Russians can earn additional income by using credit cards. Natalya Demidova, an expert in the payment systems and payments department of the Main Directorate of the Central Federal District of the Bank of Russia, told socialbites.ca.
“Many people associate credit cards with endless debt and uncontrolled spending. However, if you act wisely, you can avoid falling into the red and earn additional income. This option is suitable only for disciplined people with stable financial income,” said the expert.
Demidova explained that to get additional income, you need to deposit a comfortable amount with the highest possible interest rate and at the same time open a credit card with a grace period. You must pay by card and make payments before the end of the payment period. The expert concluded that the money invested during this period will work as a plus.
He added that a credit card will also help you save on necessary purchases during promotion and discount periods, but it is important to avoid impulsive spending. According to him, the benefits are possible only if a person is ready to strictly observe financial discipline: do not take more than he can afford and pay off the debt exactly before the end of the interest-free period of the credit card. If the expenses exceed the amount on deposit, you will have to pay interest on the amount of the outstanding debt instead of making a profit.
According to the Central Bank representative, you should choose a credit card that provides free service or has a minimum annual fee.
“You should also note that there is no fee for credit card payments in stores. And a transfer from a credit card to another person’s card to another bank, as a rule, amounts to up to 6% of the transaction amount. Such a transfer from a bank card will be 1-1.5% of the amount,” Demidova summarized.
Before that, there was Alexey Rodin, an expert on the “Myfinance.rf” portal of the Research Institute of the Ministry of Finance of Russia. named socialbites.ca has five rules regarding the use of credit cards.
Russians before voiced Three reasons for bad credit history.