The terms are specified in the loan agreement. Therefore, in order to use borrowed funds wisely, it is important to carefully read the agreement and follow the bank's rules.
The third calculation scheme is used in Sinara Bank. Let's consider its logic in more detail.
The "DA!" credit card provides a grace period of up to 56 days. During this time, you can make any transactions without interest, including withdrawing cash from ATMs and transferring money to other cards and accounts.
After each transaction - purchase, cash withdrawal, money transfer - a debt in the amount of the spent amount is formed on the balance. If you pay off this debt during the grace period, then the overpayment on interest is zero. If you delay the payment, then interest is charged on the amount of the debt.
0% - while the grace period is in effect,
24.9% - for purchases in stores outside the grace period,
44.9% - for cash withdrawals and transfers finland mobile database outside the grace period.
The length of the interest-free period at Sinara Bank depends on the day you paid for the purchase or withdrew the money. Here's how the grace period is calculated:
we determine the end date of the current billing period (this is either the date of the contract or the last day of the month);
we count the number of days between the date of the transaction and the end date of the billing period;
We add the payment period set by the bank - 25 days.
Calculation example:
You received the card on March 1st.
The next day, March 2, you bought a smartphone.
The billing period ends on April 1.
There are 31 days between the purchase date (March 2) and the end date of the billing period (April 1).
We add 25 days to this period.
We get 56 days - the grace period.
Thus, you need to pay off the debt for the smartphone within 56 days from the date of purchase, that is, before April 26. During this time, you owe the bank only the amount that you actually paid for the smartphone, without interest.