OREANDA-NEWS. June 08, 2010. Uniastrum Bank is now offering credit cards under its U-Pay Extra initiative that come with a grace (interest-free) period of 10 months for customers purchasing insurance products via NSB Group

The U-Pay Extra credit option is open to individuals taking out any type of personal insurance coverage. For example, by taking advantage of the U-Pay Extra scheme, NSB Group clients can obtain a KASKO insurance policy from leading Russian insurers on credit with no initial installment and a 10-month grace period.

The amount of credit available under the U-Pay Extra program ranges from Rb 10,000 to Rb 150,000. An application can be processed in just 5 days or less. During the grace period no interest is charged. Once the 10 months have elapsed, interest is 18.9% APR. In order to obtain a U-Pay Extra credit card applicants simply have to fill in the required forms at an NSB Group office when choosing their insurance policy then pick up the card at one of Uniastrum’s neighborhood banking centers in Moscow. For the time being, the Uniastrum/NSB Group scheme is available only to customers resident in Moscow or the Moscow region, although there are plans to extend it to all Bank and NSB Group branches throughout the country.

Without doubt, one of the main benefits of Uniastrum’s new U-Pay Extra credit product is its 10 month grace period covering payments made for insurance policies taken out through NSB Group. Also, the card can be obtained without having to produce proof of income and employment. The minimum loan amount is 10% of the overall credit limit.

According to figures released by RosBusinessConsulting news agency, Uniastrum Bank ranks 17th by the number of in-house ATMs Russia-wide and 6th in Moscow (as of year-start 2010). Data for April 1, 2010 show Uniastrum with 667 throughout the country, including 253 in Moscow and the Moscow region. A popularity rating survey conducted by the web portal CREDCARS.RU in 2009 shows Uniastrum to be one of Russia’s 5 most trusted banks as regards plastic card services.

“Expanding our card business is a strategic business priority,” notes Oleg Shvetsov, Acting Chairman of Uniastrum’s Management Board. “This year we plan to more than double our credit card portfolio to Rb 4 mn, not least by coming up with new and interesting products to offer our customers.”