How much is the interest rate for SkyroCredit?

Tap to view the full explanation + Jorge's whiteboard drawings for interest explanation

1. Interest-free will work only in case you pay interest-free payment every single time.

   1. If you pay minimum - interest will apply and you’ll have to pay it next month.

2. To get rid of interest from previous month - you need to pay full interest free amount next month.

3. To enjoy your interest free payment on the purchases during your billing cycle number 1 (red) , you need to pay interest-free payment before the closest billing date (red billing date). Next period will apply the same rules, starting next billing cycle (green)

   1. To enjoy interest-free payment, wait for your billing statement before paying in FULL the exact amount reflected in the bill. (does NOT apply to those making minimum payments)

      1. Wait for statement date, pay the full amount as reflected in the your statement bill, pay on time. [refine this wording

      2. Separate adding money to your SkyroCredit for spending (before due date) vs. Setting aside money to pay your balance [add graphics, copy of bill]

For example: …. You make the first purchase after 15 dates - its your first filling date, after 15 dates is your due date for payments, when you need to cover your loan.

1. Interest rate. How it get’s computed? (Please read this article by T-bank https://www.tbank.ru/bank/help/credit-cards/tinkoff-platinum/how-to-use-a-credit-card/grace-period/  )

2. 

   1. case 1: You spend all your limit - 20k. One day before the due date - you pay it off almost 19k, except 1k for example. But you get interest rate for 20k. Why do I have to pay interest rate? Because it computes on DAILY basis.

   2. case 2: (show graphics)

      • Month 1: Your first billing date. You payed minimum payment

      • Month2: You payed interest-free payment

Month 3: You still see the interest. Why? Because (1) interest was..