What does the Bank of Communications credit card’s interest-free policy for up to 56 days specifically mean?

The interest-free repayment period starts from the statement date to the due repayment date. The longest interest-free period for Bank of Communications credit cards is 56 days and the shortest is 25 days. The length of the interest-free period varies depending on the date on which the card is swiped. The longest interest-free period can be enjoyed by spending the day after the bill date.

Calculation method for interest-free repayment period of Bank of Communications credit card:

For example, if your bill date is the 10th of each month, then the 25th day after the bill date is the due payment date , if you make a purchase on May 10th and the bill is issued on the same day, the due date for repayment is May 25th, and the interest-free period is only 25 days (May 10th to May 25th); if you make a purchase on July 11th For consumption, the bill will be issued on August 10th, your last repayment date will be September 5th, and the interest-free period will be 56 days (July 11th - September 5th).

Extended information:

Bank of Communications Credit Card is a credit brand product jointly launched by Bank of Communications and HSBC. Its user positioning is "a group of people who have ideals for life and career, People who have pursuits, know how to enjoy, and are more willing to struggle, sometimes go abroad to study, do business, research or travel.

Reference: Bank of Communications Credit Card_Baidu Encyclopedia

The most popular credit cards. How is the long interest-free period of 56 days calculated?

Many users want to enjoy the longest interest-free period of 56 days when using credit cards. So how is this time calculated? On the billing day, you can generally enjoy the longest interest-free period by swiping your card on the day after the billing day. However, the accounting rules for consumption on the billing day are different from bank to bank. It is best to consult the bank to determine which statement the consumption on this day will be recorded in. < /p>

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

Users must return the credit card on time after using it daily, and there must be no overdue payment, because overdue interest will be incurred. The longer the time, the greater the penalty interest. Moreover, the bank will collect the credit card after it is overdue. The common method of collection is to call the cardholder. In addition, if the credit card is not paid for a long time, it will be frozen.

It is worth noting. What is surprising is 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 continue to be saved on the credit reporting for 5 years. It will disappear automatically in the future. It will not be recorded on your credit report.

If the credit card cannot be paid back on time, you can use installment payment or the minimum payment amount to reduce the monthly repayment amount. , to prevent overdue payments, and when applying for installments, you must meet the minimum consumption amount specified by the bank. At the same time, you can return it in advance after applying for installments to save handling fees.

In order to avoid being unable to return the credit card on time. , when using it, it is best for users to think in advance about what aspects of their income will be returned. If the personal income is relatively large, you can use credit cards with confidence at this time; if the personal income is relatively small, you should use credit cards cautiously to avoid later failure. The situation of returning the card on time.

Does the "56-day interest-free" credit card mean that you can pay it back within 56 days after swiping the card?

Yes, the credit card bill will be swiped later, and the interest-free period will apply. The longest is 56 days.

The minimum interest-free period for a credit card is 25 days, and the maximum is 56 days. For example, the billing date for a credit card is the 4th of each month, and the repayment date is the 25th day after the billing date. , that is, the repayment date is the 29th of each month (there is no 29th in February, it is March 1st.) That is to say:

Card consumption from September 5th to October 4th will You can pay the account on October 4th and repay it before October 29th.

Consumption by card from October 5th to November 4th will be debited on November 4th, and the payment can be made before November 29th.

So, if you swipe your card for consumption on the bill day, the interest-free period will be the shortest, only 25 days (swipe the card on October 4, and repay on October 29). If you swipe your card for consumption on the bill date, the interest-free period will be the longest, with 56 days (swipe the card on October 5, repay on November 29).

How is the 56-day interest-free period for credit cards calculated?

The maximum interest-free period of each bank is also different.

At present, the longest interest-free period for 10 card-issuing banks including Bank of China, China Construction Bank and China Merchants Bank is 50 days, Minsheng is 51 days, and the longest interest-free period for 4 banks including ICBC and Agricultural Bank of China is 56 days.

If you make a purchase on July 2nd, then that purchase will have the longest interest-free period: 31 days from July 2nd to August 1st bill date + bill date 1 25 days from the date of payment to the 25th = 56 days.

Extended information

For non-cash transactions with credit cards, the period from the bank accounting date to the due repayment date is the interest-free repayment period. During this period, as long as you pay off the current period's repayment amount (total amount owed) in full on the current statement, you will not have to pay any interest on the funds advanced by the bank to the store for non-cash transactions (cash advances are not eligible) Interest-free offer).

Reference material: Baidu Encyclopedia - Credit card interest-free period

How to calculate the maximum interest-free period of a credit card of 56 days

The interest-free period of a credit card starts from the date of consumption To the final repayment date, assuming that the user makes a purchase on July 2nd, and the bank’s statement date is on the 1st of the next month, then the maximum interest-free period for this purchase is achieved: that is, from July The 31 days from the 2nd to the billing date on August 1st, plus the 25 days from the billing date on August 1st to the repayment date on the 25th, equal to 56 days.

1. What is the interest-free period of a credit card?

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).

II. Interest-free period for credit cards of various banks

Interest-free repayment period (unit: days)

ICBC 25-56

Agricultural Bank of China 25-56

Bank of Communications 25-56

Bank of China 20-50

China Construction Bank 20-50

Post Reserve Bank 20-50

CITIC Bank 20-50

China Merchants Bank 20-48

China Everbright Bank 20-50

Industrial Bank 20-50

Minsheng Bank 20-50

Ping An Bank 20-50

Hua Xia Bank 22-51

Rural Commercial Bank 25 -56

3. Example

Assume that the account arrival date of your bank is the 10th of every month. If you swipe your card once on May 9th, then in May The money must be repaid within 20 days or 25 days after the 10th (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, and CITIC Bank has a maximum of 50 days) , Therefore, it is not wise to swipe the card at this time (when the account is due).

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 repaid 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. When using a credit card, you need to choose carefully based on your own financial conditions, and do not apply blindly.

That’s it for the introduction of credit card 56 days.