Russian Federation Pos Tender

The total cost of the loan which is issued for the purchase of goods in the store must comply with the restrictions established by the Bank of Russia. Changing the type of loan to raise the interest rate is unacceptable - the Bank of Russia has informed all banks about this .The regulator revealed that some banks bypass the restrictions and issue consumers a credit card with a significantly higher rate instead of a POS loan. In this case the size of the credit limit on the card is equal to the value of the goods and the buyer does not receive money in his hands - they are immediately transferred to the seller.The Bank of Russia believes that such practices violate the rights and interests of consumers.