I tried configuring a savings account with a positive overdraft limit and this may be a usable setup to get the "credit card behaviour" .
Let's assume that the desired behaviour is the following cycle: 1. The customer uses the card connected to the overdraft savings account to make purchases for the month October. 2. After the end of the month there is a bill to be payed with the total sum of purchases. If this bill is payed on time no interest should be accrued, only if the credit is prolonged. This is a common setup and I don't know if this would be be supported as is in Fineract. Please let med know if this is possible with the current implementation. BR Niklas [cid:[email protected]] Niklas Uhrberg Konsult IT Development | Loans & Credit Resurs Bank AB Växel: +46 42 38 20 00 E-post: [email protected]<mailto:[email protected]> Webb: www.resursbank.se<http://www.resursbank.se> ________________________________ From: Niklas Uhrberg [[email protected]] Sent: Monday, October 21, 2019 4:47 PM To: [email protected] Subject: RE: About support for revolving credit in Fineract Hi, thanks for the quick reply and suggestion. No I have not delved into OD account, will do that now! BR Niklas [cid:[email protected]] Niklas Uhrberg Konsult IT Development | Loans & Credit Resurs Bank AB Växel: +46 42 38 20 00 E-post: [email protected]<mailto:[email protected]> Webb: www.resursbank.se<http://www.resursbank.se> ________________________________ From: [email protected] [[email protected]] Sent: Monday, October 21, 2019 4:42 PM To: [email protected] Subject: RE: About support for revolving credit in Fineract Hello Niklas, Have you explored the option of overdraft savings account? With a credit card facility, you are normally given a limit and there is no fixed repayment schedule.. With the OD account available in Fineract 1.x, you can specify overdraft limit and configure other terms as applicable in credit card accounts. Regards; ******* Zayyad A. Said | Chairman & C.E.O Cell No.: +254 716 615274 | Skype: zsaid2011 Email: [email protected]<mailto:[email protected]> Schedule Meetings: https://calendly.com/zayyadsaid [Description: Email banner] From: Niklas Uhrberg <[email protected]> Sent: Monday, October 21, 2019 5:39 PM To: [email protected] Subject: About support for revolving credit in Fineract Hello, this question is more about the functionality offered by Fineract (1.x or CN) than a technical question. Reading the documentation and looking at the Community App interface I conclude that there is no support for credit card type of credit a.k.a. revolving credit. In this type of credit product there is usually no fixed repayment plan e.t.c. I want to be certain that I don't conclude in error here. Best regards Niklas [cid:[email protected]] Niklas Uhrberg Konsult IT Development | Loans & Credit Resurs Bank AB Växel: +46 42 38 20 00 E-post: [email protected]<mailto:[email protected]> Webb: www.resursbank.se<http://www.resursbank.se>
