Alpha Bank Credit Card: A Mixed Bag for Big Purchases

Credit cards can be a real lifesaver, but some are definitely better than others. When choosing one, you've got to know what you're getting into.

I've had a good experience with the Alpha Bank credit card, especially with the year-long 0% interest rate. But you've got to use it right and be aware of the terms.

Alpha Bank credit card reviewI first got an Alpha Bank credit card with 0% interest about a few years ago, and my husband used it to buy a new phone. We paid off the debt long ago.

My current Alpha Bank credit card is with me now, and I got it in March 2024. I used it to buy some kitchen appliances and materials for a renovation project.

However, I also have another card in my online account that the courier convinced me to take when they delivered my Alpha Bank debit card. The initial limit on that one was around 50,000 rubles, but the bank raised our credit limits since we usually close our credit lines a month or two before the deadline. Now, the limit on that card is much higher. When I decided to write this review, I thought it was time to close it, but I'll get to that later.

Alpha Bank credit card reviewThe key thing to remember is that the year-long 0% interest rate only applies to purchases made within the first 30 days. The clock starts ticking when you make your first purchase.

However, if you make another purchase on the 31st day, the interest-free period will only be 60 days. And here's the catch: you can only pay off the debt with the shorter interest-free period after you've paid off the initial 30-day debt.

Let's break it down in numbers:

We spent 100,000 rubles in the first 30 days, and that got us 365 days of interest-free credit.

We ended up spending an extra 10,000 rubles on them after 31 days, during a 60-day period without interest.

Either pay off the entire credit card debt within 60 days to avoid interest, or keep making payments as you go, but you'll be charged 49.99% interest until you pay off the entire debt. All payments go towards the first 30-day debt first, and then the second, third, and so on.

I've found that the personal account doesn't clearly explain these conditions, which can lead to people getting caught up because reading the documents takes a long time and is complicated, and the language used in the contracts is sometimes worse than a doctor's.

Credit card Alfa year without % reviewWhen my husband first got a credit card from Alfa bank, he called the hotline and the consultant explained everything to him. But keep in mind that no one will rush to explain all the conditions to you - you need to ask questions and take responsibility for your actions by reading the documents and figuring out the nuances.

The first time we almost got caught up in this vagueness - on the 31st day, my husband's credit card was charged a fee for insurance, and it ended up like the story I wrote above with the interest. He re-read the contract and didn't find any mention of paying the insurance after the 30th day, so he called the bank. After explaining that the bank's actions were illegal and didn't match the contract conditions, essentially forcing the client into debt, which he wasn't willing to ignore, they returned the amount, restored the 365-day period without interest by canceling the second 'purchase', and disabled the insurance.

Knowing this story, I disabled the insurance on my Alfa credit card by writing a complaint in the personal account. It's better to do this right away when you get the credit card.

Credit card Alfa year without % review

Alpha credit card year without % reviewI also turned off notifications on my card, since I didn't plan on using it on a regular basis.

As you've probably gathered, my experience with the Alpha bank credit card year without % has been extensive, but I'll provide some extra numbers and details for good measure.

I spent a total of 95,690 rubles on the credit card.I've paid off 49,690 rubles so far.The remaining balance is 46,000 rubles.It turns out that since I got the credit card, I haven't paid any interest to the bank at all. And I don't plan on paying any.

The phrase 'no payments needed' might be misleading, but being a reasonable person with a calculator, I know it's not true. Once I knew exactly how much I'd spent on the credit card, I divided that amount by 12 months and started paying off the same amount each month. Although sometimes I pay a bit more, since I plan my finances ahead and adjust my expenses accordingly. But I never pay less. I keep a close eye on things, recalculate, and adjust every few months to make sure I'm on track.

And that's the main secret to making the Alpha bank credit card profitable – use it only for the first 30 days and then leave it alone. To avoid accidentally paying with the credit card, I don't add it to any apps when I go shopping, I take the physical card with me when I'm making a purchase with the credit card, and then I put it away somewhere safe. I have to admit, even now while writing this review, I'm not even sure where it is. If I search for it, I'll probably find it eventually, but when I pay off the credit and get rid of it, I won't need to know where it is. For now, knowing it's somewhere in the house is enough.

Another secret is to split the debt amount within the first 30 days into 12 monthly payments and top up with at least that amount on your card each month. Don't get swayed by the 'Payment not required' notice - you still need to make a payment if you want to pay off the debt, not the exorbitant interest on your credit card.

The third one is to never miss a payment under any circumstances. My payment due date is somewhere in the last days of the month, so right now it says September 28, but I make the payment on my credit card 10-15 days after payday. This is a non-negotiable payment, just like my utility bills, phone bill, and kid's school fees. From the time the payment is due, you have 20 days to make it.

Credit card Alpha year without % feedbackThe fourth secret is to disable insurance immediately, so you don't end up like my husband, who had a payment go through on the 31st day and essentially lost out on a year of 0% interest, as he had to pay interest on the 'purchase'.

The fifth one is to close the card as soon as the debt is paid, because after a year, they'll charge you for the annual maintenance fee. I'm not sure what it is right now, but in October 2023, it was 990 rubles.

Bank staff will probably try to convince you not to do this, at least they did with me - they wrote saying 'Come to your senses, we won't give you any more cards like this'

Credit card Alpha year without % feedbackBut I think of this card as a one-time thing, so I don't think it's a big loss - I'll just open another one in the same bank or another one with better conditions.

I've got a story to share with you about the delivery guy from Alfa Bank who brought me my first card. I had ordered a debit card because they promised good cashback, but the girl convinced me to get a credit card with a year of 0% interest instead. And then it was a matter of quick thinking and no scam if you don't know what's going on.

She sent me a referral link, had me click on it from my phone, and then she applied for the card herself since she had it with her. She said I had to make a payment from the card to activate it, and she'd transfer the money back to my phone and pay off the debt. And that's exactly what they did, all good, I guess.

But only later did I realize that the referral link was just a way for her to get a bonus for bringing in a new customer, and she wouldn't get it if I didn't use the card right away. I told her I wasn't planning to use it at all, but she went ahead and took away the 0% interest period that I was supposed to get. It starts from the first payment, and if I had used the card, I would've paid through the nose because I didn't know all the fine print.

So, I'd advise you to be cautious with banks and their delivery guys when it comes to credit cards, don't make any hasty decisions, and do your research thoroughly. If you do all that and take into account the 'secrets' I've shared, then the Alfa-Bank credit card with 0% interest might be a good deal.

However, considering the insurance story, the exorbitant interest rate on the credit card that keeps going up, the sneaky delivery guys, and the lack of transparency in the terms, I'd give this product 4 stars.

Credit card review: 1 year without interestI've said it before, but it's worth reiterating - both the bank and the customer are responsible, so when reading reviews, it's essential to keep a critical eye.

I know some people use this card for 'credit card roulette,' but that's not my style, so I don't participate in those kinds of games and wouldn't recommend it. This review is based on my personal experience, and I can only recommend using the Alpha bank card with 1 year without interest for large purchases within the first 30 days or a trip.