Current installment cards for your favorite purchases

What important criteria influence the choice of an installment card

To determine the rating of the best installment cards of 2024, the following parameters are taken into account during development:

• Geography of service and availability of the banking product in Russia.
• Cost for the issuance and maintenance of the banking product.
• What is the cost of additional card services.
• The period and duration of the installment plan.
• How many partner stores participate in the programs.
• The maximum and minimum credit limit for the banking product.
• The availability of cash withdrawal options and the applicable fee.
• What penalties are provided for the cardholder in case of violating the terms of the user agreement.

This is the main criterion developed for the installment card rating, based on which a potential borrower makes the right choice.

Geographical availability of installment cards

The most important criterion for forming the best installment card rating is the geographic availability across Russian regions. Within our country, QIWI Bank was the first to take the initiative in issuing this banking product, having an extensive network of terminals across the country. It was the QIWI terminal network that brought fame and success to QIWI Bank, where they began issuing the best installment cards to customers. Sovcombank was the second to take over the initiative, offering borrowers a banking product known as the Halva installment card. Home Credit Bank was the third to adopt this initiative in this direction, offering a similar product—its own NCW installment card. Subsequently, seeing the success of this banking product, several other similar products appeared on the market.

Sovcombank offers clients the Halva installment card only in the region where the bank has an office. Currently, a radius has been established for obtaining the card in certain regions. You must live within a radius of up to 70 km from the bank office location. Currently, the Sovcombank head office in Moscow is to review the residency radius for potential borrowers, and in some regions, it is possible to get the card if you live within a radius of 120 km from the bank head office location.

Thus, when applying for an installment card, it is necessary to clarify the geographical availability criterion for your region of residence and specifically for your locality.

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Cost of issuance and maintenance of the installment card

This is the second and significant factor of the banking product's attractiveness, which is formed for the rating of installment cards in Russia in 2024. It is gratifying to note that this banking product is currently issued by only a few issuing banks, so the following is characteristic of all cards without exception:

• Free maintenance is provided for all types of cards, both starting from the first year and subsequently.
• Absolutely free issuance in all cases without exception.

Thus, this indicator is virtually equal for almost all issuing banks that issue this banking product in Russia.

Determining installment terms

The longer the card validity period, the better the installment card rating. One cannot disagree with this statement. The leader in this direction is the Halva card from Sovcombank. Currently, for rating development, installment terms are represented by the following indicators:

• Halva card — the highest term of 36 months.
• Card from T-Bank Tinkoff Platinum — 12 months.
• Card from Credit Europe Bank «Urban Card» — 12 months.

Please note that the maximum term is specified for certain product groups and individual partner stores of the issuing bank. To navigate the average installment term, it is approximately 3-5 months. It is recommended to carefully study which product groups and partner stores the maximum installment terms apply to, in order to avoid misunderstandings in the future.

Total number of partner stores

This is the fourth most important criterion that determines the characteristics for compiling the current and best rating of installment cards in Russia in 2024. Each issuing bank concludes a partnership agreement with a real store or online store. Currently, the total number of partner stores is increasing every day, and therefore the data is indicated as of the 3rd quarter of 2024:

• For the card Tinkoff Platinum — over 6 thousand partner stores.
• For the Halva card — over 50 stores.
• The card «Urban Card» — over 250 thousand partner stores.

It is recommended, before applying for a card, to check the list of partner stores for businesses located in your region of residence. On the issuing bank's website, you can use your location address to determine the walking distance to stores participating in the installment card programs.

Installment card top-up limits

An additional factor for developing the rating of the best installment cards in Russia in 2024. As a rule, holders of such cards can receive a limit of 100,000–150,000 RUB upon initial approval, as a larger amount is unlikely to be needed for initial purchases. At the same time, the maximum available limit amount for Russian installment cards is known:

• Halva card — 500,000 RUB
• Tinkoff Platinum card — 1,000,000 RUB
• Urban Card — 600,000 RUB

Penalty fees on the installment card

In essence, these are not penalties, but the procedure for accruing interest rates if you fail to return funds to the card account on time. In most cases, credit organizations set the maximum penalty rate at 10%-15% per annum. However, some issuing banks include fines along with penalties. It is also important to pay attention to this point when applying for an installment card from your chosen bank.

How to properly choose the best installment card in Russia

The card selection service invites you to apply for an installment card from any of the proposed issuing banks, while we suggest paying attention to the following important rating parameters:

• Presence in the list of partner stores where you most often make your favorite purchases.
• The installment card should be attractive for the region of your location, or in case of business trips.

Be sure to specify these parameters when applying for the card. If you do not use the banking product for its intended purpose, the issuing bank will forcibly block the banking product.