How to calculate the overdue penalty interest of credit card (debit card)? Is there a formula?
if the credit card (debit card) is overdue, the penalty interest will be calculated in full. From the date of consumption, the interest shall be calculated at the daily interest rate of .5% every day until it is paid off. If it is cross-month, compound interest will be charged monthly. As for the calculation formula: .5% of the consumption amount, the number of days from the date of consumption to repayment. In other words, if the repayment is overdue, users will not be able to enjoy the interest-free service.
if you really can't afford to pay back your credit card (debit card), users can choose to pay back by installments or minimum repayment, which will not affect their credit.
how to calculate the full penalty interest of credit cards
Many people don't know how to calculate the overdue interest of credit cards. If they forget to repay for a few days, a week, a month or three months, how to calculate the interest? Interest plus handling fee, how to calculate the overdue fee?
1. Full penalty interest
After the repayment deadline expires, the issuing bank will interest the cardholder according to the total consumption amount, regardless of whether the credit card generates partial repayment in the current month.
if the cardholder spends 8, yuan on March 8, the bill received on April 7 of the billing date will show that the "payable amount in this period" is 8, yuan, and the "minimum repayment amount" is 8 yuan. If the cardholder pays 8 yuan back on April 25th according to the minimum repayment amount, the circulating interest in the statement on May 7th of the next billing date is: 8, yuan ×.5%×48 days (March 8th-April 25th) 7,2 yuan ×.5%×12 days (April 25th-May 7th) =192 yuan 43. If only 7,999 yuan is repaid on the repayment date, and 1 yuan is underpaid, then the circulating interest in the statement on May 7 of the billing date is: 8, yuan ×.5%×48 days 1 yuan ×.5%×12 days =192.6 yuan.
2. Outstanding interest
If the cardholder makes partial repayment, the repayment part can be treated interest-free, and the bank only calculates interest on the unpaid part.
If the bill of RMB8, in 1 yuan is underpaid, the interest is .3 yuan, and the interest on the unpaid part means that if the cardholder makes partial repayment, the repayment part can be treated without interest, and the bank only calculates the interest on the unpaid part. According to the unpaid interest, the cardholder also spent 8, yuan on March 8, and paid back to 8 yuan on April 25, according to the minimum repayment amount. The 8 yuan returned by the cardholder on this day can enjoy interest-free treatment from the consumption date to the repayment date. Then, on the bill on May 7, the circulating interest is: 7,2 yuan ×.5%×6 days (March 8-May 7) =216 yuan. If 7,999 yuan is repaid on April 25th, and 1 yuan is underpaid, then the circulating interest in the statement on May 7th is: 1 yuan ×.5%×6 days =.3 yuan, and the interest will be greatly reduced compared with the full penalty interest, and 191.976 yuan can be underpaid.
How to calculate the overdue repayment interest of China Bank's credit card
If you don't repay in full before the interest-free repayment period, you won't enjoy the interest-free repayment period, and you will collect the overdraft interest calculated on the basis of the actual amount owed and the actual number of days owed from the transaction bookkeeping date. The overdraft interest rate is five ten thousandths of the daily interest rate, and the compound interest will be calculated on a monthly basis. It is recommended that you repay the loan as soon as possible to avoid more extra expenses.
the above contents are for your reference. please refer to the actual business regulations.
What is the overdue interest of credit card? How to calculate the overdue interest of credit card
The overdue interest of credit card has always been concerned, and many people want to know how to calculate the overdue interest of credit card. Credit cards usually have an interest-free period ranging from 2 days to 5 days, but if the cardholder fails to repay the bill on time during this period, the bank will charge interest for overdue debts. There are two kinds of credit card interest calculation methods, one is full interest calculation, and the other is segmented interest calculation.
1. Full interest:
Also known as full penalty interest, it means that the cardholder fails to pay off all the debts on the due repayment date, that is, from the date of consumption to the date of full payment, the cyclic interest is calculated at the rate of five ten thousandths per day.
Credit cards of many banks, such as China Construction Bank, Industrial and Commercial Bank of China, Huaxia Bank, China Merchants Bank, China Guangfa Bank and China CITIC Bank, use the calculation method of full penalty interest.
2. Interest calculation by stages:
That is to say, interest is calculated only for the overdue part, and the calculation method is from the date of consumption to the date of full payment, and the cyclic interest is calculated at the rate of five ten thousandths per day.
Only ICBC, Agricultural Bank and Shanghai Pudong Development Bank carry out interest calculation by stages.
in addition to penalty interest, credit card overdue will also be charged with liquidated damages
As for overdue liquidated damages, except for ICBC, which charges 1% of the minimum repayment amount, and Guangfa Bank, which charges 1% of the unpaid minimum repayment amount, all other banks will charge liquidated damages according to 5% of the unpaid minimum repayment amount.
In addition, many banks have set a collection limit for liquidated damages, among which the minimum collection limit for liquidated damages of CITIC Bank, Industrial Bank and Guangfa Bank is 2 yuan. This means that even if the cardholder's actual overdue penalty is 5 yuan, 2 yuan will be charged at least the penalty fee.
Reminder, overdue credit cards will not only charge high penalty interest, but also charge liquidated damages. More importantly, it will also affect personal credit, making it difficult to handle bank-related business in the future. Therefore, everyone must develop the good habit of repaying on time.
how to calculate the overdue interest and overdue fine for credit cards
The calculation of overdue interest and the collection of overdue fine for credit card arrears are handled in the following ways: 1. Your interest is calculated at .5%, and the interest is calculated from the consumption date, in addition to the overdue fine. 2. If the daily interest needs to be calculated at .5% when the minimum repayment amount is paid, there will be no late payment fee. 3. If the repayment amount is less than the minimum repayment amount stipulated by the bank, it will still be regarded as overdue in the end, and the daily interest will be calculated at .5%. In addition, there will be a late payment fee. The late payment fee for credit cards is generally 5% of the unpaid part of the minimum repayment amount, which is calculated on a monthly basis.
that's enough for the introduction of how to calculate the overdue penalty interest of credit cards.