Finance, Loans
What is the minimum payment for a credit card and how is it calculated?
One of the most convenient means of payment today is plastic cards. The most popular among all products offered by banks are credit cards. This is really incredibly convenient - all purchases can be made without thinking about the availability of money in your wallet. The bank provides installments for several tens of days. This allows the most rational use of all available revenues.
If you want to make payment "plastic" not only convenient, but also profitable, you need to clearly understand the mechanism of its operation. First of all, it is necessary to understand the way to establish a minimum payment by credit card.
What does the minimum contribution mean?
The owner of any credit "plastic" has certain obligations to the financial institution. Every month a certain amount of money is needed to "borrow" the account in order to at least partially repay the debt that has arisen. Payments are supposed to be made on time. This guarantees the solvency of the card holder and provides him with the opportunity to use this tool in the future.
This partial repayment of the amount of debt is called the minimum payment by credit card. Each financial institution fixes its interest and determines individual maturities. It is highly desirable to observe them, because if you miss the deadline for depositing funds, the bank has the right to impose fines or accrue penalties.
What determines the amount of payment
This position the credit organization negotiates with the borrower at the very first stage of the relationship - it is certainly prescribed in the contract. Most often, the minimum payment on a credit card looks like a few percent of the amount spent by a person in the previous period. Usually this is 5-10%, but it can be quite different. The bank can set a fixed fee. You must make it monthly, no matter how much was spent. This is not very convenient, so this scheme of the financial institution is used infrequently.
The minimum payment by credit card itself is non-uniform and consists of several sums:
- Interest calculated on the amount of actual debt for the settlement period;
- Part of the loan already used by the borrower, based on the tariff;
- Commissions and fees provided for by the contract;
- Penalty, forfeit or penalty, accrued by the bank when the borrower fails to fulfill the terms of the contract.
"VTB 24"
Each financial institution offers its own conditions for calculating the minimum payment on a credit card. "VTB", for example, includes the following amounts:
- 3% of the debt available by the last working day of the month;
- A collection of interest for the previous billing period in accordance with the card's tariff.
The required amount should be paid before 18:00 on the 20th day of the month following the reporting month. If the client wants to save a little on interest, it is worth using a grace period of 50 days. If you return the money to the card within this period, the interest will not be accrued.
If you forgot to pay off the debt in the specified period, but have a debit card of this bank, the financial institution will try to withdraw funds from there. In the event that this can not be done, the bank will be forced to pay a penalty.
3-5 days before the "hour X", the bank sends a reminder to its clients about the amount of debt, the minimum amount of money and the need for timely introduction.
Tinkoff
If you want to have such a payment "plastic", be prepared to pay a little more. The minimum payment by credit card "Tinkoff" is calculated individually and can reach 8%. The amount of payment can not be less than six hundred rubles. This means that even if you spent less, you still have to pay.
It is very desirable to make payments on this card in a timely manner. Otherwise, the offender will be penalized.
- For the first time the financial institution will punish you for 590 rubles;
- A secondary violation entails a fine of 590 rubles. + 1% of the actual amount of debt;
- Those who fell on the breach of payment terms for the third time, will part with 590 rubles. + 2% of the debt.
Subtlety of the Savings Bank
The minimum payment on a Sberbank credit card is calculated on the basis of the final amount of the debt. More often than not, 5% of the total amount of debt is calculated. This figure is the amount of the smallest payment that must be paid to the card by a certain date. Sometimes, however, the bank applies an individual scheme and sets a personal percentage for a particular client.
If by the end of the term specified in the agreement, the money for the credit card has not arrived, the bank considers the obligations unfulfilled and charges a penalty to 37%.
How and where to find the exact amount
And how to find out the minimum payment by credit card? There are several options:
- First of all, you can contact any branch of your bank. Do not forget to take your passport, otherwise it will not work.
- If your credit institution provides the opportunity to use Internet banking or special mobile offers, all information can be obtained without leaving home. Just turn on the computer, go to the page of your personal cabinet on the bank's website and get all the necessary information.
- Connect sms-informing. Today, many banks provide this opportunity. So you will always know when exactly and how much you need to make.
- To find out which minimum payment by credit card is required in the current month, you can call the bank's hotline. After talking with the operator and identifying yourself as the owner of the card, you can ask him all the questions that interest you. Sometimes the system provides an opportunity to translate the conversation into a tone mode and navigate through the prompts of the system.
- Many financial institutions provide an opportunity to connect monthly e-mail. Your e-mail will receive a written notification with the details of the charges on the card and the amount of the minimum payment.
If none of the methods suits you, or you doubt the accuracy and correctness of this amount, you can make the calculations yourself.
Calculation of interest on debt
If you have a calculator and a loan agreement, you can calculate the amount of the minimum payment yourself. First, you need to know what it is composed of:
- Amount of principal;
- Interest accrued for the use of money;
- Fine or fine, if any.
There are 2 main options for how to calculate the minimum payment by credit card:
- On the percentage of available debt;
- By the amount actually spent by the client.
First, let's consider the first option. This method is used by many banks, it is very popular.
For example:
- On the card there is an expenditure limit of 100 thousand rubles and a rate of 15% per annum;
- For the past month (30 days) the client spent 23 thousand rubles;
- The contract provides for a minimum contribution of 6% of the debt amount.
Given all these parameters, it's quite easy to calculate the amount:
- 23 000 х 6% = 1 380 - amount of principal debt;
- 23 000 х (20%: 365 х 30) = 378 - accrued interest;
- 1 380 + 378 = 1,758 rubles. - The minimum payment.
How many took, so much to put
This method of paying off credit cards is the most primitive and understandable for owners. Here everything is very simple: by the end of the month you have to return to the card account the entire amount spent in the previous period, as well as pay interest for using borrowed funds.
- 23 000 - the amount spent in the previous period;
- 23 000 х (20%: 365 х 30) = 378 - accrued interest;
- 23 000 + 378 = 23 378 rubles. - the full amount of the next installment.
After making a payment, the client is again opened a limit of 100 thousand rubles and he can again use a credit "plastic".
Do not count yourself
Although it seems nothing complicated in the calculations there, in practice it turns out that it is not always possible to correctly calculate the minimum payment amount independently. Many banks set a grace period, for example, 55 days, during which no interest is charged at all. In this case, calculating everything is extremely difficult. After all, you need to track every waste, calculate the grace period correctly for it and determine from which number you need to charge interest.
If you withdraw cash from the card, the percentage will also change, most often it becomes higher. In case you were calculated by a card at an ATM of an institution that is not a partner of your bank, you are likely to be charged an additional commission. There are also many other subtleties.
For this, the financial institutions organize whole departments, where everything is considered and controlled by the automatics. Therefore, if for some reason you doubt the correctness of the accrued amount of the minimum payment, it is easiest to contact the bank and request a detailed printout with calculation. The manager will explain in detail how and where each extra, in your opinion, penny took.
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