1 Two ways to calculate interest
It is understood that there are two ways to calculate overdraft interest of "partial repayment" by major banks in our city: partial interest and full interest. Partial interest calculation means that interest is calculated only for overdue funds at the rate of five ten thousandths per day. The calculation formula is: unpaid amount × daily interest (.5%/ day) × days from billing date to repayment date. The full interest calculation means that as long as the cardholder fails to pay off all the overdraft amount within the specified interest-free period, interest will be calculated on all the consumption amount, that is, from the date of consumption to the date of paying off the full amount, the cyclic interest will be calculated at five ten thousandths per day. The calculation formula is: total consumption × daily interest × days from bookkeeping date to first repayment date+unpaid amount × daily interest × days from first repayment date to second repayment date.
2 You should also pay for convenience
In our city, the banks that adopt "full penalty interest" mainly include China Bank, China CITIC Bank (61998, Share Bar) and Bank of Communications. The banks that only pay interest on the unpaid money include ICBC, China Construction Bank and Huaxia Bank (615, Share Bar).
Different people have different opinions about whether credit card arrears should be penalized in full. "To put it bluntly, the credit card overdraft business means that customers borrow money from banks. Since they enjoy convenience, of course, they should also pay something." Yesterday, the relevant staff of CITIC Bank Taiyuan Branch told reporters. He explained that the adoption of "full penalty interest" is the mainstream international practice, mainly to prevent malicious default of credit cards.
"When citizens apply for credit cards, there is a clear explanation for interest calculation in the signed agreement. Since the contract has been signed, it is natural to abide by it. " The staff member told the reporter, "In fact, banks have an interest-free period for credit card overdrafts, with a minimum period of 2 days and a maximum period of 56 days. As long as citizens repay in full during the interest-free period, they will not generate interest at all."
3 A new policy of "tolerance" has been quietly introduced
However, not all banks have expressed their support for "full penalty interest". At present, in addition to ICBC and other banks, Minsheng Bank (616, Shares Bar), China Construction Bank and other banks have introduced a more humane interest-bearing method of "tolerance repayment". The so-called "tolerance repayment" means that when the cardholder fails to repay all the payable amount in full, if the difference between the repayment amount and the total payable amount is within a certain limit, the bank will treat it as full repayment in the current month without penalty interest, and the small amount owed will automatically roll into the next bill or be "written off".
A staff member of Taiyuan Marketing Center of China Minsheng Bank Credit Card Center told the reporter, "When the cardholder fails to repay in full, but the difference of the unpaid part is less than that of 1 yuan, Minsheng Bank will regard it as the cardholder's full repayment." For example, if a customer spends 1, yuan and repays 9,99 yuan within the interest-free repayment period, and the balance is not paid off by 1 yuan, Minsheng Bank will treat the customer as a full repayment, and no interest will be charged.
The reporter learned that the tolerance of banks is not the same. Among them, China Bank will tolerate within 1% of the arrears; China Construction Bank implements tolerance within 1 yuan; Shanghai Pudong Development Bank (6, shares) implements tolerance within 1 yuan; China Merchants Bank (636, stock bar) implements tolerance within 1 yuan; Minsheng Bank implements tolerance within 1 yuan; In addition, Agricultural Bank of China, China CITIC Bank and Bank of Communications all implement a zero-tolerance policy. 4
4 Good habits to avoid high interest
"If citizens want to avoid penalty interest, they can open credit card SMS reminder and billing functions, and banks will generally remind customers of various account information by SMS." A staff member of China Construction Bank told the reporter, "When we find that customers are in arrears, we will send text messages to remind customers in time. As long as the customer repays within the time specified in the SMS, CCB does not charge interest. "
In addition, people in the industry also suggest that citizens who use credit cards should consult the issuing bank before opening their cards to find out what way their credit cards charge interest, so as to adopt appropriate repayment methods and avoid high penalty interest for overdue debts. At the same time, citizens can bind credit cards and debit cards and open the automatic repayment function. "However, it is necessary to pay attention to whether the funds in the debit card are enough to pay the credit card deduction. In addition, the repayment route is now more convenient, and repayment can also be made by using third-party payment methods such as Alipay and Lacarra. "
The bank staff said that it is not advisable for some cardholders to handle multiple credit cards and then "raise their cards with one card" through the time difference: "In fact, it is very risky to do so. Once their working cash can't keep up, it will be a chain reaction, and it is quite difficult to fill the hole."