What is the longest interest-free period for a credit card? How to calculate?

For many cardholders, the longer the interest-free period on their credit cards, the better. As far as we know, the longest interest-free period for credit cards is 60 days. Starting from January 1, 2017, cardholders will be able to enjoy more than 60 days of interest-free period. Are you very excited?

Of course, this is due to the "Notice of the People's Bank of China on Matters Related to Credit Card Business" issued by the People's Bank of China on April 15. So, after the new regulations are implemented, how to calculate the interest-free period of credit cards?

The current "Bank Card Business Management Measures" stipulates that the maximum interest-free repayment period for credit cards is 60 days, and the "Notice" issued cancels the current maximum interest-free repayment period for overdraft consumption. Regulations are determined independently by card issuers based on business principles and cardholder needs.

However, what is certain is that after each bank determines the interest-free period independently, it is possible that each bank sets a minimum time limit for the interest-free period (such as at least 25 days of interest-free period), and then determines the interest-free period according to the card applicant. The specific qualifications are flexible to determine the longest interest-free period. That is to say, if you want to enjoy the longest interest-free period, you must meet these conditions:

1. Frequently use credit cards: credit cards It is the most popular among banks. Frequent swiping can also increase your credit card limit.

2. Repay on time without overdue payment: Under the new regulations, the interest-free period for each cardholder’s repayment will be related to their own card usage habits and card usage records. If the cardholder often has late payments, Behavior, it is conceivable that the bank will not provide you with the longest interest-free period.

3. Full repayment: If you only repay the minimum payment amount on the due payment date, you will not be able to enjoy the interest-free period. The interest-free repayment period can only be enjoyed by repaying the full amount due.

For example

Suppose your bill date is the 1st of each month and the repayment date is the 30th of each month. If you consume 5,000 on August 2, 2017 Yuan, it will be credited to the account the next day, and it can be repaid by September 30 at the latest, so there will be an interest-free period of more than 60 days.

How is the maximum interest-free period of 56 days for a credit card calculated?

When using credit cards for consumption, many users hope to enjoy the maximum interest-free period of 56 days. So how is this time calculated? What about calculation? In fact, this time point is the billing day. Generally, you can enjoy the longest interest-free period by swiping your card on the day after the billing day. However, different banks have different accounting rules for consumption on the statement day. It is best to consult the bank to determine which statement the consumption on this day will be recorded.

If the bank stipulates that the consumption on the bill day should be included in the current bill, then the consumption on the bill day can enjoy the shortest interest-free period and must be returned on the repayment date after the bill date; if the consumption on the bill day is not included in the current bill bill, it will be included in the next bill, and you can also enjoy the longest interest-free period at this time.

Users must return their credit cards on time after using their credit cards for daily consumption, and cannot be overdue, because penalty interest will accrue after overdue payment, and the longer the time, the more the penalty interest will be. Moreover, when a credit card is overdue, the bank will collect it. A common method of collection is to call the cardholder's phone number. In addition, if the credit card is not repaid for a long time, the credit card will be frozen.

It is worth noting that overdue credit card repayments will be uploaded to the credit reporting center, causing personal credit reporting to become bad and affecting subsequent re-applications for various loans. At the same time, after the debt is returned, it will be reported in the credit reporting center. It will continue to be saved for 5 years and will disappear automatically after 5 years. It will not always be recorded on your credit report.

If the credit card cannot be paid back on time, you can use installment repayment or the minimum repayment amount, so that you can reduce the monthly repayment amount and avoid overdue payments. Moreover, when applying for installments, you must meet the minimum consumption limit stipulated by the bank. At the same time, you can return it in advance after applying for installments, saving handling fees.

In order to avoid not being able to return the credit card on time after using it, it is best for users to think in advance about what kind of income they will use to return it when using it. If the personal income is relatively large, then you can use the credit card for consumption with confidence; If your income is relatively small, you should be careful when using credit cards to avoid being unable to pay back on time later.

When does the credit card interest-free period start? How many days is the interest-free period for each bank's credit card?

Credit cards can provide interest-free overdrafts, but many people don't know how long they can enjoy the interest-free period after using their credit cards to make purchases. They will ask where the interest-free period for credit cards comes from. Days begin to count? How many days is the interest-free period for each bank's credit card? Today I will give you a brief introduction. If you want to have the longest interest-free period, there are several dates that you must be clear about.

When does the credit card interest-free period start?

The interest-free period of a credit card refers to the period from the bank accounting date to the due repayment date after using a credit card. If the current balance can be paid off in full, no interest will accrue. Therefore, it is not difficult to see that the interest-free period of a credit card is calculated from the bank accounting date. The specific interest-free period must be inferred based on the billing date, consumption date, and repayment date.

Like Agricultural Bank of China, CITIC, China Construction Bank, China Xiamen, Shanghai Pudong Development Bank, Citigroup, Industrial Bank, Postal Savings Bank, Minsheng Bank, Beijing, Shanghai, Shanghai Rural Commercial Bank, and Zheshang Bank, if the consumption is credited to the account on the same day, the consumption will be on the bill date. Included in the current bill; for Bank of China, ICBC, China Merchants, Communications, Ping An, Guangfa, Everbright, consumption on the same day will be recorded in the account the next day, and consumption on the bill day will be included in the next bill.

How many days are the interest-free periods for each bank’s credit card?

1. Bank of China: The interest-free repayment period for credit cards can be up to 50 days, and the fixed interest-free repayment period is 20 days. In case of large and small months (28 days/30 days/31 days), Actual date calculation.

2. Industrial and Commercial Bank of China: The minimum interest-free period is 25 days and the maximum is 56 days.

3. China Construction Bank: The shortest interest-free period is 17 days and the longest is 52 days. Due to the fixed repayment date, it varies slightly from month to month.

4. Agricultural Bank of China: The maximum interest-free period for credit cards is 56 days.

5. Postal Savings Bank of China: The shortest 20-day interest-free period means cardholders make purchases on the statement date; the longest 50-day interest-free period means cardholders make purchases the day after the statement date.

6. Bank of Communications: the shortest interest-free period is 25 days and the longest is 56 days

7. Shanghai Pudong Development Bank: Geely Platinum Card has no interest-free period, and other credit cards have the longest interest-free period. 50 days

8. China CITIC Bank: The longest interest-free repayment period is 50 days, and the shortest is 20 days. The longest interest-free repayment period of the UnionPay Business Card is 56 days. The CITIC UnionPay Business Card has a fixed billing date (the 15th of each month), and the due repayment date is postponed by 25 days from the billing date.

9. China Guangfa Bank: The longest interest-free period is 50 to 65 days, of which the interest-free repayment period for standard cards/hope cards/guardian angel cards/guardian pioneer cards is up to 56 days.

10. Minsheng Bank: The interest-free repayment period is as short as 20 days and as long as 51 days.

The above is the relevant introduction to "When does the credit card interest-free period start to count?", I hope it will be helpful to everyone.

How to calculate the interest-free period of a credit card?

Assuming that your credit card bill date is the 5th of each month and the due repayment date is the 25th of each month, then at different times The length of the interest-free period you enjoy varies by swiping your card in different periods:

If you swipe your card to spend 10,000 yuan on October 4, then on the billing day of October 5, the 10,000 yuan will be For bills that are credited to October (specifically, the billing cycle from September 6 to October 5), the account should be repaid on October 25.

Therefore, the longest interest-free period that cardholders can enjoy is 21 days; if a card consumption of 10,000 yuan is made on October 6, because it exceeds the statement date of October 5, then the 10,000 yuan will be Yuan will be credited to the bill for November (specifically, the billing cycle from October 6 to November 5) on November 5, and the account should be repaid on November 25. Therefore, the maximum interest-free period that cardholders can enjoy is 50 days.

If you swipe your card before the bill date, you may enjoy a shorter interest-free period (the closer you swipe your card to the bill date, the shorter the interest-free period); if you swipe your card after the bill date, you may enjoy the interest-free period. The period is longer (the closer the card is swiped to the statement date, the longer the interest-free period).

What does the interest-free period of a credit card mean?

For non-cash transactions with a credit card, it is the period from the bank recording date to the generation of the single-day statement for this consumption to the repayment date. , as long as you pay off the current period's repayment amount (total amount owed) in full on the current statement, you do not need to pay any interest on the funds advanced by the bank to the store for non-cash transactions (cash advances do not enjoy the interest-free discount) ).

How is credit card interest calculated?

Credit cards generally have a 30-day interest-free period. As long as consumers pay off their balances within the interest-free period, no interest will be charged. If a consumer is overdue, interest is generally calculated at a daily interest rate of 0.05. If the consumer is overdue for more than 30 days, some banks will calculate interest at a daily interest rate of 0.1.

If a consumer uses a credit card to spend 10,000 yuan overdue, the interest that needs to be paid every day is: 100,000.05 = 5 yuan, which is 150 yuan per month (calculated as 30 days). In general, it needs The interest paid is very high, so it is recommended not to be overdue easily.

What are the precautions for using credit cards?

1. Do not easily disclose personal information to others, including your ID number, bank code and other information, and do not use your bank card , give the credit card to others for use. If you have any doubts and need to report a crime, please go to a bank or other financial department for consultation in person or report the crime to the local public security agency. Do not call the phone number provided by the suspect to report the crime.

2. Pay attention to safe use of online banking. Install necessary anti-virus, anti-Trojan software and online banking security controls, make sure you are logging into a real bank website, do not easily accept unfamiliar files, and do not easily use other people's computers to log into online banking.

3. Be vigilant when using self-service banking. At present, the doors of self-service banks have been gradually transformed into button-opening ones. When withdrawing money from self-service banks, if you find suspicious devices or prompt messages such as "Press password to confirm" at the entrance of self-service banks, do not swipe your card or enter password, and promptly Report to banks and public security agencies.

4. Be careful to separate the card and ID card. Many people keep their ID cards and bank cards together in life. Once lost or stolen, the cardholder's funds are highly likely to be lost.

5. When swiping a credit card for consumption, you must confirm whether it is a UnionPay POS machine. After swiping the card, you must sign the shopping settlement statement. At the same time, you must also pay attention to whether there are duplicate problems and prevent the returned bank card from being used. Transfer package. In addition, the signature style should be as consistent as possible with the signature on the card.

This is the end of the introduction on how to calculate the longest interest-free period of a credit card and how to use a credit card with the longest interest-free period. Did you find the information you need?