Who has not been in the situation where the urgent need for unforeseen expenses, but time to go to the bank and take out a loan is not? But who would not want to use money from credit, while not paying interest on it?
Surely there were many wishers, but few know, that there was such a banking product, which is also offered by local banks – this is the credit card.
What is a credit card?
The credit card represents a loan, permanently available to the client. The maximum amount that can be obtained with the card is called the credit limit.
This decreases as the money is used and is reimbursed with reimbursement. It is similar to a backup electronic wallet from which you can use money, but for a certain number of days – the so-called “grace period” you must return them, otherwise you will pay interest.
The card can be used by the customer as he wishes. By its nature, the credit card is a product intended to facilitate payments to merchants and, less, to use for the purpose of withdrawing cash from ATMs, given the higher level of commissions when withdrawing cash compared to debit cards.
What are the advantages of credit cards:
- convenient – receive the money quickly to the card, without a pledge and with a minimum package of documents, interests and transparent commissions;
- convenient – do not pay the interest during the grace period, which can reach up to 60 days the interest is paid only for the amount and the effective period of use of the credit;
- universal – permanent access, 24/24 hours, 7/7 days, anywhere – in the country or abroad;
- flexible – you can pay for any goods, services, invoices, online shopping, travel, etc. Unlimited possibilities in the use of credit – it is not necessary to confirm the destination of the used credit resources;
- secure – increased security of transactions with 3D secure;
- easy to manage – on the card account operations can be carried out through remote service systems, such as viewing transactions, transferring money from the card account to the current account or to accounts from other banks).
Who are the potential beneficiaries of the credit card?
- Persons with permanent residence visa in Moldova;
- Minimum age 18 years and maximum at the end of the credit agreement: 62 years for men, 57 years for women;
- Persons with a stable monthly income with a minimum age of 6 months in the current workplace.
ZERO commissions for:
- Credit card issuance;
- Payment of purchases to merchants;
- Early repayment of credit amounts.
The interest rate on credit cards:
- 0% – for grace period
- Interest is floating on all banks and varies between 17.5% and 20%, it is paid only for the amount and the effective period of credit use.
Commissions for withdrawing cash from ATMs
As the credit card is less intended for use for the purpose of obtaining cash, the banks in the country apply considerable commissions for withdrawing cash from ATMs, these being divided depending on the ATM whose banks withdrew the cash:
- Cash withdrawal from the card-issuing bank – varies from “free for the first 5 monthly withdrawals” up to 2.5% of the amount withdrawn + 1 USD;
- Withdrawal of cash at the ATMs of other banks in Moldova – varies from (0.5% + 1 USD) to (4.5% + 2 USD);
- Withdrawal of cash at the ATMs of other banks abroad – ranges from (1.5% + 2 USD) to (4.5% +3 USD).
It is worth noting that some banks also charge additional fees, such as for the activation of the credit line, so it is advisable to study carefully the bank rates at which you want to obtain the credit card, in order to be fully informed about the costs.