Top 10 best credit card deals

Credit cards can provide valuable service if used wisely and if the interest-free period is not exceeded. Otherwise, credit card holders will be accrued high interests. Wall-Street identified the 10 cheapest credit cards by interest charged by the issuers after the fee-free period expires.

10. Millennium Bank Visa Clasic and MKB Romexterra Bank Independent Credit card � 24%

Millennium Visa Clasic is a credit card in lei, with up to 55 days interest-free period and annual interest of 24%.

The card is issued by Millennium Bank and can be used both in Romania and overseas. The card has a three-year expiration date and maximum ceiling of 15,000 lei. The minimum monthly payment reaches 3% of the credit line to which are added afferent interests and fees.

Millennium Bank requires a minimum monthly income of 750 lei.

The Independent Credit Card issued by MKB Romexterra Bank is in lei and is designed to natural persons who need financing of up to 5,000 euros (equivalent in lei).

The cardholder benefits of an interest-free period of up to 50 days, after which the bank charges an annual interest of 24%. The credit card allows users to make purchases and draw cash from ATMs in Romania or abroad.

9. OTP Bank Romania Visa Clasic Transparent -22%

The credit card issued by OTP Bank Romania is under Visa brand and offers a maximum credit line of 18,000 lei, and can be used when in and out of the country.

The bank offers an interest-free period of up to 45 days, for purchases, after which it charges an annual interest of 22%.

The minimum monthly payment is 5% of the credit used, including interests and fees.

8. ING Credit Card � 21.75%

The local subsidiary of ING Bank issued a credit card with a maximum ceiling of up to 50,000 lei and interest-free period of 45 days. The bank charges an annual interest of 21.75%.

The minimum income required by ING Bank is 700 lei.

ING Credit Card is a renewable credit line. On a monthly basis, the cardholder must pay a minimum 5, 10 or 15% of the balance, depending on the users’ option, on the 5th, 15th or 25th each month.

7. Powercard BCR � 21.73%

Banca Comerciala Romana, Romania’s largest bank by assets launched earlier this year the Powercard BCR credit card, with a maximum ceiling of 50,000 euros. However, the client must bring a collateral, such as a deposit or deposit certificate.

The bank offers an interest-free period of up to 53 days for purchases and online orders from Romania and abroad. After the holiday period, the bank charges an annual interest of 21.73%.

The minimum amount to be paid monthly is 3% of the balance, plus interest and fees afferent to the amount used.

6. ATEbank MasterCard Gold and Banca Comerciala Carpatica Visa Clasic � 21.5%

ATE Bank is promoting its latest MasterCard Gold card, a credit line with a maximum ceiling of 45,000 lei and annual interest of 21.5% which can be guaranteed by the deposits set up at the bank.

Cardholders are offered an interest-free period of 55 days including for cash withdrawal, and the minimum monthly payment is 2.5% of the balance, plus fees and interests.

The card has an embedded microchip, which allows users to make online transactions via MasterCard Secure Code service.

Banca Comerciala Carpatica, one of the few Romanian banks, offers a credit card with a maximum ceiling of 5,000 euros (or its equivalent in lei).

The interest-free period is up to 55 days and the interest charged by Carpatica is made up of the six-month ROBOR plus a 12 percent margin.

5. Intesa Sanpaolo MasterCard Gold � 19.8%

Intesa Sanpaolo Bank issued a credit card in lei, for which no collaterals are required, and that offers up to 30,000 lei to its users.

The interest-free period both for cash withdrawals and purchases is up to 45 days, while the minimum monthly payment stands at 5% of the balance, plus fees and interests.

The interest charged by Intesa Sanpaolo Bank is made up of one-month ROBOR plus a 10.5% margin.

4. Emporiki Bank MasterCard Standard � 19.3%

MasterCard credit card offered by Emporiki Bank is a credit line of up to 3,000 euros or its equivalent in lei or US dollars and can be used for making purchases or for cash withdrawals.

The interest charged by Emporiki Bank for the credit card is made up of one-month ROBOR plus a 10% margin and reaches 19.3% per year.

The minimum payment is 3% of the balance plus interests and fees.

3. CEC Bank MasterCard � 18.55%

CEC Bank offers a credit card in lei with the renewal option at an interest of 18.55% and interest-free period of 59 days.

Therefore, credit card holders benefit of 59 days of using the card without paying any interest to the issuer.

The minimum monthly payment is 2.5% of the balance.

2. AlphaCard VISA Gold si Raiffeisen Standard � 18%

Alpha Bank Romania offers a credit card available only under Visa brand and has an embedded microchip and magnetic stripe. The maximum ceiling is 15,000 euros or its equivalent in lei.

The bank offers an interest-free period of 50 days, and annual interest of 18% for cards in lei and 10.134% for cards in euro. The minimum monthly payment is 2% of the balance, plus afferent interests and fees.

The card can be used in Romania and abroad, for online orders and purchases, anywhere Visa logo appears.

Raiffeisen Bank is currently running a promotion campaign for its newly launched credit card in lei available under MasterCard logo, and can be used both in Romania and abroad. The maximum ceiling is 20,000 lei.

After the 56-days interest free period, the user pays an annual interest of up to 18% in case of a three-year rate plan.

1. BRD Punct Card � 16.3%

BRD – Groupe Societe Generale, the second largest bank in Romania by assets offers the credit card BRD Punct Card that has a maximum ceiling of 20,000 lei and bonus rewards point at each payment by card.

The fee-free period is up to 60 days, after which a 16.3% annual interest is charged, that consists in three-month ROBOR and 7% margin.