• No Suggestions Result

Overdraft and credit card during the moratorium

On this page, you can find the most important information about how overdraft and credit card products are affected by the repayment moratorium.

Customers with a credit card

Credit cards are also subject to the loan repayment moratorium, but only up to the credit amount used and interest accrued by midnight on 18 March 2020. If your contract was already subject to the moratorium on 31 December 2020, no interest and bank charges will be collected in relation to such amounts until 30 September 2021, which will have to be repaid after the end of the moratorium period.

Accordingly, the loan repayment moratorium does not cover:

  1. credit lines not drawn down by midnight on 18 March
  2. credit lines drawn down after midnight on 18 March


For credit cards, amounts covered by the moratorium (i.e. your debt as at midnight on 18 March 2020) have been transferred to separate sub-accounts, so your credit line will be reduced by the amount thus transferred.

You may continue to use your reduced credit line in addition to the fees and conditions listed in the applicable conditions in affect at any time. 

How sub-accounts used for recording debts subject to moratorium work:

  1. Principal debt is transferred to a separate sub-account and continues to accrue interest on this sub-account. Your principal debt continues to accrue interest at the monthly borrowing rate1 specified in the List of Conditions relating to the specific product. 
  2. Interest debt is transferred to a different sub-account, but will no longer accrue interest. 
  3. Any amount(s) you deposit to your credit card account between the effective date of the moratorium (19 March 2020) and the date of transfer to sub-accounts (as shown in the table below) (hereinafter referred to as “deferred capital”) will be recorded on a third sub-account. This amount is also subject to the moratorium; however, it is not part of the principal debt, but is deducted from the principal debt. Interest will not accrue on this amount during the moratorium period. In addition, this amount will appear as available balance on your credit card account. 

On your credit card statement generated at the cut-off date, you can see the amount transferred as a transfer made on one of the above dates, depending on your contractual cut-off date, containing the following information:

  • Amount transferred
  • Moratorium, 18.03.2020
  • Account number of the sub-account created to record principal debt

You can continuously track your balances:

  • We inform our customers under the moratorium on a monthly, in the first days of the month, by SMS about the balance of the sub-accounts under the moratorium.  
  • To receive further information in this regard, please contact our CIB24 customer service call centre at (+36 1) 4 242 242 or a banker at one of our branches.

Transfers to sub-accounts took place at the following dates, so these days will appear on your account statement as the date of the above-mentioned transfers:

Contractual cut-off date

Date of transfer to sub-accounts

05.04.2020

14.04.2020

10.04.2020

15.04.2020

15.04.2020

16.04.2020

20.04.2020

20.04.2020

25.04.2020

21.04.2020

30.04.2020

22.04.2020

If you made an opt-out statement before the date of the transfer to sub-accounts as indicated above, your account will not be covered by the moratorium.

However, if your account is subject to moratorium and you do not make an opt-out statement by the end of the moratorium period, i.e. by 30 September 2021, the amounts transferred to sub-accounts will be automatically debited to your credit card (or shopping card) account after the moratorium period expires. From that moment on, you will have a payment obligation just like before.  Upon expiry of the moratorium period, your original credit line will also be restored and the principal and interest debt transferred to sub-accounts during the moratorium period will appear as debt on your credit card account. The monthly closing fee (“zárlati díj”) will then be charged to your credit card account and the interest accrued during the moratorium period will be debited to your currently available balance at the cut-off date. You can read more in detail about these debits by scrolling down to the section “What happens if I opt out of the moratorium?”.

How is interest accrued on my principal debt subject to moratorium?

Interest is accrued on your principal debt on a monthly basis, at a monthly borrowing interest rate corresponding to your credit card type, which you can find in the List of Conditions specific to your card type1

What should customers with a credit card do?

Situation

What to do

Your credit card is currently not subject to the moratorium and you do not want to opt in for the moratorium.

You have nothing to do, but until 30 September 2021 you can state at any time that you want to opt in for the moratorium as described below.

Your credit card is currently not subject to the moratorium, but you want to opt in for the moratorium.

Our customers who have CIB Internet Bank, CIB Bank Online or CIB Bank Mobile Application can make a declaration about opting in to the moratorium:

  • Declare online! (Unfortunately, this page does not work in Internet Explorer, so please use Google Chrome, Edge or Firefox.)

If you do not have an electronic channel, you can make a declaration via our CIB24 call center at (+36 1) 4 242 242 according to the guidelines provided by our colleagues.

The setting will be made within 3 working days, but you can indicate at any time later that you wish to exit.

Upon opt-back, we will enforce the principal debt and/or interest debt only; interest will continue accrue on the principal debt as mentioned above.

If after opting out of the moratorium, but before making your opt-back statement, you paid the total outstanding balance on your credit card account, we may reject your request to opt-back. You will be notified in any case.

Your credit card was covered by the moratorium on 31 December 2020 and you wish to continue to be subject to the moratorium.

You have nothing to do; we automatically extended the moratorium until 30 September 2021. If you later decide that you want to opt out of the moratorium, you can make a statement to this end at any time as follows.

Your credit card is currently subject to the moratorium, but you would like to opt out of the moratorium.

If you have access to CIB Internet Bank, CIB Bank Online or CIB Bank Mobile Application, you can state online that you wish to repay your debt:

  • Declare online! (The web page does not work with Internet Explorer, unfortunately. Please use Google Chrome, Edge or Firefox.)

If you do not have an electronic channel, you can make a declaration via our CIB24 customer service call centre calling (+36 1) 4 242 242 by following the operator’s instructions.

If you make an opt-out statement, any amounts earlier transferred to sub-accounts will be transferred back to your credit card (or shopping card) account. You do not need to take any further action.

If you have more than one credit card accounts, you have to indicate your intention to opt-out separately for each of them using one of the options listed.
 

At 17:00 on the working day following your statement, your original credit line will be restored and the amount subject to moratorium will appear on your credit card account.

Partial or full prepayment of debt

  • You also have the possibility to partially prepay your debt set aside due to the moratorium in a way that your unpaid debt remains under the moratorium, or you can prepay your debt in full and thus leave the moratorium.  Prepayments can be made by wire transfer within the bank or from another bank. Transfers between own accounts is not possible in this case for technical reasons.
  • As mentioned above, you can find the account number of the sub-account opened for recording principal debt on your statement for April.
  • If you pay your debt in full, you will no longer be subject to the moratorium. If, however, the amount of the repayment is less than the total amount of your debt, that portion of your debt will be settled, and the outstanding portion will continue to be subject to the moratorium.
  • The amount repaid will be booked immediately and appear on your credit card account as available balance.

Your credit card is currently subject to the moratorium, you want to continue to be subject to it and you made a statement to this effect in some form before 23 December 2020.

You have nothing more to do. Your statement was taken into account, without an eligibility check, and we set an extension of the moratorium until 30 September 2021.

If you later decide that you want to opt out of the moratorium, you can make a statement to this end at any time as described above.

 

 

What happens if I opt out of the moratorium?

According to our processes applied until 18 June 2021:

  • At 17:00 on the working day following your statement, you will exit the moratorium.
  • Upon exit, your original credit line will be restored: the principal debt, the deferred capital amount and the interest debt subject to moratorium and previously transferred to separate sub-accounts will again appear on your credit card account as debt.
  • You have already paid the deferred capital, but, for reasons of accurate calculation of interest, we have considered it as an amount covered by the moratorium and credited it to your credit card account as an overpayment.
  • Upon exit, a HUF 250 monthly closing fee will be charged to your available balance. In this case, a credit limit overrun may occur.
  • Where the amount of such overrun is not more than HUF 250, the overrun fee will be refunded the next day.

Interest debt accrued during the moratorium period will be debited to the balance available at that time, in a lump sum, at the first cut-off date following the opt-out statement.  

If your available balance is less than the amount debited, the overrun fee will be refunded.

 

According to our processes applied from 18 June 2021:

If you indicate your intention to opt-out on or after 18 June 2021 (but by the end of Moratorium 2, 30 September 2021 at the latest) you must pay the interest debt accrued during the moratorium resulting from principal debt in 12 equal monthly instalments as follows:

  • Accrued interest debt will de debited on the monthly anniversary date of your credit card each month for one year from 1 November 2021, against the balance available at that time.
    • If your available balance is less than the amount charged, we will refund the overdraft fee.
    • If the accrued interest amount does not reach HUF 500, a lump sum will be debited on the monthly anniversary date following the opt-out.
  • When debiting the current monthly instalments, we will send you an SMS notification about the amount of the outstanding debt.
  • You can always find the amount charged on the statement generated on the current monthly anniversary date.
  • Even after the opt-out, you have the option to prepay all or part of this accrued interest.

You can indicate your request to that effect on our CIB24 telephone customer service at (+36 1) 4 242 242. The amount will be debited against your balance no later than the end of the working day following your notification.

Should I opt out of the moratorium?

Where your financial situation permits and you are in a position to do so, you should opt out, as interest will continue to accrue on any principal debt subject to the moratorium, so a high amount of interest may accrue by the end of the moratorium period (i.e. by 30 September 2021), which will have to be paid after the expiry of the moratorium. 

Guide to interpreting closing letters

We send an information letter to all our customers about closing the first period of the moratorium (Moratorium 1: 19 March 2020 - 31 December 2020). We are also required to send the letter to customers who are currently under the moratorium, but it is important that the letter only concerns Moratorium 1. We would like to help you interpret the information in the closing letter with the following guide: 

Which customers receive a closing letter?

  • All our customers who have spent even just one day under Moratorium 1 with their credit card account will receive a closing letter. 
  • Our customers who choose to remain under the moratorium from 1 January 2021 will also receive a closing letter on Moratorium 1. This is because the two periods of the moratorium are subject to two different statutory regulations and we are also obliged to inform our customers currently under Moratorium 2 of the status of their credit transaction resulting from Moratorium 1. 
    • In this case, it is important to note that the payment obligations specified in the closing letter will not take effect as long as our customers’ credit agreement is subject to Moratorium 2. 

In what form will the closing letter be sent?

  • CIB Bank mobile application: for our customers who have the CIB Bank mobile application, we have uploaded the closing letter to the Contracts menu item of the application.
  • Postal letter: our customers who do not have the CIB Bank Mobile Application will receive the closing letter on paper, by post. 

What information can you find in the letter? 

  • Date of entering the moratorium: by default, 19 March 2020 is shown here, but if you have opted out and opted in Moratorium 1, the last entry date will be indicated. 
  • Date of opting-out of the moratorium: if you remained under Moratorium 1 throughout, this date will be 31 December 2020, and if you have opted out and opted in the moratorium, the last date of withdrawal will be indicated.

In addition, you will see a table, which shows how the contractual data changed when you opted out of the Moratorium 1 or when it expired. Thus, these are historical data, they were in effect at the time of the opt-out, but no later than 31 December 2020. 

And what do the data in the tables mean? 

Principal debt outstanding at midnight on 18 March 2020, subject to Moratorium 1:

The amount of principal debt outstanding on your credit card account at midnight on 18 March 2020, which is typically the credit line used at the time.

Interest debt outstanding at midnight on 18 March 2020, subject to Moratorium 1:

The amount rate of interest debt outstanding on your credit card account at midnight on 18 March 2020, which is typically the interest charged on transactions completed in the settlement period prior to Moratorium 1 but not repaid by the end of the grace period.

Amount paid between the entry into force of Moratorium 1 and the transfer to the

sub-accounts (accrued principal amount):

Moratorium 1 was technically set up in April 2020, so you will see in this cell the amount that you paid into your credit card account between 19 March 2020 and the setting up.

Interest debt accrued under Moratorium 1 (arising from principal debt):

If you opted out before the expiration of Moratorium 1 (31 December 2020), this cell is empty. If you were subject to Moratorium 1 on 31 December 2020, you will see the status as of 1 January 2021 in the cell.

This figure represents the interest accrued on the principal debt, which is calculated on the basis of the monthly lending interest rate.

Legal information

Act LVII of 2020 on transitional rules and epidemiological preparedness related to the termination of the state of emergency, Act CVII of 2020 on transitional measures implemented to stabilise the situation of certain priority social groups and enterprises in financial difficulties and Government Decree No 637/2020. (XII. 22.) on the introduction of special rules on loan repayment moratorium in relation to the state of emergency.  

1Up to the expiry of the moratorium period, interest will accrue on the transferred principal debt at a rate ranging from 29.64% to 34.8%, depending on what kind of credit card you have. The relevant interest rates and charges are specified in the following documents: List of Conditions for CIB Credit Cards, CIB Leasing Credit Cards, CIB-Generali Credit Cards, “Aranykor” (Golden Age) Credit Cards for Private Individual Customers; List of Conditions for CIB Optimum Credit Cards for Private Individual Customers; as well as List of Conditions for CIB Shopping Cards for Resident Private Individual Customers.

Need help?

CIB24 - Nonstop telephone customer service

Find the right assistance for you

CIB24 (+36 1) 4 242 242 2

9. Cancel your card
1. Identification
Balance inquiry and account information
1 1
Mobile app registration code and digital services
1 2
Savings and investment
1 3
Activate your card, Card and ApplePay services
1 4
Loan and leasing
1 5
-
1 6
-
1 7
2. Without identification
Bank card
2 1
Digital services
2 2
Savings
2 3
Loan and leasing
2 4
General account information
2 5
-
2 6
-
2 7
4. -
-
4 1
-
4 2
-
4 3
-
4 4
7. -

The CIB website uses cookies to ensure you get the best browsing experience. By clicking on Accept all cookies, you agree upon storing the cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. (Cookie Policy)