Although a quick credit can be obtained within half an hour, a payment card with a sufficient credit limit is much more convenient: you do not have to apply for a loan, you can use the money on the card at any time. If you do not need financial assistance yet, the credit limit may be available to you as a reserve without any additional commission.
E-Money cards have become particularly popular among payment systems. Although it is difficult to call this company a “bank”, its operations are based on a legitimate “foundation”, E-Money has a special credit license.
How does E-Money work?
Of course, if these payment cards could “bribe” many customers of other credit organizations, then this company was guaranteed to offer something new and fresh in the world of conventional consumer credit cards. And the way you can get a loan with E-Money .
- Filling in and applying for credit limit application . Indeed, here, E-Money customers receive a credit limit, not a credit, which is credited to their bank account on the day the customer applies to the firm (regardless of which bank customer you are). Your credit line money will be credited to your existing bank account in one day at once, or in stages. The speed of money transfer depends on which bank you are a customer of. The credit limit can also serve as a reserve for your urgent and unforeseen needs. Until you start using this money, you will not pay the annual rate and other commissions.
- Repayment of credit limit in installments . It does not matter how and where you decide to use the money you get from your credit line, but you are not obliged to return it. You can get your money back in 5 years by paying at least 5% of your total debt per month and paying an annual rate on the amount you have already used. But the sooner you repay the money you spend on your credit line, the less you will overpay on the annual percentage rate.
- The returned credit limit can be used again . Once you start repaying your debt with E-Money, you can use the money again and again. Funds you have not used remain in reserve and you do not pay an annual rate for them.
Offered by E-Money
E-Money is currently offering up to $ 3,000 in credit card payments and a 5-year refund. The first month of using the money is the month of discounts, if the customer will spend up to 1000 EUR. This means that if you withdraw funds or pay the credit limit at any store at the beginning of the month, you will be able to return the entire amount, free of interest, at the end of this month (30 days can be used at no annual fee). If, at the end of the discount period, you are unable to return all the funds you have spent, the rate will be calculated only for the outstanding balance.
Currently E-Money does not temporarily release its payment cards, but in the past this product was available to every Latvian citizen in the age group of 20 to 65 with a minimum income of 266 EUR per month. Your credit card application was processed very quickly: within hours. For regular customers with a good credit history, E-Money offered a credit limit of up to EUR 5,000 . Such large amounts oblige borrowers to keep up to date with their expenses, as the credit limit could change from month to month.
There are 2 ways to return money to E-Money:
- Transfer money via Nordea bank account to your bank account.
- Transfer money for debt repayment from one card to another .
When it comes to the benefits of these 2 methods, the first credit card repayment method is much cheaper.
What are the main benefits for a E-Money customer?
- Discount period for refunding your payment card for the first 30 days.
- Possibility to purchase and insure tourist trips in ERGO .
- Payment card assortment (3 credit card categories with different cash limits are offered).
For convenience, E-Money customers are offered their own internet bank. This allows you to find out more about the company’s latest offerings and keep up with its work. You can also view hours and contacts at E-Money Online Banking.
As the company’s services have recently emerged in the financial market, it is still difficult for potential customers to find feedback and complaints about E-Money. It is much easier to get acquainted with the creditor’s fees and his agenda. Also remember to check the terms of the contract, the pricelist of all services and the penalties that may be imposed on the borrower if he or she is unable to repay the debt in full or in part.