Take a CITIC Bank credit card loan of 40,000 yuan as an example. After three years of repayment, the interest will be 10,944 yuan, and the one-year interest will be 3,648 yuan, which means that the individual needs to repay the principal and interest of 50,944 yuan. It should be paid off within one*** three years (36 periods). Calculated, if the principal and interest are repaid in equal amounts in each period, a monthly repayment of 1,415.11 yuan is required, and the actual annualized interest rate has reached 16.446%.

Using credit card transactions, there is generally an interest-free period of 20-50 days. If you pay off all outstanding debts within the interest-free period, no fees will be incurred.

For example: You make two purchases with your card on January 5th, one is 3,000 yuan, and the other is 7,000 yuan. When the bill is issued next month, your bill will show a total debt of 10,000 yuan. As long as you are in Pay it off in full before the repayment date, without any interest, just swipe the card for 10,000 and pay back 10,000.

However, interest (handling fees) will be charged in the following four situations.

The first one: Withdraw interest on cash

It is to withdraw cash directly from the ATM machine. This method will incur two fees, one is interest and the other is handling fee. The interest rate of all major banks is currently RMB 50,000/day, and the handling fees vary from bank to bank, generally ranging from 1% to 3%.

For example: If you withdraw 10,000 yuan in cash from an ATM and use it for 30 days, how much will it cost?

Interest: 5 yuan X 30 = 150 yuan

Handling fee: 10000x3%=300 yuan

Total: 15300 yuan

You see, if you withdraw 10,000 yuan in cash and use it for 30 days, you have to pay 450 yuan Fees, this interest is actually very high, so Brother Chao reminds you to use it with caution!

Second type: interest generated after overdue payment

If the repayment is not made on time, there will be If it is overdue, the bank will charge interest starting from the day you swipe the card. The interest is generally 5 yuan a day for 10,000 yuan, and it will not end until the day you repay in full.

For example: You swiped your card for 10,000 yuan on the 30th, the bill was on January 1st, and the repayment date was January 20th, but you did not pay back the money, and it was not paid off in full until January 30th.

Then what you have to repay is the principal of 10,000 yuan + interest 30x5 = 10,150 yuan. That is to say, because you are in arrears for 10 days, you will have to pay an extra 150 yuan in interest. If it's a 100,000 yuan bill, it only takes 10 days, which is an extra 1,500 yuan.

Third type: Installment interest

This type of installment generally refers to being divided into a fixed number of periods.

The current installment ranges of various banks are generally 3, 6, 9, 12, 24 and 36 phases. This number of installments is not uniform among banks. For example, Shanghai Pudong Development Bank only gives you a maximum of 24 installments, while some banks can give you 36 installments.

Friends who need to handle this business must consult the bank for details.

The installment interest rate (now called installment fee by many banks) is currently not uniform among various banks. The general range of each bank is between 0.5% and 0.8% per month, with equal principal and interest repayments.

For example: your bill is 10,000 yuan, divided into 12 installments. The principal of each installment is 10,000/12=833.33 yuan. The monthly handling fee is calculated as 0.6%, which is 10000x0.6%=60 yuan. The total monthly repayment is 893.33 yuan, and the annual interest payment is 719.99 yuan.

The fourth type: minimum repayment interest

Each bank now has a minimum repayment. Generally speaking, if you spend 10,000 with a card, it will be calculated based on 10%, which is the minimum repayment. A thousand dollars. If you repay one thousand before the repayment date, your credit report will be normal at this time and it will not be considered overdue.

Interest is charged on the unpaid portion of the full repayment, starting from the day the card is swiped. There is no interest-free period, and the fee is still RMB 50,000 per day.

The specific calculation is as follows:

In addition to interest, credit cards also have liquidated damages, also known as late fees or penalties. The so-called liquidated damages refer to failure to use the credit card in accordance with the regulations (receipt contract) generated.

For example, after the debt is overdue, some banks will charge liquidated damages based on 5% of the minimum repayment amount, or 5% of the total amount, with a minimum charge of ten yuan or twenty yuan, etc. , different banks charge different fees for liquidated damages. Please consult your card-issuing bank for details.