How many days is the interest-free period for a credit card?

The interest-free period for a credit card is set based on the specific billing date and repayment date of the bank. The interest-free period is from the credit card billing date to the repayment date. The day ends on the same day. If your credit card bill date is the 5th of each month, the due date for payment is the 25th of each month.

For non-cash transactions with credit cards, from the date of bank recording to the generation of the single-day statement for this consumption to the date of repayment, you only need to pay off the balance due on the current statement in full. If you repay the amount (total amount owed), you do not have to pay interest on any non-cash transactions that the bank advances to the store on your behalf (cash advances do not enjoy the interest-free discount).

Assume that the payment date of your bank is the 10th of every month. If you swipe your card once on May 9th, then you will have to pay it within 20 or 25 days after May 10th. The money is repaid (as for whether it is 20 days or 25 days, each bank is different, Bank of Communications is 25 days, China Construction Bank is 20 days, CITIC Bank is the longest 50 days), so this time (close to the payment date) time) swiping a credit card is unwise.

Similarly, if you swiped the card on May 11th, then the calculation of how much money you swiped from May 10th to June 10th will be calculated from June 10th. The money must be paid off within 20 or 25 days (probably July 5th). At this time, from the time you swipe the card to the final repayment date, there is the longest interest-free period, which is about 49 or 55 days, so after the payment date Swiping your card within a few days is the best option.

Consequences of overdue credit card repayment 1

Bear high penalty interest After a credit card defaults, the penalty interest fees usually involved are recurring interest fees and late payment fees. Revolving credit is essentially a small, unsecured loan that accrues interest on a daily basis. If the full amount is not repaid on the final payment date, revolving credit interest will accrue on the next statement, and it will start from the date the consumption is recorded. Calculate interest.

Except for ICBC, which imposes balance penalty interest, the other 12 banks still impose full penalty interest. Full penalty interest means that even if the customer repays part of the amount, the repayment portion will not be deducted when calculating penalty interest, and interest charges are usually calculated at a daily interest rate of 0.5%. In addition, some banks stipulate that within 15 days from the bookkeeping date, the daily interest rate will be calculated at 0.5%, and if it exceeds 15 days, the daily interest rate will be calculated at 10%. If it exceeds 30 days or the overdraft amount exceeds the prescribed limit, the daily interest rate shall be calculated at 0.01%. Fifteen calculations, the longer the arrears are, the higher the penalty interest will be.

For example, assume that Ms. Li’s bill date is the 10th of each month, and the final repayment date is the 28th. She spent 10,000 yuan on June 11, and on July 28, Ms. Li’s funds appeared. I was nervous, so I paid the minimum repayment amount of 1,000 yuan first. Then the recurring interest fee on the bill on August 10 is: 10,000 yuan × 0.5‰ × (July 28 ~ June 11) (10,000 yuan ~ 1,000 yuan )×0.5‰×(August 10th ~ July 28th)=293.5 yuan.

If the cardholder fails to repay the minimum repayment amount, in addition to recurring interest charges, there will also be a late payment fee calculated based on 5% of the unpaid portion of the minimum repayment amount. If Ms. Li only repaid 500 yuan, the late payment fee is (1,000 yuan ~ 500 yuan) × 5 = 25 yuan. In this case, the recurring interest fee will rise to 296.75 yuan, and Ms. Li’s penalty interest for that month totaled 321.75 yuan.

What is the interest-free repayment period for Bank of China credit cards?

Interest-free repayment period for Bank of China credit cards: If you pay off all outstanding balances before the due repayment date indicated on the bill, you can enjoy interest-free payment for consumption transactions made in the previous cycle (in Cash advances within the credit limit do not enjoy interest-free repayment). The interest-free repayment period of a credit card 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), the calculation is based on the actual date.

The above content is for your reference, please refer to actual business regulations.

If you have any questions, please feel free to consult Bank of China’s online customer service.

You are sincerely invited to download and use Bank of China Mobile Banking APP or Bank of China Cross-border GOAPP to handle related businesses.

How many days can a credit card be interest-free?

Generally, debts incurred by credit card consumption can enjoy an interest-free period of 18 to 56 days, provided that the full repayment is not overdue. If there is no one-time payment, Repayment can also be interest-free if you apply for installments, but installment handling fees will be incurred. The length of the interest-free period depends on the consumption date, bill date, and repayment date.

Credit Card (English: CreditCard), also called credit card. It is a non-cash transaction payment method and a simple credit service. Credit cards are generally 85.60 mm long, 53.98 mm wide, and 1 mm thick, special carrier plastic cards with consumer credit. It is issued by the bank to individuals and organizations, and can be used to shop, consume, and deposit and withdraw cash from the bank. It is in the form of a card with the name of the issuing bank, validity period, number, cardholder name, etc. printed on the front and a magnetic card on the back. strip, signature strip. Credit cards are issued to cardholders by banks or credit card companies based on the user's creditworthiness and financial resources. Cardholders do not need to pay cash when using the credit card, and repayment will be made on the billing date (English: BillingDate).

Credit cards are divided into credit cards and quasi-credit cards. Credit cards are issued by banks and give cardholders a certain credit limit. The cardholders can consume within the credit limit and then repay. A credit card; a quasi-credit card refers to a quasi-credit card issued by a bank. The cardholder deposits a certain amount of reserve as required. When the reserve account balance is insufficient for payment, the quasi-credit card can be overdrawn within the prescribed credit limit. The so-called credit card generally refers to a credit card only.

The term "credit card" originally refers to the financial product introduced in this post. However, because there were no credit cards or even savings cards with any credit card functions in China in the past, real credit cards could only be It's given the nondescript name of "credit card". A real credit card has the following characteristics: it is not encouraged to deposit cash in advance, consume first and repay later, enjoys an interest-free repayment period, can repay in installments independently (with a minimum repayment amount), and joins VISA, MasterCard, JCB and other international credit card organizations to benefit the world. Universal.

In the 1960s, credit cards sprouted and developed rapidly in developed European and American countries such as the United States, Canada and the United Kingdom. After more than 50 years of development, credit cards have been widely accepted in more than 95 countries around the world. In the 1980s, with the reform and opening up and the development of market economy, credit cards began to enter China as an electronic and modern consumer financial payment tool. In the past ten years, they have developed by leaps and bounds.

How many days is the minimum interest-free period for a credit card?

The minimum interest-free period for credit cards stipulated by each bank is different. For example, for Bank of Communications credit cards, the longest interest-free period is 56 days. , the minimum is 25 days.

Origins of credit cards:

The earliest credit cards appeared at the end of the 19th century. In the 1880s, the British clothing industry developed so-called credit cards, and the tourism and business sectors followed suit. However, the cards at that time could only be used for short-term commercial credit, and the money still had to be paid as and when used. Long-term arrears were not allowed, and there was no credit line.

A credit card is generally a special carrier plastic card with a length of 85.60 mm, a width of 53.98 mm, and a thickness of 1 mm. The name of the card issuer, validity period, number, cardholder name, etc. are printed on the front, and there is a chip on the back. Magnetic strip, signature strip. Cardholders can use their credit cards to shop and spend money with special entities and deposit and withdraw cash from banks.

It is said that one day in the 1950s, American businessman Frank McNamara was entertaining guests for a meal in a New York hotel. After the meal, he found that he had forgotten his wallet and had to call his wife to bring cash. McNamara came up with the idea of ??starting a credit card company because he felt embarrassed about paying the bill at a restaurant. In the spring of 1950, McNamara and his friend Schneider invested US$10,000 to establish the "Diners Club" in New York, the predecessor of Diners Club. Diners Club provides members with a card that can prove their identity and payment ability. Members can use the card to record their purchases at 27 designated restaurants without having to pay cash. This is the earliest credit card.

This kind of credit card that does not require bank processing is a commercial credit card.

In 1952, Franklin National Bank in California, USA, was the first financial institution to issue a bank credit card, becoming the first bank to issue a credit card.

In 1959, Bank of America issued the Bank of America card in California. Since then, many banks have joined the ranks of card-issuing banks. By the 1960s, bank credit cards were quickly welcomed by all walks of life and developed rapidly. Credit cards became popular not only in the United States, but also in the United Kingdom, Japan, Canada and European countries. Since the 1970s, Hong Kong, Taiwan, Singapore, Malaysia and other regions have also begun to handle credit card services.

In the 1960s, credit cards sprouted and developed rapidly in developed European and American countries such as the United States, Canada and the United Kingdom. After more than 50 years of development, credit cards have been widely accepted in more than 95 countries around the world. In the 1980s, with the reform and opening up and the development of the market economy, credit cards began to enter China as an electronic and modern consumer financial payment tool. In the past ten years, they have developed by leaps and bounds.

After experiencing the financial crisis and the ups and downs of the domestic economy, my country's credit card market rebounded in 2016. By the end of 2016, the total number of domestic credit cards issued had exceeded 590 million. In 2016, the national credit card consumption transaction amount reached 741.81 trillion, an increase of 10.75%, and the proportion of credit card consumption in the total retail sales of consumer goods continues to increase.

According to the "2013-2017 China Credit Card Industry In-depth Research and Investment Strategic Planning Analysis Report", since 2010, in order to curb the rapid rise in asset prices and control inflation, the Chinese government has implemented a sound monetary policy. And adopted a series of moderate tightening measures, indicating that macro-prudential and strengthened capital supervision have become the core of China's banking industry supervision. Various tightening money supply operations and capital constraint policies have an impact on the liquidity level, credit lending rhythm and structure of Chinese commercial banks. All had a profound impact. The analysis believes that the evolution of the industry structure has further optimized and diversified the product portfolio, and also increased the research and development of new industry standards and mobile payments; credit penetration has deepened; and the installment business has developed in depth.

In February 2012, the bank confirmed that credit cards without passwords are more secure, and they will share the responsibility if the credit card is stolen. Enjoy an interest-free period of 25-56 days (or 20-50 days). Card consumption enjoys an interest-free period, and if you pay off the bill before the due date, no fees will be incurred. There is no interest-free repayment period for cash withdrawals, and a daily interest rate of 0.05% will be charged from the day of withdrawal. The bank will also charge a certain percentage of cash withdrawal fees.

China’s credit card market is still one of the fastest-growing product lines in China’s personal financial services market. Although the economic benefits of the industry are full of challenges, driven by economies of scale and growth in consumer spending, China’s credit card market will continue to grow in the next 10 years. The average annual growth rate of credit card issuance will remain at around 14, and profitability will also tend to improve;

According to a report released by the People’s Payment and Settlement Department of the People’s Republic of China, as of the third quarter of 2021, credit cards and lending will be integrated into one There were 798 million cards, a month-on-month increase of 0.97, and the per capita number of credit cards and debit cards combined was 0.57.

The interest-free period of each bank's credit card

The interest-free repayment period refers to the interest-free period from the bank's accounting date to the due repayment date. There are two ways to set the interest-free period. One is that the bank clearly stipulates a certain day of each month as the interest-free repayment deadline. The interest-free period is the date between the bank’s accounting date and the deadline; the other is that the card holder People choose a billing date based on their needs, and then set the latest repayment date based on the billing date. Then the interest-free period is the date between the bank accounting date and the latest repayment date.

1. Bank of China

The longest interest-free period for Bank of China credit cards is 50 days, and the repayment date is 20 days after the bill date. The bill date is fixed, and the repayment date is not fixed (divided) Big and small months). The billing date of a Bank of China credit card can be adjusted once every calendar year, provided that the bill must be paid off in full.

2. Agricultural Bank of China

The longest interest-free period for Agricultural Bank of China credit cards is 56 days, and the repayment date is 25 days after the statement date. The repayment date is not fixed (divided into small and large months). The billing date is given by the system and cannot be adjusted.

3. Industrial and Commercial Bank of China

The longest interest-free period for ICBC credit cards is 56 days, and the repayment date is 23 days after the statement date (a 30-day month is used to calculate the repayment date). fixed. The billing date can be adjusted once a year, and can be adjusted by phone or ICBC app.

4. China Construction Bank

The longest interest-free period for CCB credit cards is 50 days, and the repayment date is 20 days after the bill date. The repayment date is now fixed, and it lasts for one year. You can modify the billing date once. If the billing date changes, the repayment date will change accordingly.

5. Bank of Communications

The longest interest-free period for Bank of Communications credit cards is 56 days, and the repayment date is 24 days after the bill date. The repayment date is fixed and will not change with the month. The billing date can be adjusted, but it can only be adjusted once within the validity period of the card.

6. China Merchants Bank

The longest interest-free period for China Merchants Bank credit cards is 50 days, and the repayment date is 18 days after the statement date (any excess is calculated as 30 days). China Merchants Bank's credit card swipes and repayments are not credited until the next day. If you need to pay attention, it is best to make the repayment one day in advance. In addition, the billing date of China Merchants Bank can be adjusted, but it cannot be adjusted again within six months after a single adjustment.

7. China Guangfa Bank

The longest interest-free period for Guangfa Credit Card is 50 days, and the repayment date is 20 days after the statement date (counted as 31 days if it spans a month), such as the 21st It's the billing day, and the repayment date is the 9th of the following month. GF’s Platinum Card allows you to adjust the billing date once a year. Ordinary credit cards cannot be adjusted.

8. China CITIC Bank

The maximum billing date for CITIC credit card is 50 days, and the repayment date is not fixed and is 19 days after the billing date. The CITIC Bank credit card statement date can only be modified once every six months. The modification range must be from 1 to 20 (inclusive) and should not be more than 8 days before or after the original statement date. The modification will take effect the following month.

9. The maximum interest-free period for Industrial Bank Industrial Credit Card is 50 days, and the repayment date is not fixed and is 20 days after the bill date. The billing date can be adjusted twice a year.

10. Ping An Bank

The longest interest-free period for Ping An Bank credit cards is 50 days, and the repayment date is fixed, which is 18 days after the bill date, and will not change with the month. The billing date can be adjusted, and the adjustment interval is half a year.

How many days is the interest-free period for a credit card?

The interest-free period for a credit card is generally 20-50 days.

About the credit card repayment due date refers to the last date when the credit card issuing bank requires the cardholder to return the amount due. That is to say, after the card-issuing bank issues the bill, you should pay off all the fees you have consumed before the due payment date.

In fact, the repayment due date is the last day of the interest-free repayment period. Repayments before this date are interest-free. Overdue interest and late payment fees will be charged. The interest-free repayment period is different for each bank.

Credit cards of different banks have different calculation methods for the interest-free period, but there are generally two categories: First, it is clearly stipulated that a certain day of each month is the interest-free deadline, and the interest-free period is calculated from the date of consumption. , to the date between the due date; second, the cardholder sets a single day, and then sets the latest repayment date based on the bill date. The interest-free period is the date from the consumption date to the latest repayment date. .

The first method is like ICBC Peony Credit Card. Among them, ICBC stipulates that the interest-free period will last for consumption from this month to the 25th of the next month. Assuming that the cardholder made purchases on the 30th of last month, the interest-free period will be 25 days until the 25th of this month. This billing method is relatively easy to understand, and it is easy for cardholders to make use of the longest interest-free period for smart consumption. For example, if your large overdraft occurred on the 1st of last month, your interest-free period may become the most As long as 56 days, you can save a lot of interest.

The second method allows cardholders to choose more billing dates based on their personal circumstances, but the calculation is relatively complicated. Typical examples are China Construction Bank credit cards and China Merchants Bank credit cards.

Take the China Merchants Bank credit card as an example. When applying for each card, the cardholder will be asked to choose a billing date based on personal circumstances, such as the 5th, 15th or 25th. The latest repayment date is 18 days from the billing date: Assumption The 5th is the statement date of your credit card, so for purchases made on the 3rd, the interest-free period is from the 3rd to the 23rd of the month, which is 21 days. If you want to enjoy the longest interest-free period, you can Under this premise, choose the time to consume. For example, if you consume on the 6th, then the 49 days from the 6th of this month to the 23rd of the next month are interest-free periods.

Banks often promote the interest-free period of credit cards, which generally refers to the longest interest-free period, but in fact not every purchase enjoys the 56-day interest-free period.

Relevant notes on the final repayment date:

1. You must choose to repay in full to enjoy interest-free;

2. During the interest-free period The fixed time is 20 days after the bill date;

3. Only consumption (card swiping) transactions are interest-free, cash withdrawals are not interest-free, and procedures will be charged;

Repayment at maturity is also called the final repayment date. If you do not repay in full before the due payment date and do not choose the minimum repayment amount on your credit card, the penalties you may face are:

1 . All consumption payments will no longer enjoy the interest-free repayment treatment. The bank will calculate interest on a daily basis from the day of consumption, using the consumption amount as the principal, with a daily interest rate of 0.05% and compound interest on a monthly basis;

2. Receive a reminder call or letter from the bank;

3. Freeze your account and feed your debt record back to the People's Bank of China to record it in your credit file, affecting your Personal credit;

If you really don’t have enough money to repay the full amount on the due date, please choose the minimum repayment amount of your credit card to repay. In this way, you only need to repay the total amount of each installment. 10 of the fee. Although there is no interest-free repayment period for repayment, it can avoid personal credit damage.

This concludes the introduction to the interest-free period for credit cards and the interest-free period for credit union credit cards. Have you found the information you need?