It is not uncommon in everyday life that the monthly expenses exceed the income in return. There can be many reasons for this: whether it was a real bargain or an unexpected bill had to be paid. Probably the one who can access a financial cushion in such a case. But even those who do not have such a cushion, there are many possibilities for temporary financing available today. Above all, no doubt, the credit line . Once set up as a so-called overdraft framework, it is generally used rather quickly. Is just uncomplicated, because it requires no further credit application, talks with the bank, etc. Simply withdraw to the ATM and desired amount or continue to pay simply with the Maestro Card at checkout. If necessary, until the granted limit of the credit line has been reached. Fast and easy money!
The credit line is expensive – or not?
The fact is, however, that the banks can pay well for such an “uncomplicated” credit line. With a federal average of around 10%, the credit line is one of the most expensive types of credit at all. For the bank, setting up a credit line and consequently using the customer is a very lucrative business. Even more so, if the credit line is used over a longer period of time. All the more amazing that now some banks just abolish those interest on the discretionary credit. Birth of the zero-percent credit line and financial glory for consumers? Have banks discovered their social streak? Not at all, because banks never have to give away money. That is a maxim that also applies to just that zero percent credit line. Because behind such credit offers is only the “trick” of a shift in revenue source. That source of revenue is in the current account model. How to understand that?
Debit loan for zero, but the current account is received
A credit line is inevitably associated with a current account and in exactly that constellation is the opportunity for the bank to offer a zero percent credit line . The whole thing works as follows: The bank makes the statement that the interest rate of 8% assumed for the credit line applies only up to a total of 2000 € with a maximum credit limit of 5000 €. So that means that from 2001 € up to 5,000 € no interest would have to be paid. The Bak would therefore waive a maximum utilization of the credit line on an interest earned on lent € 2,999. Or? No – exactly this does not happen because replacement is found in the fact that the current account associated with the credit line is simply no longer free. By simply abolishing the free checking account and introducing fee-based current account models, the possible interest loss on the zero percent credit line is simply compensated. What’s more, the new fees for current accounts are due monthly. Where, on the other hand, the interest income only accrues when claiming the credit line! Liable business for the bank, for the customers a zero number – at best!