How to calculate credit card loan interest

1. How to calculate credit card loan interest

Credit card interest is calculated on a daily basis, and the daily interest rate is 0.05. The interest on the loan is calculated based on the central bank’s benchmark lending rate. Credit card loan interest is equal to the loan principal multiplied by the number of loan terms multiplied by the loan interest rate. For specific loan interest, you can check the loan contract, which will contain specific loan interest. In addition, credit cards have interest-free periods, but loans do not, and interest needs to be paid on time.

If you lend a credit card to someone else and don't pay it back, you can resolve it through negotiation or you can go directly to the bank. The cardholder and the borrower need to communicate and negotiate first. If the borrower still fails to repay the card, the cardholder can ask the other party to repay the money if the cardholder has evidence that it was the other party who spent the money. If there is no evidence, only the cardholder shall bear the responsibility for repayment. Refusal to pay a larger repayment may lead to a credit card crime. Cardholders need to be reminded that if a credit card is lent to others and others fail to repay the loan, the cardholder will be legally responsible. Because our country's laws stipulate that it is illegal to borrow credit cards.

2. Can overdue credit card interest be reduced or reduced?

Yes, after the credit card is overdue, it can be reduced or reduced as long as it is not malicious default. Failure to repay the credit card overdue is a breach of contract. The bank can require the cardholder to repay the principal as well as overdue interest, late payment fees, over-limit fees, etc. At the same time, the bank can apply to freeze the cardholder's card and classify it as a prohibited customer ( Blacklist), apply to, for enforcement. If a cardholder maliciously overdrafts a certain amount for the purpose of illegal possession, and the card is overdue by more than RMB 10,000, and the card-issuing bank has collected it twice and still fails to pay it back more than three months later, he will be suspected of credit card crime and will bear criminal responsibility.

How is interest charged on CITIC Bank credit cards (debit cards)?

Interest is calculated on a daily basis. The interest rate is based on the cardholder's card usage behavior. The daily interest rate is 3.5 to 5/10,000. Compound interest is calculated on a monthly basis. The total interest on bill settlement is ≤ When 0.02 yuan, no collection will be given; when 0.02 yuan < total interest < 1 yuan, the fee will be charged as 1 yuan; when the total interest ≥ 1 yuan, the fee will be charged according to the actual settlement amount.

1. If the payment is not repaid midway: the actual amount of single consumption × daily interest Part: It is calculated in two stages, and the sum of the interest generated in the two stages is the total interest.

The first stage: the actual amount of a single consumption × daily interest × (the number of days from the day of consumption to the day before the first repayment);

The second stage: unpaid Amount × daily interest × (the number of days from the first payment day to the day before the total debt is paid off).

3. If you withdraw cash from a credit card (debit card), the amount is calculated as the withdrawal principal × daily interest × (the number of days from the day of withdrawal to the day before the total amount is paid off). Interest on cash withdrawals will generate compound interest when settled on the bill date. If cash withdrawals are made multiple times, the total interest is the sum of all single interests. For withdrawals on over-deposited amounts, interest will be calculated based on the actual amount owed (overdraft amount) after being entered into the account.

How to calculate credit loan interest?

The formula for calculating credit loan interest, then the monthly repayment amount is the principal/remaining principal monthly interest rate, total interest = principal monthly interest rate (Number of loan months/20.5)

1. The formula for the total monthly repayment is the monthly principal interest rate [(one-month interest rate) n/(one-month interest rate) n-1]. Relatively speaking, everyone can combine their own time and put it in for effective calculation, but the monthly interest rate is basically 1/12 of the annual interest rate. If it's an annual interest rate, the monthly payment should be multiplied by the number of months on the loan and then the principal can be subtracted to calculate their portion of the loan's principal and interest. Credit loans refer to loans issued based on the borrower's creditworthiness, and the borrower does not need to provide guarantees. Its characteristic is that the debtor does not need to provide collateral or third-party guarantees to obtain a loan based only on its own creditworthiness, and the borrower's creditworthiness is used as a guarantee for repayment. This kind of credit loan has been the main lending method of Chinese banks for a long time. A guarantee company's credit loan is a credit loan provided to customers through a guarantee company guaranteeing bank loans.

The limit can generally reach a maximum of 300,000, and the fee model is the interest on the bank loan plus the guarantee fee of the guarantee company. Formal guarantee companies only charge a certain percentage of guarantee fees and do not charge interest. This is also a criterion for identifying whether a guarantee company is formal. P2P lending financial management platform, the limit is not too high, the speed is between loan companies and banks, the characteristic is that the loan procedures can be completed through the Internet, and the repayment can be made through online banking or Alipay, but the rate is not certain.

2. Due to the high risk of credit loans, it is generally necessary to conduct a detailed inspection of the borrower's economic benefits, operation and management level, development prospects, etc. to reduce risks. Credit loan business is mainly handled through banks, loan companies, and electronic financial institutions. Domestic banks with credit loan products include China Merchants Bank, Citibank, Standard Chartered Bank, Ping An Bank, Bank of Ningbo, etc. Credit loans (credit borrowing) are booming in the country. Although it has not been around for a long time, all parties are actively launching products to compete for the market. The loan company's credit loan has a limit of about 20,000-300,000 and an interest rate of 1.5-3. Some of the loan companies are commonly known as loan companies. This type of product is characterized by fast speed and flexible credit limit, but the cost is hidden in fees and other charges. The actual loan cost is much higher than the advertised interest rate.

How to calculate credit card interest?

What is a credit card? A credit card is an unsecured loan with daily interest. You can decide the repayment amount according to your own financial situation and the monthly repayment due on the current credit card statement, but this amount cannot be lower than the minimum repayment amount on the current statement. So, how is credit card interest calculated?

Calculation of credit card interest: The amount of each purchase in the previous period's statement is the interest-bearing principal, and interest will be calculated from the date the account is recorded to the day before the repayment date. The number of days, the expected annualized interest rate of revolving credit is uniformly stipulated by the People's Bank of China as the expected annualized interest rate of 0.5%, and compound interest is calculated on a monthly basis. The interest bill of the credit card is as follows:

In this case, I will take the calculation of interest on Ping An Bank’s credit card as an example. For example: Mr. Sun’s bill date is the 10th, and the due date for the September bill is September 28. , the current statement printed by Mr. Sun on September 10th includes all his transaction accounts from August 11th to September 10th;

Mr. Sun only There is a consumption: the accounting date is August 15, and the consumption amount is 3,000 yuan. Of course, under different repayment situations, Mr. Sun’s recurring interest is:

Mr. Sun’s current bill The printed "Amount Due for the Current Period" is 3,000 yuan, and the "Minimum Repayment Amount" is 300 yuan;

1) Mr. Ruosun repaid 3,000 yuan in full on September 28 Yuan, then the recurring interest in the statement on October 10 = 0 Yuan.

2) If Mr. Sun only repays the minimum repayment amount of 300 yuan on September 28, the recurring interest on the statement on October 10 = yuan. Specific calculation: 3,000 yuan per day (8 Month 15-September 27) (3,000 yuan-300 yuan) days (September 28-October 10) recurring interest = yuan.

This ends the introduction on how to calculate interest on credit card loans and how much interest is on credit card loans. Have you found the information you need?