How to calculate the credit card interest?
Suppose the billing date of your card is the 5th of each month and the repayment date is the 25th of each month. The minimum repayment ratio is 10%. You spent 2,000 yuan on May 6th, 3,000 yuan on May 6th and 1 0,000 yuan on June 6th. June 5th is the date of your bill, which records your spending from May 5th to June 4th. If your previous consumption and repayment were normal, the bill received on June 5th was 6,000 yuan, and the minimum repayment amount was 600 yuan. Because the 25th of each month is your repayment date, you need to pay off the bill of 6000 yuan before June 25th. If you don't pay back the money on the final repayment date of June 25th, but drag it to July 1 1, interest and late fees will be incurred.
Credit cards are compounded monthly, and this month refers to the billing month. On July 5th, your bill will show: the principal is 2000 yuan, the interest is 1, 6 1 yuan, and the overdue fine is 30 yuan.
Interest = 2000× 60 (May 6th to July 5th )× 0.05%+3000× 56 (May 10 to July 5th )× 0.05%+1 000× 34 (June1to July 5th).
Late payment fee =6000× 10%×5%=30 yuan.
On July 5th 1 1, you have to pay back in full. At this point, the interest and late fees have been rolled into the bill and the compound interest is calculated. During the interest-bearing period from July 5th to July 1 1, the principal becomes 6 16 1 yuan, and the amount you need to repay is 6000 yuan with interest.
Suggestions on preventing the risk of credit card penalty interest
1. Don't neglect your bill. Cardholders should avoid penalty interest and try to open credit card SMS reminder and billing functions. Banks usually remind customers of various account information through SMS. But if you don't even care about text messages, the gods can't save you.
2. Find a line that suits you. If you find that your limit is too high and you are worried that you will not be able to repay in time, it is safer for the cardholder to apply for a lower limit.
3. The binding of credit card and debit card is the safest. Bind the credit card with the salary card and savings card, and the bank will automatically transfer money. This can save a lot of worry and you don't have to worry about the risk of penalty interest. The only thing you need to ensure is that there is enough money in the salary card and savings card to repay.
4. Don't withdraw cash, and don't try to raise the card with the card. Some cardholders handle multiple credit cards, and then use the time difference to achieve the purpose of raising cards with cards. In fact, this is very risky. Once the funds are cut off, it will be a chain reaction, and it is quite difficult to fill the hole.