Rating of installment cards with cashback

Rating of installment cards with cashback

The ranking of the best cashback installment cards features popular and sought-after banking products from Russia's leading financial and credit institutions. Please note that the rules of use for installment card terms apply only to funds provided by the bank. Cashback does not apply to your own funds held in excess of the specified limit. However, a number of credit institutions allow the accrual of interest on the balance generated by personal funds in the card account.

You spend money by making cashless payments in stores that are bank partners. Afterwards, to prevent overdue payments, you need to top up the card account in equal installments or by a specific amount. Cashback is an additional option where a cardholder who makes a purchase at a retail network is guaranteed to receive a bonus in the form of points convertible into real currency. Most credit institutions have a uniform conversion system that follows the formula 1 point = 1 RUB. Some banks establish other conversion rules, for example, for every 25 spent rubles, you are awarded 1 cashback point.

• Accrued bonus points can subsequently be used only for specific purposes, such as purchasing airline tickets.
• The bank converts bonuses into real rubles, which you can spend on paying interest, topping up your account, etc.

When the 2019 ranking of installment cards with cashback was developed, current performance indicators and credit institution requirements for banking products were taken into account. The minimum cashback refund amount is 1% for all store categories (a number of banks set the mark at 0.7%). The maximum refund amount in bonus points as cashback is up to 30%, and sometimes within the framework of promo campaigns, you can find offers of up to 40% value refund.

General procedure for accruing cashback on installment cards

The accrual system for the ranking of the best installment cards of 2022 has an identical scheme across all participating issuing banks. The standard cashback refund scheme is as follows:

• The buyer makes a purchase transaction at one of the retail outlets via cashless payment.
• After paying for the goods, if provided for by the loyalty program, the store remits a conditional percentage to the bank, and the credit institution builds a bonus history for the cardholder.
• If the cardholder has met all card maintenance conditions (monthly turnover and balance amounts are established), then on the set date of the following month, the bank credits cashback to the cardholder's account.

It must be understood that cashback will ultimately be credited only if you use your own funds for repayment. That is, within a certain period of time, it is necessary to top up the card balance so that bonuses in the form of cashback are accrued for the previous period.

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Features of using own funds on an installment card

The credit institution issues funds that you manage at your discretion and to which the bonus program applies. The cardholder must top up the card account within a certain period for the cashback accrual terms to take effect. Otherwise, the credit institution will apply penalties for default, or an interest rate will come into force, which is applied similarly to credit banking products.

The cardholder can top up the installment card with their own funds above the established limit. However, cashback will not apply to this amount. Some banks still allow the cardholder's own funds to participate, and they may only receive interest on the balance. Thus, it must be understood that funds within the installment card limit can participate in the cashback program, while own funds above the established limit cannot, except for the accrual of an interest rate on the existing balance, but this condition does not work for all credit institutions.

Leader in the cashback installment card ranking

Installment cards appeared in Russia relatively recently. Currently, there are only 4 of them, and only the Halva card from Sovcombank has guaranteed cashback crediting.

Currently, cashback on the Halva installment card can reach up to 35% for certain items.

Halva terms	Partner refund terms	Other stores participating in the promo
Mobile device payment	6%	1%
Card payment (offline and online)	2%	1%
Receiving super cashback when paying with a mobile gadget	35%, but only 1 time per year	Not provided

General conditions for cashback refunds on the Halva installment card include the following requirements:

1. Increased cashback can only be obtained at partner stores, taking into account the payment method: smartphone or physical medium.
2. A maximum monthly refund limit is set: for a physical medium, no more than 3%. For smartphone payment, no more than 6% (7%).
3. Refunds are provided only when spending own funds.

Super cashback of 35% is accrued once per calendar year, subject to the repayment and top-up conditions of the installment card account.

Additional promotions and bonuses

Considering the popularity of installment cards, issuing banks periodically hold contests and promotions where discounts of up to 40-50% apply to certain groups of goods, as well as to special categories of retail outlets. As a rule, such a promotion lasts for no more than 1 month, as this requirement is explained by the fact that cashback must be guaranteed to be credited to the cardholder in the upcoming billing period.

Some credit institutions set a long promotion period, from 1 to 3 months. It is recommended to constantly monitor this information so that you can always be aware of the latest events regarding promotions and promotional offers of the issuing bank. It is recommended to track this information in your personal account on the bank's website; sometimes such offers are sent to your e-mail address.

Installment cards do not provide a cash withdrawal option, with the exception of the Sovest card from Qiwi Bank, where you can withdraw up to 15,000 RUB, but in this case, you cannot participate in loyalty programs. The operating principle of an installment card is to be able to track the interaction between the buyer and the retail chain, where new promotions and bonuses may be possible in the future.