Visa credit cards – get benefits from a banking product

Types of Visa Credit Cards

Currently, the country's leading banking institutions offer several types of Visa credit cards, which have their own functional features depending on the scope of application. The most in-demand banking products among borrowers are the following:

1. Visa Classic credit cards.
2. Visa Gold credit card.
3. Visa Standard credit cards.

These cards combined under the Visa brand account for about 87% of all available banking products in Russia.

Visa Classic Credit Cards – Leader of Banking Products

Practically every commercial bank has Visa credit cards of the Classic type in its arsenal. This type of banking product has a standard set of services required for lending to borrowers. The Visa Classic credit card is successfully issued based on a minimal set of documents. Many credit institutions offer to issue the payment instrument using just a single document – the passport of a Russian citizen. The credit limit amount for a Visa credit card number is up to 300 thousand rubles. If the borrower successfully handles the minimum lending requirements, the bank unilaterally increases the credit account limit and decreases the interest rate.

Do not confuse these with so-called instant Visa credit cards, as such categories of banking products practically lack expanded loyalty programs and are unpersonalized. A practical example of a Visa credit card contains the expiry date, a 16-digit number, and the cardholder's first and last name in Latin characters.

The basic features of a Visa Classic credit card include the following options:

• The average interest rate on the banking product is 27%.
• A grace lending period is mandatory, ranging from 30 days to 180 days.
• Annual card maintenance is provided from 0 RUB to 1,000 RUB.
• All Visa Classic cards are issued free of charge by issuing banks.
• The validity period of the credit card is from 36 to 60 months.
• A ruble account is provided, with the option to link 2 to 3 currencies if necessary.
• The card features loyalty programs with standard cashback percentages.

The Visa card exists both as a physical medium and can be adapted for Apple Pay or Samsung Pay apps. In general, you can find several options for Visa Classic credit cards in almost any bank. We recommend using our financial services matching service. Please note that according to reviews, there is a Standard type of Visa credit card that is practically no different from Classic. In essence, this is the exact same type of Visa card, but under a different name.

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What Makes Visa Gold Credit Cards Different

You can very often encounter a bank offer to issue a Visa Gold credit card. This card type is the second most popular after Classic and ranks just below the Visa Platinum credit card. A feature of the Visa gold credit card is individual service terms. Despite the fact that the tariff plan may be general for all types of Visa cards, the bank in turn offers the borrower exclusively individual service terms and schemes. Just like Platinum, all Gold cards are classified as premium. The main distinctive feature of the Visa Gold credit card:

• The overall interest rate on a Sberbank Visa credit card will be significantly lower than for the Classic card.
• An increased cashback rate under the loyalty program. In some cases, you can get a cashback of 20% or more.
• The credit limit is significantly higher than for the classic card. In some cases, banks approve a credit line of up to 1.5 million RUB and more.
• A massive system of preferences for holders of the banking product.
• Individual terms for the grace lending period.

Excellent examples of Visa gold cards are offers from Raiffeisenbank and Sberbank of Russia. In most cases, credit institutions impose heightened requirements on recipients of the banking product. In particular, the credit limit is large, and income confirmation is required for approval. In this case, the bank independently determines the minimum salary amount to determine the available credit limit. The bank may issue a small credit line amount the first time, after which, after some time, if the borrower fulfills all the bank's conditions, the loan amount is increased unilaterally by the bank, and the interest rate for using borrowed funds is reduced accordingly.

Unique Visa Credit Card Number and Security Rules

In most cases, the banking product has a 16-digit Visa credit card number. The number is generated automatically and can be assigned by the bank, which knows the sequence for placing combinations in accordance with the requirements of the Visa payment system.

The secret CVV code on the back, as well as the PIN code, must not be known to anyone, even an employee of the issuing bank. As a rule, the PIN code is set by the borrower independently, or they receive recommendations from the bank on how to set or change the credit card PIN code.

Along with the banking product, credit institutions issue recommendations to borrowers on the safe use of the banking product. By neglecting security rules, you give fraudsters a chance to use the credit card. For security purposes, the bank recommends connecting SMS notifications. This way you will always know what transactions are being performed with the banking product online.

In addition, you need to pay attention to such a point: every bank provides a bank card reissue service. Some banks provide this service free of charge, while some credit institutions establish a fixed cost for reissue. This procedure will be required in the following cases:

• The borrower for some reason lost control over the banking product.
• There is mechanical damage to the card making its further use impossible.
• The banking product was stolen from the borrower (the card must be blocked beforehand).
• There are signs of physical wear and tear even if the bank-initiated reissue stage has not arrived.
• Terminals or card-accepting equipment spontaneously swallowed the card.

If there is at least one of the above force majeure circumstances with the card, it is recommended to first block the Visa credit card, then report the information to the bank and order a reissue of the banking product.

Sometimes you can find Visa credit card numbers that contain 13 or 19 digits. This is a special card issue for certain issuing banks. In addition, a credit card can be distinguished by its first digit: all Mastercard credit cards generally start with the digit 5, while Visa credit cards start with 4.

The first 6 digits contain special information about the issuing bank that holds the banking product. Notably, if you enter the first 6 digits of a credit card, you can automatically determine online which issuing bank the card belongs to. This information is not secret. At the same time, the full set of digits on the card is considered personal information for the borrower and should only be provided in extreme cases.

Many people notice that a credit card has a settlement account. This information is used by the issuing bank to track all financial transactions using the credit card number. Thus, the settlement account and the card number are not the same thing. You can open multiple credit cards, but you may be provided with a single settlement account.