OTP Premium credit card from OTP Bank

You can get the “OTP Premium” credit card for free. Using it is free as well—the bank charges no fees for issuing the card or its maintenance. However, you will need to pay a one-time reissuing fee of 299 RUB if the card is reissued before its expiration date.

If you want to receive notifications about deposits and withdrawals, you can connect the relevant service. This option is always free.

OTP Bank offers a high credit limit ranging from 200,000 to 1,500,000 RUB. You will find out your available amount only after your application is approved, as the credit limit depends on several factors, including your credit rating, debt load, salary size, place of employment, having minor children, and so on.

Although OTP Bank offers a high limit, getting the maximum amount right away is almost impossible, especially if you are not a salary client of the financial institution and do not hold a large deposit there.

If you are applying to the bank for the first time, you will most likely be approved for the minimum limit of 200,000 RUB. In the future, you will be able to increase your available amount by regularly using the credit card and avoiding overdue mandatory minimum payments.

The grace period for the credit card is up to 120 days. Its duration depends on the day of the billing cycle in which you pay for purchases. The interest-free period applies only to non-cash payments for goods and services. If you withdraw cash or transfer credit funds from the card, the bank will charge an interest rate.

If you do not have enough funds to fully repay your credit card debt before the end of the grace period, you can pay just the mandatory minimum payment. For this card, it is 5% of the debt amount, but not less than 500 RUB.

Making the mandatory minimum payment will help you avoid overdue payments and penalties.

As mentioned above, the interest-free period applies only to non-cash payments for goods and services. This means the bank does not charge interest only if you manage to repay the debt before the grace period ends. In all other cases, the interest rate on the card is 34.9% per annum.

Making minimum payments is mandatory. If they are overdue, the bank charges a penalty of 20% per annum on the overdue debt amount. In addition, the bank reports this to the Credit History Bureau, which negatively affects your credit history.

Cash withdrawals with this card are free. This means you can withdraw cash using your credit limit without any amount limits. However, transfers of borrowed funds are subject to a fee. Sending money from the credit card will cost you an extra 4.9% plus 490 RUB.

The card features a very simple and clear bonus program. By paying with the credit card, you can earn 5% of your purchase amount in four enhanced cashback categories:

• "Home and Renovation";
• "Clothing and Shoes";
• "Sports and Sporting Goods";
• "Wildberries and Ozon".

The maximum reward you can receive is 3,000 RUB per month. The bank credits these to a special bonus account. The earned cashback can be converted into rubles as soon as the bonus account balance exceeds 500 RUB.

OTP Bank does not have any strict requirements for borrowers. You can get the “OTP Premium” credit card if you meet the following criteria:

• Russian citizenship;
• with permanent registration in a region where the bank has a branch;
• with an actual place of residence in the region where you apply for the credit card;
• are at least 21 years old;
• with a permanent place of employment;
• with a work experience of at least 3 months at their current job.

Only a Russian internal passport is required to apply for the card. However, if you have a poor credit history, a high debt load, or are requesting a large credit limit, you may additionally need certificates confirming your income and employment.

Pros:

• free card issuance;
• free card maintenance;
• high credit limit — up to 1,500,000 RUB;
• long interest-free period — up to 120 days;
• no interest for cash withdrawals at any bank ATMs without limits;
• opportunity to receive up to 5% cashback;
• ability to get a credit card with just a Russian Federation citizen's passport.

Cons:

• high fee for credit fund transfers when exceeding limits;
• the bank may request documents verifying your income and employment.