What banking products are most interesting to citizens?

For the first time in history, banks issued more credit cards than cash loans. According to the Central Bank, in 2023 alone, the number of new credit card users increased by 6.6 million people. And the trend will continue, Kommersant FM’s interlocutors note. This product is beneficial to everyone: banks now also earn on commissions on transactions, and clients use money for free not for three months, as before, but for six months. What conditions are offered on credit cards? And what risks can await owners of plastic? Aelita Kurmukova found out.

The average limit on credit cards is 100 thousand rubles. And the more money on deposits, the higher the approval amount. Applying for a plastic card is easier than taking out a cash loan. If you pay on time, banks offer an extended interest-free period and increased cashback, says Egor Krivosheya, head of the Blockchain and Fintech Laboratory at the Skolkovo School of Management: “Many banks offer a year without interest or at least six months. Conditions are getting better and better. For example, when comparing loyalty programs to debit cards, credit card cashback is one to half a percentage point higher. That is, calculating specific cashback is quite difficult. For some partners it can be up to 30%, and sometimes up to 50%.”

The average rate on consumer loans in the first quarter was almost 28.5% per annum. In reality, as analysts note, taking into account all hidden options, the borrower returns 40%. And for credit cards it’s even higher, and many clients don’t even know about it, notes Ivan Uklein, senior director for banking ratings at Expert RA: “Currently in the banking sector there is a moratorium on compliance with the full cost of the loan.

Therefore, some credit cards are indeed issued with the condition that cash withdrawals or transfers to the card are subject to a higher interest rate than purchase transactions – 0.8% per day, that is, about 292% per annum.

But, of course, bank lending rates did not reach such values ​​even at the peak of macroeconomic uncertainty. They are still lower than in the microfinance segment, but in some cases, credit card rates can exceed 50% per annum.”

And as it turns out, the borrowers themselves are to blame for the increased rates. The most advanced of them not only used credit cards, but made money from it, continues Ivan Uklein: “In 2023, against the backdrop of high interest rates, the so-called studentization became a widespread phenomenon. For each such card, you can withdraw 50 thousand monthly without commission during the grace period, and clients sign up for several cards, placing these funds on deposits for a short period of time, or in savings accounts.”

Banks realized this and adjusted their credit card programs, significantly reducing the withdrawal amount. So now this option no longer works, and the conditions for borrowers with a high debt load have become noticeably tougher, adds Vladimir Shikin, Deputy Director of Marketing of the National Bureau of Credit History: “A borrower with a personal credit rating below, relatively speaking, 500 points, practically does not approve the application to get a credit card in general.

If the debt burden exceeds 50%, that is, the ratio of monthly loan payments to monthly income, the likelihood of getting a loan to close the old one is extremely low.”

Against the background of a high key rate and a decrease in the issuance of consumer loans, plastic remains the most profitable banking product. But this is still not a replacement for loans, but rather another payment instrument, Kommersant FM’s interlocutors explain. Only the number of owners of such cards is impressive – 27 million people, this is data from the Central Bank as of January 1. And Muscovites take first place in the number of issued credit cards. In February alone, as calculated by the United Credit Bureau, almost 180 thousand new cards worth 30 billion rubles were opened.

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