Credit cards are expanding their limits – Kommersant FM
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Banks are increasing credit card limits. The average figure for the year increased by 30% and is a little more than 106 thousand rubles, according to a study by Scoring Bureau analysts. As Kommersant FM found out, financial organizations not only increased the amounts, but also returned bonuses and cashbacks that were canceled a year ago. What do they offer to clients? And what does increased limits mean for borrowers? Aelita Kurmukova sorted it out.
The average bill on a credit card has broken the 100 thousand ruble mark. back at the end of June and is only increasing. Most banks offer such cards for free, some even promise cashback, in some cases – up to 30%, if you believe the advertising and make purchases from partners.
You can use the money without interest from 55 days to two years, if you do not read the contract carefully. In practice, the so-called grace period sometimes only applies to the first 30 days. And then – the commission. And in fact, a credit card is the most marginal product for financial institutions, says Ivan Uklein, director of banking ratings at Expert RA:
“If a bank imposes interest on credit card purchase transactions at a rate of up to 33% per annum, in accordance with the maximum allowable value of the PSC, such a restriction does not apply to cash withdrawals or card transfers, and the bank can charge 40% per annum or more.
When making payments on credit cards, the bank receives a commission, the so-called interchange, and a fairly limited number of financial institutions share this commission with clients, since credit cards are quite rarely represented in loyalty programs.
For banks, this product is profitable both in terms of interest and commission income. Literally one late payment, taking into account penalties, more than pays for this product.”
In September there was a new record – 4 million credit cards went beyond the grace period, according to Scoring Bureau analysts. The average amount of arrears is 62 thousand rubles. Therefore, before signing an agreement, it is better to find out the full cost of the loan in advance. Indeed, in addition to the loan, banks can also include other payments there, notes Yegor Lopatin, deputy director of the group of financial institution ratings of the NKR agency:
“Opening a limit does not make you a debtor to the bank. This is a potential “pot”. Before spending this limit, you need to carefully read the terms and conditions. The interest rate is about 11%, with the key rate being 15% – it is clear that banks will not operate at a loss. The contract needs to be studied: what is the service tariff, there are also debt insurances, the commission can be very good. If we count on an annual basis, the percentage sometimes reaches several tens. But the fact that the limits are being increased is not bad. For borrowers, a credit card is better than loans, where the rates are even higher and the conditions are also opaque.”
Banks are increasing limits and the number of cards themselves, but clients, at least this year, are in no hurry to activate them. The Central Bank drew attention to this back in the summer. In the first quarter alone, financial institutions issued almost 11.5 million new cards. And the number of actively used ones (for which at least one operation was carried out during the quarter) decreased by more than 7 million rubles. But even if you don’t use the card, it’s still a loan, warns Vladimir Shikin, Deputy Director of Marketing at the National Bureau of Credit History (NBKI):
“If you have a loan with a good limit, and suddenly there is a need for borrowed funds, apply for a consumer loan, and the bank will calculate the debt load indicator. And if you have a credit card, even if you don’t use it, this limit still contributes to the calculation of your debt load ratio. Therefore, the issuance of a new loan by another bank is limited for you. This is considered as a potential opportunity to take advantage of the limit.”
And even if you don’t take out a new loan, but close the old ones, it’s better to start with a credit card, financiers advise. After all, the interest rate on such products can reach up to 70%.
Everything is clear with us – Telegram channel “Kommersant FM”.
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