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How to repay credit?

When a card is issued, its credit limit is set as the maximum amount which can be drawn using the credit card. You repay the credit by making payments according to the conditions laid down in the agreement.

Credit repayment instalments

Your agreement specifies when you have to make compulsory instalments in the relevant amount if you use credit. This amount is usually made up of:

  • credit (drawn down portion) repayment instalment which is automatically debited from the account specified by you or, if provided for in the agreement, must be transferred by you
  • interest which is usually debited from the same credit card account

The most important thing is to make compulsory instalments. If you have more money, you can make additional instalments at any time and repay credit before the due date.

Credit repayment methods

There are three main credit repayment methods:

  • Instalment: every month you transfer the required amount chosen during the card issue to the card account. If you owe less than the amount of the instalment, you just have to repay the debt. As a rule, such instalments are automatically debited from the specified account.
  • Revolving: every month you have to repay 5% of credit drawn down. In this case, interest is calculated separately. Depending on the type of your card, instalments should be made by you or they are automatically debited from the account specified by you. No interest will accrue for you, if you repay your credit no later than by the 15th day of the following month. For instance, you effected payment by card using credit funds on the 7th, 9th and 20th day of a month and before the 15th day of the following month you repaid the entire credit amount you have used for payment. In this case, no interest will accrue on the credit amount you have used. However, if before the 15th day of the following month you do not repay the credit amount you have used, you will have to pay a 5% fee on the amount you have used, and interest will accrue on the balance of the outstanding credit amount you have used.
  • Charge: the entire amount of credit drawn down must be repaid by the due date (usually by the end of the month). Interest is calculated separately

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