Apply for 24-month installment cards — rules for using the banking service

Basic rules for using a 24-month installment card

Studying reviews of the 24-month installment card, we can draw a conclusion. This banking product is not a credit or consumer loan in the sense usually presented on the financial market. If you buy a product, for example, for the amount of 48,000 RUB in May 2022, then starting from June 2022 to May 2023, you pay in equal parts of 2,000 RUB. No interest will be charged to you during this period. The main condition is to strictly observe the debt repayment deadlines according to the tariff plan of the issuing bank you selected.

Standard purchase processing procedure for an installment card:

• We visit a partner store, select a group of goods covered by the 24-month installment plan, and make a purchase. Both physical stores and online stores are available for purchases.
• If you visit a store, as a rule, the partner store indicates near the price tag that this item is available to the buyer on an installment card for a period of 2 years or another term.
• No other term can be set for the product. Thus, if an installment plan is specified, for example, for 18 months, neither the store nor the bank has the right to change the terms of the contract for the entire period while the borrower repays the debt to the credit institution.
• After purchasing the product, the borrower assumes the responsibility of paying for the product in equal installments starting from the following month throughout the entire validity period of the installment plan.
• The user has the right to make several purchases using the allocated credit limit. If the placement of personal funds is permitted, they can also be used as an installment plan, but under individual terms.

Thus, after completing the transaction, the store transfers the goods to the buyer, and the cardholder's financial responsibility arises exclusively toward the bank. Please note that the bank, in turn, transfers the funds to the store in full, while the purchaser of the goods using the card now bears responsibility exclusively toward the credit organization for the entire duration of the installment plan.

Where 24-month installment cards can be used

For all types of banking products, including the 24-month Halva installment card, participation in purchases is provided both in regular stores and in partner stores. The only difference will be in the installment terms.

• Outside the partner network, the installment period does not exceed 2-3 months.
• Within the partner network, maximum terms are set, including up to 24 months.

Please note that even within the partner network of stores, there may be exceptions. Let's look at an example in detail. You visit a well-known home appliances store, and the following criteria may be set (the examples are conditional):

• Purchasing the same item online and in a physical store may have different installment terms. For example, when buying online, the term is set to 24 months, and in a physical store - 12 months.
• A store may set an installment period of 2-3 months for a separate category or group of goods, and 24 months of installments for a special group.
• The same product has different manufacturers, but the installment plan is specified only for one brand for a term of 24 months, and for another - 6 months.

These are the main practical differences in using an installment card in partner stores.

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Who sets the installment terms for the card

If a partner store participates in the project, it concludes an agreement with the issuing bank that stipulates identical conditions for making purchases using the installment card. Different rules for installment cards cannot be established for the same product from the same bank for different clients. Every buyer has equal conditions for participating in the promotion. There is still a difference regarding additional conditions, such as cash back loyalty programs and the accrual of interest on balances. In this case, everything will depend on the activity of the borrower who holds the 24-month installment card. Thus, all clients of the same issuing bank have equal rights when applying to a partner store.

• The partner store and the bank enter into an agreement and set the terms for using the installment card, both for the store as a whole and for specific product categories.
• A customer who has purchased a product is subject to the installment terms valid at the time of purchase, and neither the bank nor the store has the right to change the price of the product or the mandatory payment amounts throughout the entire installment period.
• To attract customers, the partner store informs them about the availability of installment plans for the desired purchase.
• To spread information about the availability of installments, the bank invites the cardholder to review offers in their personal account or on a dedicated page of the official Halva installment card website.

Thus, the bank provides public information about installment availability through one of the selected communication channels: the official website, the cardholder's personal account, SMS notifications, or email.

The best 24-month installment card in 2024

Among the issuing banks offering the best terms for a 24-month installment card, the following stands out:

• Sovcombank, Halva card. The only available banking product that offers a true 24-month installment plan. The card can be used to pay for purchases in installments both at partner stores and outside the partner network. An interesting advantage of the card is the ability to get installments outside of partner stores for up to 36 months (3 years).

The credit limit for the Halva card is 350,000 RUB. Sovcombank delivers the Halva card via courier service, Russian Post, and regional bank branches.

To determine the best installment card for purchases in 2024, we recommend paying attention to the following features of the banking product:

• The presence of an interest rate in case of failure to meet installment repayment deadlines.
• Whether an increase in the credit limit is permitted upon compliance with the initial terms.
• Whether the bank provides for an interest rate reduction if the credit limit is increased.
• Whether interest accrual on positive account balances is provided.
• Whether participation in loyalty programs based on cashback accrual is available.
• Whether it is possible to purchase a product from a partner store not only in installments but also with a discount.

Each issuing bank has its own features for servicing 24-month installment cards, and our financial comparison service suggests paying close attention to the tariff plan terms. You should also consider the number of partner stores participating in the promotion. We recommend registering your personal account, where you can track information about partner stores available in your city for the specified 24-month installment cards. We also recommend enabling free SMS notifications to stay informed about the exact amount and deadline for your payments to avoid overdues. We invite you to follow the link to the official website of the installment card issuing bank and fill out an online card application. After submitting the application, you will receive a response from the credit institution regarding approval within about 5-10 minutes, along with instructions on your next steps to receive the banking product.