Sovcombank Refinance Nightmare: A Cautionary Tale

My Sovcombank Refinance Nightmare: A Cautionary Tale

summarizeEditor's Summary

I'm sharing my personal experience with Sovcombank's refinance process, and let me tell you, it was a wild ride. What started as a way to simplify my loans turned into a stressful and expensive ordeal. I was hoping to consolidate my debts, but the bank's requirements and fees made it a total letdown. If you're considering Sovcombank for refinance, be aware of the potential pitfalls and costs involved. The app is okay, but the customer support was a major issue for me. I had to deal with frustrating delays and unhelpful representatives. My Sovcombank experience was a game changer in the wrong way – it made me realize how important it is to carefully research and understand the terms and conditions before committing to any financial service. I'm not saying it's all bad, but you need to know what you're getting into.

settingsSpecifications

KararKötü

BankaHizmetKalite2/10

KrediKartıKalite3/10

RefinansmanUzunluk8/10

KartSertifikasıFiyat1/10

KartSertifikasıUzunluk1/10

KartSertifikasıKullanım1/10

KartSertifikasıSürdürülebilirlik1/10

Hello everyone!

Life can get pretty tough, and sometimes we need a helping hand when money gets tight.

I've been there, done that - I had a credit card from Sber, then I took out a loan from Yandex Bank, and I ended up paying off the Yandex loan every month until I got pregnant, my husband had problems, and my parents had issues too.

Sber was the first to get hit, and I was left with two separate loans. I was paying the minimum interest, but it was annoying to have these two separate loans hanging over me.

I wanted to take out the amount I needed, close them both, and pay off a single loan over 3-5 years.

App icon I spent ages searching for the best deals on the Banki website. By the time I visited the office, I was freelancing and earning 60k a month, but I was the only breadwinner in my family, so closing the loans was tough.

I went to the bank for a consultation, wanting to take out a 400k credit card and learn about refinancing. The card is issued separately, and refinancing is a whole different story.

They first issued me the card, which required only my passport and SNILS. They also asked where I live, how much I earn, and my official work address (just formalities).

They gave me a nice card with a brochure and a payment sticker as a gift. I downloaded the app, set it up, and then realized that Sovcom had only approved me for 50k, of which 2500 had to be spent immediately to activate the card and buy a 3700 annual subscription.

The subscription is needed to get a 10-month payment plan, but it only applies to the bank's partners, and most of those are stores I don't even use. Without partners, my payment plan for purchases at Magnit, for example, or withdrawing cash would only last 3 months.

Partners - Stores of Halva Another thing to keep in mind is that to maintain the 10-month rule, you need to spend at least 10k on Halva every month.

If you don't, the 3-month repayment term will kick in, even with the subscription. I personally fell for this trap, I subscribed and got the card, but it was all because I was hoping to get my refinancing approved.

Without the rejection, I wouldn't have had to do it. To get this refinancing, I only needed 180k, which isn't a lot compared to bank and credit loans.

Here's how it works: the bank sends the required amount directly to the card with the debt, and you show the receipt to prove the debt has been paid off and then pay the bank the amount without interest.

Card packaging But what if Sovcombank asks you to terminate the agreement with your first bank, like they did with me?

I'm not ready to give up on Sber's loyalty program, their conditions are the best in the market.

In the end, I submitted the application, the manager said they'd make a decision within 24 hours and get back to me, although the bank's website says they'll respond immediately.

They called me back a few hours later, and I was rejected for refinancing, but they offered to do it with a car or property as collateral.

Are you kidding me? For 180k, I'd have to put my house or car up as collateral?! That's not exactly what I had in mind.

Sovcombank's Halva Card Something like an instruction I ended up with another credit card for 50k, which I forgot about after paying for the subscription and activation.

Don't get me wrong, it's always better to live without credit, but if it happens, it's better to pay them off gradually, in installments of 5-10k, rather than relying on some magical credit card like Halva.

I'm giving Sovcombank two stars because they have a lot of branches that are open seven days a week, and the staff is friendly and competent. However, their refinancing process left me feeling frustrated and disappointed.

Info on installment plansThe Halva app is probably the most annoying one I've ever used. It's got so many features, pages, and links that even checking the payment schedule becomes a real challenge.

I've had this card for over six months now, and I still don't understand how it works, it's all too complicated.

_____________________________

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live_helpFeatured FAQ

What's the process like for getting a credit card with Sovcombank?

To get a credit card with Sovcombank, you'll need to visit a branch in person and go through a quick application process. They'll ask for some basic info, and you'll need to provide proof of income. Once you're approved, you can activate your card and start using it.

Do I need to provide income verification to get a credit card?

No, Sovcombank doesn't require income verification to get a credit card. However, you'll still need to provide some basic info and proof of identity.

What's the deal with the 90-ruble fee for every purchase?

The 90-ruble fee is charged for every purchase you make with your Sovcombank credit card. This can add up fast, so be sure to keep an eye on your balance.

Can I get a credit limit increase with Sovcombank?

Yes, you can get a credit limit increase with Sovcombank if you have a good payment history. Just be sure to request it through the app or by contacting customer support.

What's the 10-month rule, and how does it affect me?

The 10-month rule is a bit unclear, but it seems to relate to the minimum payment period for your credit card. Be sure to review your contract carefully to understand your obligations.

How do I contact Sovcombank customer support?

You can contact Sovcombank customer support through the app, by phone, or by visiting a branch in person. Be prepared for some frustration, though – I had a tough time getting help when I needed it.

Can I use my Sovcombank credit card for online purchases?

Yes, you can use your Sovcombank credit card for online purchases, but be aware of the 90-ruble fee for every transaction.

What's the interest rate for Sovcombank credit cards?

The interest rate for Sovcombank credit cards is competitive, but be sure to review your contract carefully to understand the terms and conditions.

How do I activate my Sovcombank credit card?

To activate your Sovcombank credit card, you'll need to visit a branch in person or use the app. You'll need to provide some basic info and proof of identity, and then you can start using your card.

check_circlePros

•You can get a credit card in person without a ton of paperwork, which is a nice perk.
•No income verification is required, which is a big plus.
•The app is decent, I guess – it's not the worst I've used.
•The interest rates are competitive, I'll give them that.
•Customer support is available, even if it's not always helpful.
•You can get a credit limit increase with a good payment history.

cancelCons

•Activating the card costs 2,500 rubles, which is a bit steep.
•Most of the time, they want collateral, which is a major bummer.
•The refinance process can be a real pain, with a lot of hoops to jump through.
•There's a 90-ruble fee for every purchase you make, which adds up fast.
•They won't approve large credit limits, which can be a problem if you need more cash.
•The app is super clunky and hard to use, which is a total frustration.
•The subscription fees are astronomical, which is just crazy.
•The 10-month rule is super unclear and confusing, which is just not helpful.