable repayment of loans ahead of schedule largely depends on factors such as:

• the presence or absence of penalties for early repayment of the loan. In simple words, is this possibility allowed by the bank;
• Is the monthly payment plan specified in the agreement?

Analysis of the loan agreement

Before the borrower, when funds become available, goes to the bank to repay his loan early, you need to pay attention to some nuances:

• for short-term lending periods, the possibility of early repayment of the loan, as a rule, is absent;
• the agreement may provide for a restriction on early payment of the loan in the first 6 months of its use;
• the agreement may include a restriction on the minimum payment amount for early closure of the loan.

If the agreement does not provide for any restrictions, you can consider the issue of early termination of loan obligations (repay the loan early).

What is the procedure for early payment of the loan?

Any of the borrowers has full rights during the period of validity of the loan agreement repay it in full or in part. But, it is necessary to remember that, despite the absence of restrictions in the agreement, the borrower must contact a bank employee and notify him. You must notify of your desire no later than 30 calendar days before the day on which the payment for early repayment of the loan will be made.

Moreover, when contacting a bank employee, the latter will ask you to draw up an application for the right to early repayment of the loan. This document is drawn up in the presence of a bank employee according to the template established by them.

How to close a bank loan correctly

It is necessary to remember that repaying a loan from a bank, for example, from Sberbank, does not mean that the loan is completely closed and the bankers have no claims against the borrower.

Let's look at the procedure for closing a loan using Sberbank as an example. This scheme is also suitable for all other banking institutions.

So, the algorithm is as follows:

1. 1 step. Initially, you need to ask bank employees for a certificate confirming the closure of the loan and the absence of claims. It is worth noting that some banks refuse to provide it, and therefore it is necessary to justify your request with Article 15.26, which includes penalties for bank employees who refuse to issue this document. A fine is imposed in the amount of 50 thousand rubles.
2. Step 2. Complete closure of bank accounts. This means that accompanying accounts could have been opened when applying for the loan. If the manager declares their presence, you must ask him to close them. You may even need to write a statement - it is drawn up in the presence of the bank manager.
3. The final step. Collateral property. After the loan is fully repaid, it is necessary to remove restrictions on. This should be done automatically by bankers, but being informed means being calm. If the encumbrance is not removed, it is necessary to demand that this restriction be lifted.

Having completed these simple steps, you can confidently say that the loan is completely closed and now you don’t need to worry.

How to pay off a loan faster if you have no money

If the borrower has a desire to repay the loan as quickly as possible, there are several options:

1. Contact relatives or friends. This option involves borrowing a certain amount from your relatives or knowing funds that will help you quickly repay the loan. Agree, it’s easier to pay off debt to “your own” than to deal with debt collectors.
2. Get an extra job. Here, as they say, everything depends on the region of residence or on the very desire of the borrower. You can find an evening job that will allow you to quickly repay the loan, or try your luck on freelancing sites.
3. Savings or tax deduction. This option involves using your deposit (if you have one, of course). If there are no personal deposits, you can contact the tax office at your place of residence and apply for a tax deduction. As a rule, this will be an amount of approximately 13% of the interest amount (the loan itself). After receiving the deduction, you can use these funds to pay off the loan.

The loan has been repaid, is it possible to return the insurance?

If the loan is fully repaid, when trying to return the insurance funds, one of several options may occur:

• Option 1. The insurance company may partially reimburse the funds if more than 6 months have already passed since the signing of the contract. As a rule, the insurance company refuses to pay out funds, citing high administrative costs. If the refund amount is over 100 thousand, you can request a printout of the insurers' costs.
• Option 2. Insurance funds can be fully returned only in situations where the loan is repaid within the first 2 months from the date of registration of the insurance policy.

In any of the options, you must contact the insurance company with the following list of documents:

• passport;
• a copy of the loan agreement;
• a certificate from the bank confirming the full closure of the loan.

In what cases does the insurance company pay the loan?

Insurers can pay a loan instead of the borrower only in those situations that are specified exclusively in the insurance policy agreement.

There are several types of insurance, namely:

• insurance for the life and health of the borrower;
• insurance for the safety of property (collateral).

If we talk about the first type of insurance, then this means, for example:

• death of the borrower;
• establishing the fact of disability (serious illness, possible disability, etc.).

The second option implies the presence of any damage to the collateral that was not intentionally caused by the borrower himself:

• natural disasters;
• fire;
• flood and so on.

It is worth paying attention that all the conditions under which the insurance company repays loans independently are specified in each specific agreement. FOR this reason, we can say that the conditions are different everywhere and you need to thoroughly study the contracts before signing them.

How to repay an annuity loan correctly and profitably

With an annuity scheme, the best solution would be to try minimizing the monthly payment amount and at the same time, without modifying the lending period.

In simple words, every month the borrower will pay a reduced payment, and save the difference from the previous amount.

For example: The loan is valid for 20 years. For the first 10 years, the borrower will pay not 10,000 rubles, but 7,000. But after 10 years, the loan will need to be repaid 13,000 rubles.

However, there is a nuance: in 10 years, with monthly savings, you can collect an amount that is enough to repay the loan early and thereby save money.

Collection by the guarantor of the paid loan from other guarantors

One of the guarantors has the right to recover a certain amount of the loan from the second guarantor in court only if subsidiary liability has not been established.

Article 325 of the Civil Code of the Russian Federation clearly regulates this issue: fulfillment of subsidiary liability in full exempts the remaining guarantors from fulfilling the claims of creditors.

Moreover, according to Article 365 of the Civil Code of the Russian Federation, a guarantor who has paid off the debt of the main borrower at his own expense is fully vested with the powers of a creditor in relation to the second guarantor.

This means that in court he has every right to recover not only part of the funds, but also to demand a fine for failure to fulfill his obligations as a guarantor.

Who should repay the loan after the death of the borrower?

In that case, his debt passes to his immediate heirs. But the heirs have every right to avoid such troubles. This is only possible if they do not claim the inheritance.

In simple terms, the loan is repaid by the person who entered into the inheritance of a deceased borrower. If there are none, the remaining amount of the debt is paid by the insurance company.

If the borrower does not pay the loan, should relatives pay?

Relatives of an unscrupulous borrower will have to pay his loan only if one of them is a guarantor, otherwise they have nothing to do with the borrower's debts.

If the borrower is unscrupulous, the funds will be paid by the guarantors.

Responsibility for non-payment of a loan: what will happen if you don’t pay at all

If the borrower refuses to repay the loan or cannot do so due to financial problems, the bank may charge penalties or impose a penalty.

You can learn more about interest from your agreement, which contains everything (each loan specifies its own terms of punishment).

The worst option is for the bank to go to court and... The purpose of the seizure is considered to be their sale at auction and reimbursement of the loan amount at this expense.

Video consultation

About the rules for early repayment - in the program “Morning with Gubernia”

Having received a positive decision on a loan, the borrower is in a kind of euphoria and often simply does not hear what the bank employee is telling him. He wants to sign a loan agreement as soon as possible and pick up the desired item or cash. And it is imperative to listen to the employee, since it is at this moment that an important and integral part of the loan is announced - the payment schedule. Failure to comply with the schedule will lead to troubles: calls from the bank, fines and damage to your credit history.

Let's talk about the payment date

The payment schedule, which must be handed over to the borrower, will indicate the payment amount and its date. Here it is worth mentioning the main mistake that can be made. For example, the date indicated is the 3rd. What does the borrower do? He goes to pay on the third day, and a couple of days later he receives an SMS message from the bank asking him to pay off the debt. Why is this happening? But the fact is that this is not the date of payment, but the date of debiting funds from the account. Simply put, on the 3rd the money should already be in the account. If payments are made through third-party organizations, then you need to take into account that the money does not arrive immediately, so payments must be made in advance. In some cases, the bank sets a payment period - the period during which money must be deposited into the account in order for it to be counted towards the next payment.

Early repayment and payment date.

If we talk about the early repayment date, then it is different for all banks. For example, in the case of paying for a mortgage at Sberbank, you need to deposit the money in advance so that it is written off normally. And at Raiffeisen Bank, the change in the debt balance occurs day after day, simultaneously with early repayment. This means that the debt balance will change sooner and you will need to pay less interest.
Let's look at an example of how the early repayment date affects the overpayment on the loan.
For example, our main debt is now 100 thousand rubles, and payment is due on the 25th of each month. And we pay 30 thousand rubles on the 30th ahead of schedule. In case 1, when the early repayment date does not affect interest in the current period, we will have to pay interest on 100 thousand rubles per month. If the rate on our loan is, for example, 12%, then we get

Interest = 100,000 * 0.12/365 * 30 = 986.30 rubles

Only then will the principal debt become equal to 70 thousand rubles and from the next period we will pay a smaller amount of interest. The calculation is based on the fact that the number of days between months = 30 and the number of days in a year is 365

When early repayment is taken into account immediately, then we have the following picture.
We pay interest for the period 25 -30 of the current month on the amount of 100 thousand rubles and interest on 100 thousand -30 thousand = 70 thousand for the period 30 of the current month -25 of the next
We have the following calculations

Percent = 100,000 * 0.12/365 * 5 + 70,000 * 0.12/365 * 25

Interest = 164.38 + 575.342 = 739.72

As you can see, with this method of accounting, the interest received per month of early repayment is more than 200 rubles less.

Where to pay for a loan with receipt same day?

Same day payment takes place only if the payment is made through the bank's cash desk. Moreover, this is the most reliable way to pay for a loan. Money is transferred directly without intermediaries, and the option of delaying funds by third parties is completely eliminated. You need to provide the bank with a loan agreement and the payer’s passport; no transfer fee is charged.

Alternative ways to make monthly payments

Going to a bank branch is not always convenient, and it may also be that there is simply no branch of this bank in the city where you live. In this case, you can use other options.

1. Post office. Quite a few borrowers use this option. This is convenient - there is a post office in any area, but there is one significant drawback - the timing of payment. The funds will be credited to the creditor bank account within 7-10 days from the date of payment. Payment must be made at least a week before the write-off date. To pay, you will need a passport and a receipt for a postal transfer (issued along with the loan agreement); a commission will be charged according to postal rates.
2. Third party bank. You can deposit funds not only through the cash desks of the bank that issued the loan; almost all banks accept and process payments. The payer will need a passport and a receipt for a bank transfer (issued when applying for a loan). The commission in each bank is different, the transfer will take 3 - 5 days.
3. Through stores using the Rapida system. Many communication stores and household appliance stores that issue trade loans also accept loan payments. It doesn’t matter where the loan was taken from, it could be a mortgage, a car loan, or a credit card fee. The system accepts absolutely all types of payments. To pay, you need the payer's passport and a loan agreement, the payment will be transferred in 2 - 3 days.

It is very important to make payments on time and in the required amount. If the account is only short of a ruble, the banking system will not be able to write off the required amount, and the payment will be overdue. And even a day of delay leads to a one-time fine and penalties. If you do not know where to pay for the loan, then contact the bank that issued it using the 24-hour hotline.

When concluding a loan agreement, you always receive a payment schedule that must be followed. Violating it will result in the bank applying penalties to you, which are also specified in the loan agreement. The borrower undertakes to make the monthly loan payment on time and in full.

Only when concluding a loan agreement, the manager is in no hurry to talk in detail about the payment scheme, hoping that the borrower will figure everything out. And if the manager talks about the payment procedure, the borrower does not really listen to him, wanting to quickly finish the process of signing the papers and get his money.

All this leads to the fact that the borrower may unintentionally violate the payment schedule; as a result, the bank will impose a fine on him and may enter the fact of a late payment into his credit history. So we’ll figure out how to make monthly loan payments correctly.

Studying the payment schedule

It must be attached to the loan agreement. You will receive basic information on payments from this document, so take care of its safety until the loan debt is completely closed.

The payment schedule is a table that reflects all aspects of loan repayment. Initially, this graph may seem like a bunch of numbers, but if you study it more closely, you can get comprehensive information about your loan repayment.

The graph consists of columns and rows. The lines are each month of the life of the loan. For how many months you took out the loan, the term will be in the schedule.

The graph contains the following columns:

1. Serial number of the month of loan life.

2. Monthly payment amount. As a standard, banks use an annuity payment scheme, so the monthly payment amount is always the same.

3. Breakdown of the monthly payment: how much is spent on interest and how much is spent on repaying the principal debt.

4. Residual debt on the loan or amount for early repayment.

Date of write-off: the main mistake of borrowers

The payment schedule indicates the date of debiting the funds. On this date, the money should already be in the credit account. At the end of the day, the system automatically debits funds from the account in the amount specified in the monthly payment schedule. If the required amount is not found, the bank imposes a fine. Even if one penny is not enough to write off, the system will not be able to pay the loan, and the monthly payment will be considered overdue.

Borrowers often make the mistake of thinking that the date indicates the day the payment is due. They wait until the last minute, pay the loan on the date of write-off, and then are surprised by the bank’s claims and imposed fines. On the date of debiting, the money should already be in the account. Please keep in mind that the payment is not executed immediately; the timing of the transfer depends on which loan repayment method you used.

Payment methods and terms for crediting

Usually, when signing a loan agreement, the borrower is told what methods he can repay debts; often a paper describing the methods is included in the package of documents. You can use any, but take into account the time when funds are credited.

1. Cash desk of the creditor bank or its ATM. This is the only option in which money is transferred to the account on the day the payment is made. Only when paying for a loan using this method can you deposit money on the debit date.

2. Cash desk of a third-party bank or its Internet bank. In this case, an interbank transfer will be made, which is carried out within three days.

3. Mail. Although the post office has now accelerated the time frame for transferring funds, banks still recommend making payments 7 days before the debit date.

4. Salons Svyaznoy, Euroset, MTS. Money is transferred within three days.

5. Qiwi terminals, Eleksnet. Payment transfer will also take up to three days.

Payment fees

Without charging commissions, the payment will be taken from you only by the bank that issued the loan; in other cases, a commission is provided for the intermediary who accepts and makes the payment.

Most often, the commission amount is set at 1% of the loan amount, but not less than 50 rubles. But each intermediary sets its own fee, so everything is different everywhere. For example, when paying through Qiwi terminals, each bank sets its own commission amount.

If you deposit more than indicated in the schedule

The schedule specifies the required monthly payment that you are required to make each month to your loan account. You cannot pay less than this amount, but more - no problem.

But keep in mind that the bank will still write off only the amount indicated in the schedule; the rest of the money will simply remain in your credit account. And next time you can deposit less, given that some of the money remains in the credit account.

If you want to deposit more, then make a partial early repayment. Each time before making a payment, contact the bank and write a statement indicating how much you want to pay.

Then, on the write-off date, the bank will write off the entire amount, which will entail a change in the payment schedule and a reduction in the overpayment. The bank can calculate the monthly payment downwards, leaving the loan term unchanged. Or the payment will remain the same, but the loan term will be shortened due to partial repayment of the loan debt.

Every adult resident of the country now has a credit card. A Sberbank credit card is especially in demand. Every adult citizen can receive it guaranteed. Sberbank offers everyone who wants to get a lot of money at favorable interest rates. In order not to have debts, it is important to know what the mandatory payment on a Sberbank credit card is. You can also find out in the article how to pay it every month.

What is the monthly payment?

The term “minimum payment on a Sberbank credit card” refers to the amount of money that an individual is required to transfer to a credit card every month to pay off a debt. These procedures should be completed no later than the date set by the bank and specified in the agreement.

The term “payment date” refers to the end of the reporting period. Quite often it is within 25 days. The reporting and payment periods together are a grace period for lending. This period lasts on average 50-55 days.

When closing a loan, the finance company employee tells the borrower a specific date on which he must make his payments. If a citizen does not do this, he may be fined.

It turns out that Sberbank offers everyone to personally regulate the amount of debt repayment. The borrower only needs to make a quick monthly payment on the credit card. The loan period for this type of credit card is unlimited. If a Sberbank card expires, you can easily get a new card, because the client’s account and obligations to the bank remain the same.

What is the monthly payment?

Some citizens do not know what the minimum payment has been set by the bank. Therefore, they often look for options on how to find out this information. Now Sberbank has set a minimum monthly payment of 5% of the loan amount, not less than 150 rubles. Additionally, borrowers will need to pay interest on the use of borrowed money and penalties, if any. The bank also charges a commission when withdrawing cash and online transfer of funds from one card to another. He also charges for insurance and SMS.

When a mandatory payment is made by credit card, the bank branch writes off funds in this sequence:

1. Fines and penalties. They often arise due to debt. To avoid such charges, you must pay on time.
2. Commission. Borrowers are charged a fee for withdrawing money from the card from an ATM, for transfers and servicing.
3. Established interest for the use of finance. The bank indicates its specific rate for the fact that citizens use borrowed money.
4. Credit card debt.

This payment scheme is considered a stumbling block for plastic owners, because sometimes customers pay monthly payments, but the amount of debt does not decrease. This happens because the debt on the card is not repaid all these months. To stay on top of all these schemes, you need to regularly take your account statement or personally calculate how much money you have left to repay.

How can I find out about the amount of the mandatory payment?

To find out the payment on a Sberbank credit card, you should come to the bank for payment. Customers can also ask personal questions to company employees online. In this case, individuals should first log into their personal account using the link https://online.sberbank.ru/. On the first page, users have the opportunity to view a list of issued cards. If clients have a Sberbank credit card, then detailed information about it will be provided on the website. It also indicates the limit, the amount of the minimum payment and the date when you need to pay off your debt.

It is important not to forget that if the amount is not repaid within the interest-free loan period, then interest will be charged to the borrower for the entire period of use of the money.

How is payment by bank card calculated?

The minimum payment on a Sberbank credit card is the amount of money that must be transferred to the card before the end of the billing period. If you regularly make loan payments, this is the best confirmation for the bank of good solvency.

• card limit – 100 thousand rubles;
• the amount of 20 thousand rubles was spent;
• interest – 36%.

To calculate the amount of debt you need 20,000 x 0.05 = 1,000 rubles. But the interest on the loan can be calculated if 20,000 x (0.36: 12) = 600 rubles. Based on the data obtained, it can be noted that the fee that must be paid monthly is 1,600 rubles.

From these calculations you can see that paying off debt using these methods is not very profitable. However, from next month, interest will be accrued on the balance of the debt, which will already amount to 19,000 rubles.

Tips on how to pay your monthly credit card payment and not overpay

To pay your loan payments on time and avoid penalties, you should follow these tips:

1. It is important to repay your loan debt on time. To quickly achieve this goal, the bank allowed borrowers to regulate the amounts of their payments themselves. The only condition for this lending is that clients need to transfer amounts on their credit card monthly.
2. If individuals fail to make a payment on time, the bank may impose a fine on such customers.
3. To find out the required monthly payment amount, you should personally contact a bank employee to provide an account statement.

It is important to know that if cardholders cannot pay off the debt in full, then they should pay amounts that are greater than the proposed payment. This will make it possible to reduce the amount of the total loan.

How to pay off credit card debt?

To pay off a debt with a credit card, you must pay an amount that exceeds the monthly payment. This way the bank will take the established percentage, and all other finances will be available for withdrawal in the future.

You can pay your debt in these available ways:

• using a bank cash desk;
• different terminals;
• transferring salary to card.

Some of the options presented have expensive fees.

Payment using the Sberbank Online system

If customers have a debit card, they can quickly pay off their debt with it. This can be done in the Sberbank Online service in this way:

• log in to the site;
• select the “Payments” section and select “Credit”;
• make a transfer by providing the contract number and the amount of funds to be transferred to the card.

This method is often chosen by clients due to the fact that the procedure is quick. At the same time, all user information is reliably protected.

Payment via Mobile Bank

Clients just need to send a message to number 900. In the text itself, it is important to indicate the word “Credit”, card number, transfer amount and the last 4 digits of the card from which funds need to be debited.

This transfer of money can only be carried out if clients received two cards in branches that are located within the same region.

Payment using terminals

This debt repayment method is convenient because you can pay off your debt using a debit card and cash. The client needs to put the finances into the bill acceptor and dial the account number on the monitor that needs to be topped up.

Terminals are a simple method of loan repayment. However, it is important to remember that clients will have to pay a commission for transferring money. It is also important to take into account the fact that money may not be credited instantly, but within 3 days after payment is made.

Repaying debt at a bank branch

Now you can pay off your debt using the cash desk of any bank branch. Clients often choose this method to pay off their debt.

The main advantage of this method is the quick transfer of money. As a rule, funds are transferred to the specified account within 24 hours. If the payment is made at a foreign bank, the transfer will take 3 days. The disadvantage of this method is the presence of a commission.

Repaying debt using electronic payments

Clients can pay off their debt using WebMoney and Yandex.Money. To carry out this operation, clients need to have an electronic wallet in one of the provided systems. The advantage of this listing is the speed of the operation. However, this method has a clear drawback - a high commission.

Each of the presented methods has its own advantages and disadvantages. Some citizens choose a quick transfer within a day, while others are interested in transfers without commission.

The process of paying off card debt with a line of credit is fundamentally different from the process of closing any other bank loan. When applying for a conventional loan, the borrower receives a clear payment schedule that he must comply with. There is no schedule for repaying a credit card; the client himself regulates the process and amount of payments. And every cardholder with a line of credit should become familiar with the debt closing process.

Monthly payment amount

As with any other loan, the minus on a credit card must be repaid by making monthly payments. But banks do not set a fixed payment amount for this product: the borrower himself regulates the amount, paying in amounts that are convenient for him. In this case, the bank indicates the minimum monthly payment limit that the product holder must comply with.

Each bank regulates the minimum payment amount itself. For example, there may be such options for calculating it:

– 5-10% of the total debt, but at least 500 rubles;
– 5-10% of the principal debt plus the amount of interest accrued for the month;
– fixed fee, for example, no less than 3000-5000 rubles per month.

Important! The bank summarizes the results for each reporting month and indicates to the borrower the amount of the minimum allowable payment. For example, for March you need to pay before April 20, for April transactions until May 20, etc. The bank closes the reporting period (month), generates a statement and waits for the payment to be made.

It is better not to do the calculations personally - you may misinterpret the algorithm for calculating the minimum monthly payment. If you pay less than expected, it will be regarded as non-payment and the bank will apply a fine.

Use Internet banking and activate the SMS notification service. These services will help you always keep your finger on the pulse. The bank will inform you about the minimum amount you need to deposit at the end of the reporting month.

Pay more than the minimum amount!

The repayment terms of a credit card allow you to pay off with a minus gradually, depositing only small amounts close to the minimum. But if you stick to exactly this pattern, your debt will decrease extremely slowly.

Your monthly credit card payment consists of principal and interest. If we consider the minimum payment, then it largely consists of interest. That is, if you adhere to the minimum level, you will pay off the main debt extremely slowly, the debt will practically stand still.

Many borrowers pay off their debt with minimal periodic payments, and then blame the bank for not reducing their debt. Everything is logical: the citizen repays the interest accrued during the reporting month, and the amount of the principal debt practically does not change.

Important! Don't stick to the minimum monthly payment, pay more. Thus, a large amount will be spent on paying off the principal debt. This means that for the next month the bank will charge less interest, the overpayment will be lower and more profitable.

Credit cards with the most favorable conditions

Credit card due date

The same scheme applies here as with conventional lending. The bank indicates the date by which the next payment must be made. For example, the 22nd of every month.

When choosing a deposit method, keep in mind that not all of them involve instant deposit of funds, then you need to pay in advance. Money arrives instantly when paying through a cash register or ATM of the bank that services the card, online banking, or through card-to-card transfer services. In all other cases, the operation can be performed within 1-3 days.

The bank does not provide an exact deadline for repaying credit card debt: this is regulated by the borrower himself. You can “delay” the matter and pay off the debt for years. Or you can make higher payments and deal with the debt in a couple of months. In addition, given that the card limit is renewable, the exact expiration date cannot be determined.

Repayment within the grace period

If the bank includes a grace period with your credit card, you can use the line of credit for free. Deposit money to repay the credit card in full, pay off the debt in full before the end of the grace period, then the lender will not charge interest.

What you need to know about the grace period:
– usually lasts 55-60 days, some banks issue cards with a discount of 100-120 days;
– the benefit applies only to non-cash transactions. Cashing out and making transfers are not covered by it;
– It is important to comply with the terms of the benefit. Each bank interprets them differently; be sure to check with the bank about the exact expiration date of the interest-free period.

How to close a card debt early

You can completely pay off your card debt at any time. To pay off your credit card early, contact your bank and find out how much you currently owe. Place this amount on the card and wait for the next monthly payment to be written off. After this, the debt will be cleared. The specifics of the product are such that the bank can charge interest next month if the debt flows into the next reporting period. Cover this amount too.

Remember that paying off the debt in full does not mean closing the card. You will still have to pay for maintenance, SMS notifications and other services. If you do not need the card, contact the bank and write an application to close it.