What is needed to apply for an installment card from age 18

Which issuing banks issue installment cards starting from 18 years old

To get an installment card at 18, we suggest looking at certain credit institutions that offer a special banking product based on the principle of purchasing goods in installments. Please note that our list will only include credit organizations that offer installment cards as an independent banking product. To be fair, we should note that there are credit cards with an "installment" option, but such banking products differ significantly in the options and functionality provided for classic installments.

• Alfa-Bank, "Vmestodeneg" product (currently archived).
• QIWI Bank with the "Sovest" card.
• Sovcombank, with the "Halva" installment card.
• Home Credit Bank with the "Svoboda" installment card.

To issue this banking product, the borrower must be of legal age, starting from 18 years old. The maximum credit limit is 300,000 RUB (350,000 RUB for the Halva card). However, this does not mean that a young borrower will immediately get a credit limit of 300,000 RUB. Even if you have a good salary, the issuing bank will approve a small amount for the first time, starting from 5,000 to 10,000 RUB. The credit line may be increased later if the young borrower faithfully fulfills the obligations under the installment card tariff plan.

How to increase your credit limit

If the issuing bank approved a card with a credit limit of 5,000 RUB, this does not mean that such a credit line is the only one available to you in the future. The fact is that a young borrower has no credit history, which is the basis for approving applications and reviewing credit lines.

• The initial credit line, even if you have a good salary, will not exceed 15,000 RUB.
• In about 3-4 months, if you strictly follow the terms of the tariff plan and make payments, the bank may unilaterally increase your credit limit.
• After 6 months, the bank has the right to re-increase the credit limit after reviewing the borrower's solvency.
• Thus, the first loan generates data to build information in the Credit History Bureau (CHB).
• The initial information in the CHB allows the young borrower to subsequently receive positive approvals for applications from other credit institutions in the country.

The maximum credit line will be available in about 1 year if the young borrower complies with all requirements of the financial and credit organization regarding the use of the banking product.

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Home Credit Bank, "Svoboda" installment card from 18 years old

The issuing bank is ready to consider an application from a borrower who has reached the age of 18 or older at the time of application. The initial credit line will always be small (no more than 10,000 RUB). General terms of the tariff plan:

• Annual maintenance of the installment card is 0 RUB.
• SMS notifications are free of charge.
• Credit limit: from 10,000 to 300,000 RUB.
• Installment period: from 1 to 12 months.
• Standard interest rate under credit card usage terms: 29.8% per annum.

Preliminary application review takes no more than 7 minutes. Detailed application review takes no more than 1 hour, sometimes up to 24-48 hours. After application approval, you will need to wait 14 days for the banking product to be manufactured. Delivery by courier or at a bank branch.

"Sovest" installment card from QIWI Bank

Unfortunately, here the borrower's age is considered only from 20 years old after replacing their main ID document due to age (in the Russian Federation, passport replacement is required at 20). The bank has no branches across the country, so individual requirements apply both to the borrower and to delivery methods. Online applications are reviewed within 6 minutes.

• Client SMS notifications: 0 RUB.
• Minimum credit limit: 5,000 RUB.
• Maximum available amount: 300,000 RUB.
• Validity period of the banking product: 60 months.

For payment delays, there is a fine of 290 RUB plus an additional percentage of the debt amount.

The issuing bank has partnerships with 40,000 stores across Russia. The card is delivered by courier service or via Russian Post. You should specify the delivery method when filling out the application form in the online application.

Sovcombank's "Halva" installment card from 18 years old

One of the few banks in Russia with a high probability of issuing and approving an installment card starting from the age of 18. According to bank statistics, about 80% of applications are approved. A young borrower can use the card for 10 years as a permanent banking product after applying. To submit an application, you will need a passport, contact phone number, email, and sometimes other information may be requested, including confirmation of income source. Preliminary online applications are reviewed in no more than 10 minutes.

• Issuance and maintenance of the bank card are completely free.
• The maximum credit limit is 350,000 RUB, and the minimum is from 5,000 RUB.
• The credit line has a revolving validity period.
• Installments are provided for a term of up to 18 months.
• Cashback up to 6%.
• You can earn interest on your own funds' balance, up to 7% per annum subject to minimum requirements.
• No commission is charged for early repayment.

If the borrower defaults, loyal interest rates starting from 0.1% apply in the first few days. If you use the installment card as a credit card, the interest rate is 10% per annum.

How to easily manage your installment card

The financial services comparison service invites you to apply for convenient and advantageous installment cards from the age of 18. We recommend enabling free SMS notifications so you are always aware of when and how much to pay off your debt on the banking product in a timely manner. We also recommend registering a personal account for the mobile app or PC, where information about partner stores available in your region of residence will always be accessible. Pay attention to installment terms. For example, when buying a product—a mobile phone worth 24,000 RUB with a 6-month installment plan—starting from the second month you pay equal installments of 4,000 RUB for 6 months. No penalties are charged for early repayment.

After your application is approved on the issuing bank's website, you will be informed of your initial credit line based on the available information for the installment card from the age of 18. Next, you follow the repayment schedules, and in about 3-4 months, the bank may increase the credit line amount. Remember that for young borrowers, the credit line amount will always be lower due to the lack of credit history data from credit bureaus. By paying off your first loans or installment plans, you build a new credit base for yourself. By subsequently establishing a positive credit history, you can apply to other financial and credit institutions, which, based on the available data, may offer you their own unique banking products for young borrowers. An installment card from the age of 18 will serve as a springboard for you to receive favorable offers from leading financial and credit institutions in Russia.

The installment card issuance service is available only to Russian citizens who have reached the age of 18 and have permanent or temporary registration in one of the country's regions. To increase the approval rate, it is advisable to have sources of income that allow leading Russian banks to make a positive decision on granting a credit line.