Virtual installment cards from the best banks

Virtual Installment Cards from Sovcombank

The most sought-after and popular product in the installment card segment is Halva, issued by Sovcombank. Notably, the physical card still prevails, nevertheless. Many people use the virtual Halva installment card alongside traditional plastic. Interestingly, while you have to wait up to 14 days for the physical card after your application is approved, the bank simultaneously offers to issue a virtual installment card in just 1 hour. Thus, you will have two cards, and you can start paying with the virtual one immediately after receiving its details and activating it in your personal account.

In addition, to apply for the card, you will need the following: your Russian internal passport details, mobile phone number, and email address. The main terms of the card are as follows:

• Installment period from 1 to 12 months, and up to 18 months for certain product categories and stores.
• An automatic revolving credit limit of RUB 15,000 is provided.
• Spending up to RUB 40,000 per month is allowed for purchases made with the virtual card.
• All information regarding transactions and other activities can be received via the mobile app and SMS notifications.

The initial credit limit on the virtual Halva installment card will be insignificant, no more than RUB 15,000. To increase the credit line, it is recommended to provide the bank with information about your income. Thus, the first time you apply, you can get approval for RUB 50,000. The maximum available amount is RUB 350,000.

Kviku Virtual Installment Card

This is the only card represented in the microfinance segment. The issuer and holder of the virtual installment card is IFC AirLoans. The banking product allows for secure purchase and spending operations in online stores, as well as paying for services. There is an attractive bonus program.

To control expenses, you need to download the mobile application or activate the SMS notification service. As practice shows, if you submit all the necessary information to IFC AirLoans, the virtual installment card will be available within 30 seconds (less than 1 minute) after approval. You receive all the necessary details for the virtual card in your personal account and via email.

The main terms of the installment card tariff plan:

• Credit line: RUB 100,000; applications for RUB 200,000 are also considered.
• No fees are charged for card issuance and maintenance.
• An extensive lineup of cashback is provided for online purchases, ranging from 1% to 69% (the maximum refund is available on AliExpress).
• The interest-free crediting period is 50 days, revolving.
• At the end of the grace period, the interest rate starts from 21.9%.
• A payment system of twice a month is provided.

The validity period of the Kviku virtual installment card is from 1 to 12 months. The microfinance company independently sets the initial credit amount for the card, but it is not less than RUB 1,000. Monthly, subject to minimum lending conditions, an increase in the credit line and a decrease in the interest rate are provided.

	Halva	Kviku
Decision making	5 min	30 seconds
Credit limit	RUB 350 thou.	RUB 100–200 thou.
Interest rate	21,9%	0%(10%)
Grace period	50 days	18 months
Cashback	6%	69%
Annual maintenance	0 RUB	0 RUB

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About the Sovest (Qiwi Bank) and Svoboda (Home Credit Bank) installment cards

Currently, an option is being developed to link virtual installment cards to banking products from QIWI Bank (Sobest card) and Home Credit Bank (Svoboda card). It is expected that after studying the need to introduce a virtual system for purchases using the banking product, the cards will become available to all clients.

Using these banking products, payments can be evenly distributed for a period of 1 to 3 months, with the maximum installment period reaching up to 12 months. The difference between these two cards lies in the availability of partner stores. Thus, Home Credit Bank has about 40,000 partner stores, while the Sobest card provides about 130,000 partner stores. The maximum approved credit limit for both banking products is RUB 300,000.

Difference Between Virtual and Installment Credit Cards

The main difference lies in the processing time of the banking product. Thus, after submitting an application and receiving approval for a virtual card, you can fully use the banking product in just 5 minutes. A physical installment credit card requires an extended delivery time. In this specific case, the courier service will deliver the card to you in 5 days. The banking product can also be collected at the office on the 5th to 7th business day.

In addition, a physical credit card may feature one loyalty program with cashback accrual, while a virtual card may have another. Moreover, issuing banks are currently developing better loyalty program terms for virtual cards, thereby stimulating the borrower's desire to apply for virtual cards on a par with physical ones.

The management security system for a virtual card is much higher than for a physical one. When making a transaction in an online store, you specify the card details known to you: PIN code, number, expiration date, secret CVV code, etc. A physical card has a lower degree of protection, and additional security schemes must be provided against fraudulent activities by third parties.