What is 55 days of preferential credit? What you need to know to effectively use a credit card with a grace period
The grace period (sometimes called the “grace period”) allows you to use credit on the card for free. The grace period applies to transactions for paying for goods and services using a credit card, including those made via the Internet, as well as transactions for paying for utilities. As a rule, it does not cover cash withdrawal operations through a cash register or ATM, transfers to electronic wallets of any payment system, transfers to other accounts, or payment transactions for the services of gaming houses and casinos.
Obviously, since such a service exists, it should be beneficial to banks. It is no less obvious that the service should also be useful to clients. In this case, banks are counting on the fact that you will not be able or want to repay the debt on time. As a result, interest will be accrued for the entire time from the moment the debt arose, and this is not to mention the fines that appear if you fail to make the monthly minimum payment. On the other hand, with a competent approach to the grace period, you will be able to use the bank’s money for free, while your own funds can gradually generate income on the deposit.
Most banks divide the grace period into two parts: 30 days, when you can make a purchase on credit, and the following 20-25 days, when the debt can be repaid. Thus, the maximum grace period for the loan can be up to 50-55 days, depending on the date of purchase.
Grace period = calendar month +
The grace period scheme described below is the most common. In accordance with it, the grace period is equal to the number of days before the end of the month plus 20-25 days following it. In this case, the minimum grace period will be 20-25 days, the maximum - 50-55. If by the 25th day of the calendar month following the billing month you do not repay the full amount of the debt indicated in the monthly statement, then interest is charged on the entire amount of the debt from the moment it arose. Moreover, in order to continue using the credit card, you need to make the minimum payment indicated on the statement (usually it is 5-10% of the amount owed). Otherwise, penalties will be applied.
Example:
March 1: a refrigerator in a retail chain worth 20 thousand rubles is paid for with a credit card.
April 1: You will receive a monthly card statement showing this amount.
March 1 - April 25: Your grace period will expire.
You can continue this example, based on the assumption that you suddenly did not repay the debt on time.
April 25: The bank charges interest for the entire term of the loan. If we take the average rate on cards with a grace period (25% per annum), then the amount of interest will be 753 rubles.
Sravni.ru advice: Don’t limit yourself to the minimum payment. Pay the full amount of the debt, otherwise interest cannot be avoided.
Grace period = billing period +
As you use your credit card, you will receive invoice statements that indicate all transactions carried out during the reporting period, as well as debt indicators calculated for this period. In some banks, the settlement period is not tied to a calendar month. Then the duration of the grace period for you will directly depend on how much the date of purchase lags behind the date of receipt of the last statement.
Example:
The bank statement arrives monthly on the 3rd.
March 1: you pay with a credit card for a refrigerator in a retail chain worth 20 thousand rubles.
March 3: the bank issued an invoice statement.
March 1 - March 23: Your grace period.
Sravni.ru advice: Carefully monitor the dates of statements and count the “grace days” from them. Do not tie the grace period to the dates of card transactions.
Grace period = calendar month + next
When applying this scheme, the grace period can be up to 60 days. The first month you make purchases using your credit card, but the next month you are required to pay for those purchases in full. The caveat is that if you have an outstanding debt for the previous month, you will not be able to use the grace period in the next month.
Example:
March 1 - April 1: you made purchases with a credit card for 20 thousand rubles.
March 1 - May 1: grace period during which you must pay the bank in full.
If, for example, on April 5 you spend 10 thousand rubles from your card, then the grace period will not apply to this amount. It will be possible to “turn on” only from May, having fully repaid the entire debt in April (i.e. 20 thousand rubles for March and 10 thousand rubles +% for April).
Sravni.ru advice: Set reminders on the last day of each month to repay your card loan on time. And in order to avoid unwanted interest when repaying a loan, always check the amount of your debt with a bank employee.
Grace period = date of first purchase on credit +
In some banks, the grace period begins to operate not from the beginning of the reporting period or calendar month, but from the moment the card transaction is completed. The period lasts on average up to 50 days: 30 days is the billing period, 20 days is the payment period.
Example:
March 14 - April 16: you made purchases for 20 thousand rubles.
March 14 - April 26: grace period.
To prevent interest on the loan from accruing, you must pay the full amount of the outstanding debt any day before April 26 inclusive.
Sravni.ru advice: Do not forget that despite the length of the grace period, the minimum payment must be made monthly.
Fixed grace period
A fixed grace period is set for each purchase separately. As a rule, its duration does not exceed 30 days. This scheme is typical for inexpensive cards.
Example:
March 1: you paid for groceries in the supermarket in the amount of 3 thousand rubles.
March 1 - March 30: Your grace period.
March 4: you purchased a cell phone for 15 thousand rubles using your card.
March 4 - April 3: your grace period for telephone debt.
Sravni.ru advice: Remember the dates of your card purchases in order to meet the deadline set by the bank. Otherwise, high interest rates cannot be avoided.
Remember that the grace period is a double-edged sword. Careful study of the terms of the loan agreement will help you turn the benefits to your side. Read the product description, understand which grace period scheme applies to your card. Always be careful and repay your card debt on time.
The grace period that Sberbank offers its clients is beneficial not only to plastic card holders, but also to the bank itself. In this case, everyone has their own benefit: if the bank does not repay the debt during the grace period, the bank receives its interest, and the client, in turn, can pay off the debt without interest.
In this case, the interest rate is calculated from the time when the debt arose. If the monthly payment was ignored for any reason, a fine will be charged. Accordingly, interest rates, combined with possible fines, are a benefit for Sberbank.
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A special feature of the preferential lending service is the fact that most people cannot even think that, according to the loan agreement, the actual number of days the preferential lending is valid may often not correspond to reality.
That is, the banking institution, as the starting date for the grace period report, sets the day when the agreement was signed with the client to issue a credit card. For example, on the 5th the client received a credit card, after which on the 3rd of the next month he made a purchase for a certain amount. Thus, the client has only 22 days left until the loan closes, otherwise interest will be charged.
However, not all banking institutions operate in this way (Sberbank provides in this case an order 50 days), so you should always read the agreement very carefully to avoid misunderstandings that could lead to interest rates or penalties.
Possibilities
Taking advantage of the grace period from Sberbank, each client has the right to 55 days use interest-free loans.
It is worth noting that when applying for a loan for 55 days, interest is not accrued, but commission fees for cashing out funds have not been canceled. If the client does not want to pay a commission, it is enough to simply make purchases, or pay bills, services, and so on by bank transfer.
By making a purchase in a store using a credit card, you can not only bypass the commission, but also additionally receive a variety of bonuses and discounts, and this is due to the fact that many stores provide a similar opportunity to all bank card holders, including Sberbank
To get a credit card with an instant decision, just contact any Sberbank branch, or use the online application. Every person has the right to submit a corresponding application over 21 years of age. A prerequisite is the presence of official employment.
By applying for a credit card, each client receives many benefits, namely:
- no need for cash (all transactions can be carried out by bank transfer, which avoids possible theft of wallets and ensures the safety of money);
- You can pay with a credit card in any store, including on the Internet;
- during the first 55 days you can use credit funds without accruing interest (at the end of the term, interest will be accrued);
- you can use a loan at any time (there is no need to wait for permission from the bank);
- receive a variety of bonuses and discounts when paying with a card (when purchasing goods in a store, there is a bonus program that returns to your account up to 5%).
The essence of benefits
It is often believed that the grace period for Sberbank cards is only 50 days. However, in reality this is not the case at all.
In reality, this period is from 30 to 50 days from the moment of receipt. A new plastic card report is created monthly. This period of time often does not coincide with the first day of the month, since the activation date of the credit card is taken into account.
Things to remember:
To ensure that clients understand the main essence of the benefit, a special service operates on the Sberbank website. Its main task is to help calculate an interest-free loan. This service is absolutely free and any client can use it.
How to choose a credit card for 55 days without interest at Sberbank
Credit card for 55 days without interest in Sberbank is issued within one day. To do this, you just need a passport. At the same time, it is necessary to understand why a person needs a card. If a Sberbank client is going to take advantage of the opportunity for preferential lending, there are some nuances here.
In order to get the largest possible limit on your card from the first days, you need to:
Most clients choose a credit card based on their needs. For example, many people try to issue “Platinum” or “Gold” cards in order to emphasize their individuality and status in society. Young people, in turn, prefer the “Youth” card.
In this situation, when choosing a credit card, each person should proceed from their needs and capabilities. After all, you must admit, not every person wants to pay about 3500 rubles, for servicing the “Gold” card.
As practice shows, most clients give their preference to “Classic” and “Gold” cards. They are less expensive to maintain, and the terms of provision are more loyal to others.
Comparison
When comparing credit cards, you can see that Sberbank is the most profitable financial institution. The credit card can be issued at any branch, and the availability of low interest rates makes it one of the best in the country.
Each Sberbank card has its own annual service cost, maximum credit limit, and interest rate:
| Card name | Maximum limit, rub. | Interest rate | Maintenance per year, rub. |
| Visa Classic. Master card Standard | 200,000 rubles | 24% | 750 |
| Visa and Master Card Gold | 500 000 | 23% | 3000 |
| 200 000 | 24% | 750 | |
| Platinum American Express | 3.5 million rubles |
|
Batch service 15 thousand rubles. Normal 1000 . |
| 500 000 | 24% | 900 rubles for Classic credit cards, and 3500 for Visa Gold. | |
| 100 000 | 24% | 750 | |
| MTS and Aeroflot programs | 500 000 | 24% And 23% respectively | 900 rub. for Classic, 3500 - Gold. |
Calculating benefits
In Sberbank, the grace period is maximum 50 days. This is how many days the client has the right to use credit funds without accruing interest.
However, it is worth taking into account that the grace period is valid only if the client purchased goods or services with a credit card. With a regular ATM withdrawal, there is no grace period and interest accrues from the first day, just like with a regular loan.
Many customers are deeply mistaken when they believe that the grace period begins only after they have made a purchase. This is not the case with Sberbank. In fact, the grace period may be from 20 to 50 days. And yet, how to calculate the effect of the grace period?
When you receive a credit card using your passport, an employee of a banking institution issues a PIN envelope. It shows the date from which the reporting period begins. This number means the beginning of the reporting period for the grace period of the loan funds.
Let's consider a standard situation:
- The credit card with a grace period was activated on April 21. Accordingly, the 21st is the date when a report will be generated on the card in the future.
- This number is a grace period, which totals 50 days, and ends on May 11 (this period of time during which the loan is repaid without interest).
- On April 24, the client purchased goods for the amount of approximately 64 thousand rubles. In this case, the grace period is 45 days, at which you can save about 2000 thousand rubles.
Today I will tell you what it is grace period for lending, how it is calculated, what it is, and how to use it in a way that benefits you and not the bank. The grace period is associated only with lending through, I have not yet heard of it being used in any other credit products. So, let’s look at what it is, why it’s interesting, and what “pitfalls” it is fraught with.
What is the grace period of the loan?
The grace period for lending is the period for using an overdraft on a bank card, during which the borrower does not accrue interest on the loan.
This parameter did not appear immediately, but as a result of the competition for customers between banks issuing credit cards. It is also worth understanding that the grace period of the card is a well-created advertising ploy that attracts wide sections of the population to use this product. Of course, who wouldn’t want to use the bank’s money for free?
How is the credit grace period calculated?
The grace period for a card can be calculated in several ways; let’s look at the most common ones.
Method 1. Grace period + billing period. In this case, the grace period of the loan consists of two parts:
1. Direct grace period (usually 1 month, 30 days or until the end of the current month);
2. Billing period – the period during which it is necessary to repay the loan taken so that interest does not accrue (usually from the 1st to the 25th of the next month).
This method of calculating the grace period of a card is the most common at the moment. In this case, the grace period is up to 55 days (up to 30 days grace period + up to 25 days billing period).
For example, a bank declares a grace period for card lending, calculated using this method, up to 55 days. The person used the loan money on April 1. This means that he will have a grace period until May 25. If he used the loan money on April 30, the grace period will also be until May 25.
Method 2. Counting from the day of the first transaction with credit funds. In this case, the credit grace period is counted from the day of the first transaction with a credit card and does not depend on the duration and timing of the billing period. In other words, the grace and billing periods in this case coincide.
For example, a bank declares a grace period for lending, calculated using this method, as 30 days. The person used credit money for the first time on April 5. This means that he will have a grace period until May 5. If he partially used credit money on April 5, April 10, April 20, April 30, then in order to avoid interest charges, he must repay all these amounts before May 5.
Method 3. Counting from the day of each transaction with credit funds. With this method, the grace period on the card is counted for each transaction separately from the day it was completed. Only when using this calculation method will the duration of the grace period for each transaction be the same.
For example, the bank declares a grace period calculated in this way as 30 days. A person took out a loan of 1,000 rubles on April 5, 2,000 rubles on April 10, and 500 rubles on April 20. This means that in order for him not to accrue interest on 1000 rubles, he must repay this amount before May 5, in order not to accrue interest on 2000 rubles, he must repay them before May 10, and in order not to accrue interest on 500 rubles, he must close this amount before 20 May.
Banks may use other methods to calculate the grace period for lending. In addition, a grace period may be applied, for example, only when making payments by card in a trade and service network, but not when withdrawing cash, sending money transfers, transferring funds to other client accounts, etc. Why is that? Everything is very simple: when paying with a card in a trade and service network, the bank receives a certain commission from the store for acquiring, that is, it still has some income from the money issued.
In any case, the exact algorithm and rules for calculating the grace period must be indicated on the bank’s website, in the agreement on the use of a credit card or in the tariffs.
What is the grace period for lending?
If we talk about the length of the grace period for lending, it can be different, based on the methods of calculation and the policy of the bank. Most often you can find a grace period on the card of up to 55 days (with the first payment method), 30 days (with the second and third payment methods). It can also be different, for example, 50 days, and in some cases it can be up to 90 days.
How to properly use the grace period of the loan?
If you correctly approach the use of the card’s grace period, then you can actually get it, and in different ways, and not only for a short, but also for a long period (more about this in the link).
But much more often, people simply buy into the big words “grace period”, not understanding how it is exactly calculated and how to use it correctly, so in fact they do not have any benefits, but pay for the loan what the loan agreement stipulates.
Banks are, of course, not charitable organizations, so they think through the conditions for using the grace period so as not to “offend themselves.” In particular, in the vast majority of cases (and maybe even always) the following principle applies:
In order for interest not to accrue after the grace period, the loan must be fully repaid during this period. If even a small part of it remains outstanding, after the end of the grace period, interest is accrued on the entire amount of the original debt and for the entire past period. In addition, some additional fees may apply.
All this is stipulated in the terms of the contract and tariffs, so it is necessary to study them most carefully!
For example, a person takes out a loan on April 1, the grace period is until May 25. A person repays the loan in full on May 26, and he is accrued interest not for 1 day, but for 56 days of using the loan.
Another example: a person takes out a loan of 1000 rubles on April 1, the grace period is until May 25 inclusive. On May 25 he repays 990 rubles. On May 26, he is accrued interest on 1,000 rubles for the entire period from April 1 to May 24, and interest begins to accrue on 10 rubles from May 25.
There are several important rules that should be strictly followed when using a card with a grace period.
Rule 1: If you are not 100% sure that you will be able to repay the loan during the grace period, do not take it. This is quite logical, if you act on the principle of “I’ll take it and see what happens,” you will be constantly in debt and with a huge additional burden on you.
Rule 2: Do not leave repayment until the last days of the grace period. In this case, the payment may not be credited directly to the card, and you will still be charged huge interest for using the loan.
Rule 3. Don't withdraw cash from your credit card. Even if there is a grace period, you will immediately be charged a large commission for issuing cash, and you will already pay too much to the bank, even if no interest is charged on the loan. In addition, be aware of the list of transactions that provide for a grace period - these may not be all transactions.
Rule 4. Repay your loan using free methods. It may well be that the card has a grace period for lending, but when repaying the loan (i.e. when replenishing the card), a considerable commission is charged. In any case, it will be charged if you deposit money, for example, through payment terminals or other banks. Therefore, exclude paid and expensive repayment methods, repay the loan directly from the bank that issued the credit card.
Rule 5. Sometimes a credit card with a grace period is less profitable than one without one. It is worth paying attention not only to the cherished words “grace period,” but to all the conditions together. And calculate which option will be more profitable for you. For example, if you plan to use credit money throughout the year, then a card without a grace period at 20% per annum on the balance of the debt will be more profitable for you than a card with a grace period of 55 days at 25% per annum on the balance of the debt.
You can read more about this topic in a separate article:
Now you know what a credit grace period is, what it can be, and how to use it correctly. The site takes care of increasing your financial literacy. Join the ranks of our regular readers and learn to manage your personal finances competently and effectively. See you again!
Billing period- this is the period during which you make purchases, and the bank keeps records of how much money you spent. Typically this period is 30 days.
Next begins payment period(sometimes it is called preferential). This is the time during which you are given the opportunity to fully recoup the money spent. Please note that you must repay the entire amount of the debt - only in this case the bank will not charge you interest for the use of funds (to the extent of the used credit limit). The duration of the payment period is usually 20 or 30 days - so in total (with a billing period of 30 days) the period of interest-free use of credit money “promised” by the bank is 50, 60, etc. days.
If you were unable to fully return all the money spent to the card, the bank will charge interest on the amount you spent during the billing period. At the end of the grace period, you will need to pay a minimum payment (usually 5-10% of the amount) and interest accrued for using these funds.
From the end of the first billing period (30 days), the next billing period will begin. Please note this occurs at the same time as the first pay period begins. That is, at the same time, both the payment period for the debts of the previous billing period and the new billing period will be valid on your card.
Calculation features
All the nuances of calculating the grace period and calculating interest depend, of course, on the length of the billing and payment periods.Let's look at a specific example.
The billing period begins to be calculated from the moment you received a credit card at a bank branch or activated a previously received one. Let's say it's October 1st. Then within a month you spent 20,000 rubles. November 1st (October 1st plus 30/31 days) will be the end of your first billing period. The bank will calculate how much of the credit limit you have spent during this period and send you an SMS notification (this service is not provided by all banks; in some, to obtain this information, you need to call the call center or look in the Internet bank). In our example, it will be 20,000 rubles.
By the way, during the grace period, you can continue to use your credit card within the remaining limit. For example, before November 21st you spent another 10,000 rubles. What is the nuance? If you do not want to pay interest on your credit card, you must deposit ALL money spent on the card by November 21st. In our example, this will be 30,000 rubles (20,000 spent in the billing period and 10,000 spent in the payment period).
Let's say you haven't paid off your debt in full. It's okay - by the end of the grace period (November 21), you need to make a minimum payment (depending on the terms of your card: if 5% - then in our example it will be 1,000 rubles, if 10% - then 2,000 rubles) and interest for use 20,000 rubles. The exact payment amount will be contained in the statement that the bank will send you at the end of the billing period (November 1).
An interesting period is from November 1 to December 1. This is the period of time when the second billing period is in progress and the payment period is still ongoing (until November 21st). What does it mean? To use the card for free, you must repay the entire amount spent from October 1 to November 21. But the calculation of the minimum payment amount and interest for November will be made on December 1 (at the end of the second billing period), based on the outstanding balance. In our example, it will be 20,000 rubles (spent in the first billing period) minus 2,000 (minimum payment on November 21) plus 10,000 (money spent in the second billing period) - a total of 28,000 rubles. From this amount the bank will calculate the minimum contribution amount until December 21 (end of the second grace period) - 2,800 rubles and interest from 28,000 rubles. And so on.
Grace period from the moment of the first purchase
Let's consider this example under other conditions - when the calculation period begins from the moment the first purchase is made. This is the most convenient option for the consumer, because... in this case, you can apply for a card, but not use it until you need it. In addition, interest calculations will be carried out fairly.
For example, you received a card by mail on October 1, and made your first purchase for 20,000 on October 28. This means that the end of the billing period for you will be November 27 (October 28 plus 30 days), and the end of the grace period will be December 17 (October 28 plus 50 days) - before this date you must repay 20,000 plus the entire amount that you still spend before 17 December.
Fixed payment period date
Some banks “simplify” life for both themselves and their clients: they fix the end dates of the billing period and payment period with certain calendar dates, regardless of when you issued a credit card or started using it. Typically, banks set the first day of the month as the end of the billing period, and 25 or 20 as the end of the payment period.
For example, you issued a card on October 10, and made the first payment of 20,000 on October 20. All the same, on November 1, the bank will calculate the debt for the first billing period in the amount of 20,000 and will expect you to pay off either the entire debt or make the minimum payment by November 20.
How do different banks calculate the grace period?
Alfa Bank has different grace periods for different types of credit cards: for traditional cards, a 100-day period is provided, counting from the date of receipt of the card. In this case, the billing period is 30 days, and the payment period is 70 days. If you are applying for a co-branded card (in partnership with some company, for example, Aeroflot or Cosmopolitan), then the total grace period will be only 60 days (30 days for settlement and 30 for payment).
and Home Credit are provided on the same terms - the calculation period (one month - 30/31 days) begins from the card issue date. The payment period is 20 days, that is, the total duration of the interest-free period is 50 or 51 days (depending on the number of days in the month).
Russian Standard Bank has a total interest-free period on credit cards of 55 days. Of these, 30 days are the billing period (counting from the date the card was issued), 25 days are the payment period.
But atThe calculation period begins from the moment the first transaction is made, and not from the moment the credit card is issued or received. The billing period is also 30 days, and the payment period is 25 days, so the total is 55 days.
Features of using the grace period
Remember that the interest-free period usually only applies to non-cash payments for goods and services (both at points of sale and online). As a rule, the grace period does not apply to cash withdrawals from ATMs, replenishment of electronic money accounts, and non-cash transfers (for example, through Internet banking systems). In most banks, when withdrawing funds from a credit card through an ATM, you will first pay a cash withdrawal fee (approximately 2 - 3% of the withdrawal amount), and then also monthly interest on this amount (even if you fully repay the debt before the end of the grace period) .
Upon signing (or plastic card service agreement), be sure to pay attention to the periodic payments that you will need to make. There are no more commissions left, but monthly insurance, commissions for SMS notifications, fees for annual card maintenance, for example, remain. What's the catch"? Banks directly write off these payments directly from your credit limit without acceptance. And then they charge interest on it as if you were the one who made the transaction.
Pay attention to the specifics of debt repayment. As a rule, the fact of debt payment is not considered the date when you deposited funds onto the card through an ATM, terminal, or bank cash desk, but rather the moment when the money is credited to your card account. Even within the bank itself, money can take 1-3 days from the cash register to the account (alas, this is from personal experience). And if you pay via mail, payment terminals, or other banks, the crediting period may be longer. So always plan to pay off your credit card debt early—don't leave it until the last day.
So, if you really decide that you need a credit card with a grace period, but at the same time you don’t want to pay the bank an “extra” penny, then the only sure way is to pay only by bank transfer and at the same time completely pay off all debt to the bank before the end grace period.
How to find out the amount of debt? Typically, banks send an SMS notification on the last day of the billing period, which contains information about the balance of all debt on the card, as well as the minimum payment that must be made before a certain date. Woo-a-la: the balance of the debt is known, the deadline for payment is also known. Before this date, pay off the debt in full (deposit money onto the card at least in parts). Try not to spend money during the payment period. Well, or before date X, return what you spent.
loans plastic cards examples questions and answers loan repayment Russian Standard Bank" credit card
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:
- 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 the amount of the Principal Debt and Over-Limit Debt (if any) as of the end date of the specified Calculation period in full no later than the end date of the Grace period specified in such Statement Invoice. (clause 1.27 of the Terms of provision and servicing of “RUSSIAN STANDARD” cards)
- The grace period applies only to those Operations that are specified in the Tariffs, carried out at the expense of the Credit, and reflected by the bank on the account during the billing period, if no later than the end date of the Grace period specified in the invoice statement, the Client has placed money on the account funds in an amount sufficient to repay the Outgoing Balance in full as indicated in the invoice statement (clause 6.15.1 of the Terms);
- 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.
- 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. Interest is not charged provided that the principal amount and excess debt (if any) are paid in full no later than the end date of the grace period.
- 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)
- The grace period for crediting applied to the expense Transactions provided for in this Tariff Plan terminates upon the expiration of 55 (Fifty-five) calendar days from the start date of the Billing period during which the corresponding expense Transactions were reflected on the Account, namely on the date following beyond the end date of the Grace period of lending specified in the Invoice statement issued at the end of the corresponding Billing period (clause 15 of Tariff Plan TP 237/1)
Based on the above quotes from the bank, 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 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.