Crisis won`t scare away Russians from credit cards

Russians? debts owed to the banks are increasing. More than 1\4 of them are for credit cards. It is not a perspective credit activity anymore, but a delay action mine.

Some banks specializing in credit cards change the structure of this business. Financial crisis compels credit organizations reduce their participation in it.

Conditions of credit cards outgiving will be overviewed first of all. A credit card has become highly hazardous, so many banks were to reduce its production.

Banks took measures to tighten the use rules of functioning credit cards as well. Particularly new limits of accessible cash and raised interest rates were introduced. For example, ?Russkij Standart? let total cash limit of 5,000 roubles per month for its borrowers. 10,000 roubles can be taken from American Express cards.

Another organization dealing with credit cards GeMoney Bank decided to stop temporarily credit cards outgiving.

It was reported the bank raised commission for cash withdrawal from credit cards from 5% to 10% (including cash machines and branch banks? cash desks). ?We took these measures considering the Programm of Responsible Credit Activity. We face unstable economic situation and our borrowers can risk withdrawing cash from credit cards what is not urgent for them. Some of them may not see the later consequences of dealing with credit.

This temporary measure is to prevent unconsidered actions, to stimulate people use credit card for its intended purpose, i.e. to pay for their purchases in shops,? press service said.

The polling lead by the Analytical Center of Yuri Levada (Levada Center) showed 37% of Russian use credit cards, 13% are planning to use it.

Credit cards are popular mostly with men (40%), Russians aged 25-40 (53%) and 40-55 (43%), respondents with high education (55%), high user status - all those who can afford durable things. Women (14%), Russians aged under 25 (20%), respondents with education lower than average (16%) and low income who lack money for food (19%), dwellers of towns (17%) and villages (14%) are going to get a card. Finacial experts consider people won?t refuse from credit cards despite the crisis.

sections: Economics