Repaying the used amount of NordCard Creditlimit in full until the last day of the same month instates NordCard interest-free period. Keeping up to this repayment schedule allows you to use NordCard interest-free period for an unlimited period of time.
Let's assume that you were granted Creditlimit amounting to 100 EUR. On 03/09/2018, you decided to use - 100 EUR (the entire allocated Creditlimit amount).
To make use of NordCard interest-free period, it is necessary to repay 100 EUR until the last day of the same month, that is until 30/09/2018. Remember that the completion of transfers depends on banking institutions and their regulations, and thus they may take longer to complete. For this reason, we invite you to make payments until 18:00 of the last working day of the same month (in this example – until 18:00 of 28.09.2018).
NordCard doesn’t impose strict repayment schedules on clients, and thus they are not created.
When repaying NordCard Creditlimit, you can decide how much and how frequently you want to return. The only requirement – not later than on the15th date of each month you have to return monthly minimum payments. Information about your monthly payments will be sent to you via e-mail and SMS, as well as will be available in your Online Banking account. You can also make bigger payments than the required ones and return all used amount immediately.
Remember that the repaid part of NordCard Creditlimit will be anew available for borrowing.
For your comfort, we offer the approximate NordCard Creditlimit repayment schedule. The schedule is made for informative purposes only.
On the 1st date of each month, you will receive information about your monthly minimum payments. This information will be available in your Online Banking system account, as well as will be sent to you via SMS and e-mail. Remember that payments have to be made not later than on the 15th date of each month.
Minimum monthly payments are calculated from the granted Creditlimit amount and the used Creditlimit amount:
- 2% of the granted NordCard Creditlimit amount;
- 0.08% - 0.16% per day of the used Creditlimit amount (the interest rate is calculated individually);
- Commission on a payment to your personal bank account - 3% (min. 3 EUR) of the payment amount.
You were granted Creditlimit amounting to 1000 EUR, and you used 500 EUR of the granted Creditlimit amount. The set interest rate is 0.08% per day.
Your monthly minimum payment will be:
- 2% of 1000 EUR = 20 EUR;
- 0,08% * 30 of 500 EUR = 12 EUR;
- 3% * 500 = 15 EUR;
- your monthly payment will be: 20 + 12 + 15 = 47 EUR.
Remember that you can make bigger payments than the required minimum payment, and thus save on interest.
All information about the granted Creditlimit amount is available in your Online Banking system account. Signing up to Online Banking will allow you to learn the available amount of your Creditlimit, the amount used, a sum and term of monthly payments, payment and transaction history, as well as communicate with NordCard by sending us messages.
You can ask for the necessary amounts to be transferred to your bank account in your Online Banking account. To require money transfers, log in to your Online Banking account and go to Payments>New Payment.
Money transfers are made on working days, from 9 a.m. to 6 p.m., from the Rietumu Bank account.