Best MIR credit cards from Russian banks

Pros and Cons of the MIR Credit Card

Unfortunately, the MIR card is not available in all regions of Russia, but according to the initiators of the payment instrument, MIR will be available for all banks and regions across the country by the end of 2020. Banks that previously could not connect to the NSPK MIR in a timely manner for various reasons are now actively joining the payment system. According to representatives of Russia's financial circles, by mid-2020, applying for a MIR credit card will be possible in every region of the country without exception.

Advantages of the MIR Card

The main advantage is that the MIR card is protected from international sanctions. As many countries around the world tighten sanctions against Russia, including in the financial sector, the MIR payment system will become active in Russia under unfavorable conditions involving Visa or Mastercard systems.

Currently, the NSP MIR is an independent and autonomous payment gateway that can instantly readjust its operations in the event of an unfavorable financial situation regarding the Russian economy. An additional advantage, according to reviews of the MIR credit card, is that all transactions and operations are guaranteed by the Central Bank of Russia, which works to protect the structure of the payment system.

Positive aspects of the banking product:

• The card cannot be blocked if international sanctions are imposed, for example, if the cardholder commits violations outside the Russian Federation.
• Annual card maintenance is the lowest. Most often, a nominal fee of 150 to 300 RUB is set for credit cards, or there is no fee at all.
• The card has all available functionalities for managing financial capabilities, both remotely and using terminals.
• Loyalty programs have been developed for the client pool, allowing them to receive additional bonuses and discounts.
• The card has the highest degree of protection within Russia.

Thus, there is no difference in using the MIR credit card compared to equivalents from international systems, except that this banking product is only valid within Russia (though it is planned that the NSPK MIR will eventually achieve international status). The payment system operator is expected to connect all necessary options for the effective management of the payment instrument by the end of June 2020, so that it can subsequently be used as a full-fledged credit product.

Disadvantages of the MIR Payment Card

To be fair, many options for managing the MIR card are in a 'raw' state, as the necessary protection and security systems are not yet in place. It is safe to say that opening foreign currency accounts using the card poses difficulties, as this could present an economic threat to the entire country. The possibility of integrating foreign currency accounts is currently being explored, but an official announcement on whether MIR can be used for foreign currency is likely to be made in mid-2020. For now, the situation is as follows: the MIR credit card from Sberbank and other organizations only has a ruble account.

The disadvantages of the payment system for credit cards can be defined by the following parameters:

• The credit line limit has a capped amount.
• The interest rate on credit cards is much higher than the market average for other credit cards.
• The card is used exclusively for domestic purposes.
• You cannot make purchases in foreign online stores using a MIR credit card.
• Restrictions on the use of loan categories (consumer loans).

The issue of using credit cards in foreign online stores and at ATMs abroad is being addressed, but for now, this restriction is likely to remain in effect for MIR credit cards throughout 2019.

Planned Objectives for MIR Credit Cards

Currently, the NSPK MIR is making every effort to have the payment system recognized on the international market. However, external factors such as sanctions prevent the full application of international standards to payment gateways.

Below is a comparative analysis of the MIR card versus international systems such as Visa, Mastercard, etc.

You cannot pay with a Mir card in foreign countries. Negotiations are currently underway with countries such as Turkey, UAE, EAEU member states, Thailand, and others (more accurate information will become available in 2020).

We should also note the status of co-badged cards, which slightly expand Mir's functionality for making international payments. Currently, there are partnership agreements concluded with Mastercard for the Maestro card, UnionPay, and JCB. At the same time, high risks and low demand prevent co-badged cards from being recognized as equivalent to Mir credit cards for payments.

How to Apply for a MIR Credit Card

The financial services comparison service invites you to apply for Mir credit cards from the country's leading financial and credit institutions. We constantly update information and notify clients about the emergence of new payment tools in each credit institution of the country.

To apply for a credit card, we recommend following these rules:

• Review the service's offer and click the "Apply Now" button to go to the bank's official website and fill out the application form.
• Fill out all the fields of the application form on the official website of the issuing bank's Mir credit card.
• Provide the necessary data to get the application approved.
• Specify contact details.
• Submit the application on the bank's website.
• Wait for a decision in no more than 10 minutes.
• Receive an SMS notification or a call from an operator who will prompt your next steps.

After that, you will be invited to visit the bank and pick up your ready card. Some credit institutions provide courier delivery service directly to your home or office.