When creating a new account or applying for a loan, it is worth looking for bank promotions. The best promotions allow you to significantly reduce the cost of borrowing or use a personal account on preferential terms. In turn, depositpromotions allow access to better interest rates.
Banking products – just like goods in stores – are very often covered by promotions. They apply to accounts, deposits, payment cards, cash and mortgage loans. It pays to use them because they bring measurable benefits. Thanks to them, we can use cheaper loans, credit cards, we do not have to pay for the account, and our savings are subject to a better rate than in the standard offer. However, promotions do not last all the time, so be patient and hunt for bargains.
Cash loan promotions
Cash loans are one of the most promoted products. Usually, the cash loan promotion includes a lower interest rate or a reduced commission for granting. Sometimes, as part of the promotion, banks also allow you to take out loans without additional insurance. If you plan to buy furniture or home appliances or consumer electronics, it is worth checking to see if there are any promotions for installment loans in a given retail network. There are situations when the bank allows you to take an interest-free loan (APRC 0%). In return, he acquires personal data and hopes that later he will be able to sell more products to the client. This time with a standard rate.
Promotions of deposits and savings accounts
Equally often you can come across promotions of savings products – especially term deposits. Banks use deposits as decoys for new customers. Therefore, as part of the promotion, they offer much higher rates than the standard offer. In return, however, they want the client to meet additional conditions – set up a personal account or deposit new funds into the bank. It is difficult to find promotional deposits without additional conditions, but it is not impossible. Sometimes banks need additional capital to start lending and get money from the market. Then they offer higher rates even for deposits that are not covered by additional conditions.
Mortgage promotions include a margin, preparation fees, and insurance. Because the loan is taken for many years, it is worth carefully studying the terms of the offer. There are promotions that are only apparent. The bank lowers one fee to raise another. It is worth looking closely at insurance, because they significantly increase the cost of financing the property.
Credit Card Promotions
Promotions that include credit cards mainly apply to card fees and interest rates. The bank can offer us a card for free, but usually this offer only applies to the first year. Standard charges appear later. The card can still be free, but then you must actively use it. In the environment of low interest rates, we rarely come across promotions consisting in lowering the interest rate on credit cards. However, banks are tempted by the possibility of spreading larger purchases made with the card into equal, interest-free installments. However, it is worth checking the terms of such a promotion carefully, because often in exchange for an interest-free loan they charge a high commission for spreading the transaction in installments.
Promotions of personal accounts and making money on banks
The promotion also includes personal accounts. Usually, the promotion includes reduced fees for using the invoice and debit card. Sometimes banks pay to set up a personal account – funds are paid directly to the account of a new client. You can also find additional account services in the promotion, e.g. assistance or moneyback. Skilful use of personal account promotions allows you to gain additional funds. The so-called promotion hunters, i.e. cherry eaters, can earn up to several hundred zlotys every month. The whole trick is to meet the conditions set by the banks, win prizes and cleverly maneuver between offers.