Daily interest rate (day rate) is also called daily interest rate or daily interest rate. It refers to the ratio of the daily interest amount on deposits and loans to the amount of borrowed currency. Interest calculated on a daily basis.
Credit cards and quasi-credit cards are different. Credit cards allow overdraft consumption and have an interest-free period of a minimum of 25 days and a maximum of 56 days. Quasi-credit cards do not have an interest-free period for consumption. Yes, and there is no interest-free period for their overdraft and cash withdrawals, and they will charge 0.5% of the interest per day!
Credit card overdraft interest rates mainly refer to the interest rates incurred when the credit card holder fails to repay the current bill in full on time, and the interest rate payable when the card holder uses the credit card to withdraw cash.
For a long time, whether it is a city commercial bank or a state-owned bank, the daily interest rate for credit card overdrafts has been adjusted between 0.05 and 0.035. The lower limit of 0.035 and the upper limit of 0.05 are fixed, and the converted annualized interest rate is around 15-18.
However, now with this notice from the central bank, it means that the overdraft interest rates of various banks' credit cards may change at will according to the market, and each bank is very likely to change it based on the use of our account with the bank, etc. to lower credit card overdraft interest rates.
For us cardholders, the overdraft interest rate of each credit card may be different, and the difference may be relatively large. However, the current credit card market is basically fixed, and there may not be any banks taking the initiative to launch a price war in the short term.
In the "Notice of the People's Bank of China on Promoting the Market-oriented Reform of Credit Card Overdraft Interest Rates", the central bank also requires credit cards to display the annualized interest rate in an obvious way when displaying the overdraft interest rate, and shall not only display the daily interest rate, daily interest rate, etc. Repayment amount, etc.
Coupled with the previous requirement to display the annualized loan interest rate, when we choose to open a credit card in the future, we can see our actual annualized loan interest rate and credit card annualized interest rate at a glance.
When choosing a credit card, we can compare the offers given to us by various banks and choose a credit card with a lower overdraft interest rate to register for use.