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120 days interest-free credit card from OTP Bank
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About the card
“120 Days Without %” is a rewarding credit card from OTP Bank. Cardholders can not only make purchases within the grace period interest-free, but they also get access to a 12-month installment plan. Additionally, the benefits of the “120 Days Without %” card include free servicing and no cash withdrawal fee.
Terms
Card issuance is always free. The bank also does not charge a card maintenance fee. Additionally, the cardholder can enable notifications for deposits and expenses. This service is also free.
Card reissuance initiated by the bank or due to expiration is free. The cost of issuing a new card to replace an old one due to loss, PIN loss, change of personal data, etc., is 299 RUB.
The credit limit for the “120 Days Without %” credit card ranges from 10,000 to 1 million RUB. The bank determines this individually for each borrower.
The grace period is up to 120 days, depending on the purchase date. It applies only to non-cash payments for goods and services. Purchases made in the first 30 days from the card opening date are converted by the bank into a 12-month installment plan.
The mandatory minimum payment is 5% of the debt amount, but not less than 500 RUB. It must be paid to avoid overdue debt and cancellation of the grace period.
OTP Bank does not charge interest on purchases made during the grace period. Outside the interest-free period, the rate is:
- from 36.9% per annum on purchases;
- 36.9% per annum on cash withdrawals, borrowed funds transfers, and equivalent transactions.
If the monthly payment is not made, the bank charges a penalty. Its amount is 20% per annum of the overdue debt amount.
The bank does not charge a cash withdrawal fee for the entire duration of the credit card. For borrowed funds transfers, the cardholder will need to pay a fee of 4.9% of the transaction amount plus 490 RUB.
The bank does not accrue cashback for purchases.
Borrowers who meet the following requirements can apply for the “120 Days Without %” credit card:
- citizenship of the Russian Federation;
- have permanent registration and place of residence in the region of the bank's presence;
- have continuous work experience at their current job for at least 3 months;
- have a constant net income of at least 10,000 RUB for residents of Moscow and the Moscow region, and at least 7,000 RUB for residents of other Russian regions.
To get a credit card, you only need to provide a Russian internal passport. If necessary, the bank may request additional documents confirming income and employment.
| Pros | Cons |
| The bank does not charge a fee for card issuance and reissuance if it was required due to expiration or at the initiative of the credit institution. | The bank charges a higher interest rate on transactions and fees made outside the grace period. |
| The bank under no circumstances charges an annual card maintenance fee. | Unlike other banks, OTP Bank does not award cashback for purchases. |
| The bank provides a large credit limit — from 10,000 to 600,000 RUB. This amount depends on many factors and may therefore be lower. | For credit funds transfers, the cardholder needs to pay a very high fee — 4.9% of the transaction amount plus 490 RUB. |
| The bank provides an extended grace period — up to 12 months for purchases made in the first 30 days, and up to 120 days for other purchases. | |
| The cardholder can transfer credit funds for free during the entire validity period of the card. | |
| The holder can get a card with just a Russian internal passport | |
| If necessary, the bank delivers the card for free via courier to a location convenient for the borrower |
How to apply
First of all, you can apply for a credit card at a bank branch. To do this, you need to visit the office during working hours with all necessary documents. You can also apply for the card online on the OTP Bank website. To do this, the future cardholder needs to go to the card application page and click the “Apply for card” button.
In the opened form, the client needs to indicate the desired credit limit, full name, date of birth, gender, mobile phone number, and email address. You will also need to check all the necessary boxes and click the “Next” button.
Next, the borrower needs to confirm the entered data with a code sent via SMS.
Finally, the future cardholder needs to enter passport data, permanent registration address, and actual place of residence address, and click the “Send application” button.
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