Nobody (except the one who grants them) likes loans, because, as the trite but certain wisdom says you take someone else’s money and for a while, and give your own, and forever. And it would be nice if you still had to give as much as you took, in fact more. Since by default there is a percentage for the use of credit funds, from which banks and other credit organizations live. So I took, for example, 100 thousand rubles for a year at 20% per annum, and it will return 111,209 rubles for the year with monthly payments. Therefore, without the need, it is better not to get involved, only if you definitely need to buy something big, but there is no free money at all. And they don’t give free quotes.
Can I borrow some money without interest? It is possible, but for a short time. The easiest and most common way is the credit card grace period, which is now usually three to four months. It is true that if you miss the payment deadline, you will also be charged interest. And they are usually higher for cards than for cash loans, etc. In addition, the list of allowed transactions is limited: sometimes cash is still needed, but receiving it from a credit card usually carries a commission, and in addition, the interest usually drips immediately, ie. The grace period does not apply to such transactions.
On the other hand, empty place is never holy. Since potential borrowers are always looking for the loan rate, you need to offer them something interest-free. What to live on? And that’s what commissions are for. Let, for example, let the rate be 0%, but there will be a loan servicing fee. Which can be very rare and many times higher than average market rates. But, in order not to scare you in advance, we will prescribe it as daily, so the absolute values are lower. You can even, as some people like to compare them to the cost of a cup of coffee – they say, this is the profitable offer we have – you, dear fellow citizens, spend more on all kinds of nonsense per day.
I analyzed a typical example of this type at the end of last year: it was the UBRD bank Cash card. Where at first glance everything looked beautiful: make any purchase or just withdraw cash (but the latter is not more than 60 thousand per month), and then pay off the debt calmly, without hurry (since the minimum payment is only 1 % per month) and without interest. The only subtlety is that if you have a debt, you have to pay. Only 1 ruble per day per 1000, but not more than 60 rubles per day in any case. It seems to be quite a bit indeed, but 0.1% per day is actually 36.5% per year. And without any grace period – that is. As soon as it was due, I received it right away.
It seems that the product did not take off, so the bank no longer offers it. But this does not mean that the rest will not try to sell something similar. In particular, I received news from MTS Bank here: In Svyaznoy, a credit card from MTS Bank “MTS Weekend Connect” is availablewhere everything is perfect. It begins, of course, with health: no need to visit bank offices – you can issue an MTS Weekend Connect credit card from the Mir payment system in the Svyaznoy store at the time of contact. Any citizen from the age of 20 can get the Mir card: just fill out an application, wait for approval, and then the whole registration process (as promised) will take no more than five minutes. But in general, solid joys: a limit of up to one million, a grace period of up to three years applies to all transactions, cash withdrawal without commissions, card maintenance is free. But with a note, without debt. And what about it, it is written a little lower – from 99 rubles per day. In this context, the UBRD doesn’t even seem too greedy anymore – there was prior to 60, and here of 99. Up to … depending on the size of the debt: these minimum 99 rubles will be only if you intercept no more than 20 thousand, from 20 to 40, already 149, from 40 to 60 – 199, from 60 to 80 – 249, and from 80 to 150 – 299. What follows is not scheduled, but it is not surprising: firstly, the fees were “pulled” from a similar MTS Money Zero card (but issued in bank branches), and secondly, for Similar products instantaneous emission large limits and uncharacteristic. So the official “lemon” will certainly exist on paper, but in reality they will give an average of 10 thousand, maybe 20-30, at best. Since it is clear that only those to whom none of the banks will give cards under normal conditions can actively peck at such an offer, including the same MTS Bank, where there are also quite healthy credit cards: with a grace period of several months and a normal rate after it ends. And here the conditional “zero”, in fact, can easily fly by 100% per annum. Or even 200% if you buy something for $15k and then return it for a year with minimum payments. So the sentence in the map description seems especially cynical: MTS credit card Weekend Connect suitable for anyone who doesn’t want to borrow or apply in microfinance companies. In fact, the maximum rate on microloans has been capped at 1% per day since 2019, and in March this year, the State Duma approved a bill in first reading to reduce the maximum daily rate to 0.8%. .
But this is in accordance with the laws that govern the activities of MFIs. And MTS Bank, with particular cynicism, draws itself with an example of a debt of 9,500 rubles paid off in five days, where the daily overpayment (99 rubles, I remind you) covers this same 1% allowed for microcredit. For the language, in general, no one pulled, they could have asked the designer girl ™ to draw at least 13500 🙂 Otherwise, as the widow of that petty officer, they flogged themselves. Also, UBRD was at least within the mandatory limits (for MFOs) exactly; MTS Bank did not always do it. And he doesn’t hide it.
I mentioned “MTS Money Zero” above, on the basis of which this card was created. There, the technology is similar, but more humane: for example, the fee for servicing a loan is 59 rubles per day, and not 99-299. The minimum payment is similar, the credit limit, however, is limited to 150 thousand, not a million. But, as he wrote, it does not matter: as a rule, they will give much less. Overall, “Weekend Connect” is even worse, though “Money Zero” is still a giveaway. But “Weekend Connect” is issued at any “Svyaznoy”, and there is a small advantage to this: if you issue a card and immediately buy something on the spot, then a normal grace period will apply for this first purchase at “Svyaznoy”. 90 days. So how exactly and to whom sellers will offer to issue a card – you can guess for yourself; No, small. If you don’t hurry, even that offer doesn’t seem profitable anymore. Because if you do not try to do everything quickly and on the spot, but go specifically to some conditional VTB for your card, there will be a grace period of 110 days for any purchase, and in Sberbank – even 120 days. And there, and there with a really free service. If you apply to VTB on the website, they will also give you 1,000 rubles (if you buy something in the first 30 days, but we are only considering this case), and take 299 rubles for registering “Weekend Connect” in Svyaznoy. Which, by the way, nothing is said in the press release, only on the fees and the “questions and answers” that you should consult. Taking into account the commission for issuance, it still does not work to consider the card even as a form of free deferment of payment in Svyaznoy – it is not free.
Well, for all other situations, this is generally a very unsuccessful product, at the level of any fast loans. “MTS Money Zero” in general is still a scam, but in the context of “MTS Weekend Connect”, the old card fades away. On the other hand, at the very least, it has been outstanding since 2020, apparently quite successfully, since it has not been abandoned. Here at the bank they decided to aggravate, at the same time withdraw the product
closer to the people. It makes no sense to promote such cards by classical methods. This is the ideal option – cooperation with one of the retailers. So therefore the buyer came for the phone and is a little short of what he likes. And then a miraculous offer is taken from under the counter, to make it enough. And in general, everything is beautiful and free, with the exception of the “little things”. With which the client will somehow solve it … by his own experience. Or immediately, if he carefully reads all the conditions.
In general, this is multidirectional – the modern market for banking services. You can really get something useful and profitable for free, or you can … One does not exclude the other, but even complements it. Sometimes within the same bank. For example, my relationship with MTS Bank began when it was called IBRD in the first half of the 2000s, and it was with the issuance of a (fully) free credit card with 1000 rubles immediately on the account as a gift 🙂 It’s just that different products are designed for different target audiences and distributed through different channels. And for the client, the main thing is precision and attention; otherwise you can go for wool and come back sheared.
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Source: IXBT
