What does the credit card revolving credit rate mean?
Credit card revolving credit generally means that the credit limit of credit card can be recycled. As long as the customer can repay the amount in time after each use (including the minimum repayment method), it can be reused without applying before each use. Revolving credit is the inherent attribute and main function of credit card, which brings convenience to cardholders.
What is the revolving credit rate of Guangfa Bank's credit card?
The revolving credit line of Guangfa Bank's credit card is 0.5 ‰ per day, and compound interest is charged monthly within the revolving credit line, with a minimum of 1 yuan.
How to calculate the revolving credit interest of Guangfa Bank's credit card?
Before you pay off the debt, the revolving credit line of Guangfa Bank's credit card is calculated with interest.
For example, your monthly credit card bill date is 10. You spent 2000 yuan on 30th of this month, so the amount on your bill this month is 2000 yuan, and the lowest is 200 yuan.
If you pay off the minimum repayment amount on next month 1 day, your revolving credit card loan interest = 2000 x 0.05% x 32+(2000-200) x 0.05% x10 = 41yuan.
In this formula, "32" refers to the total amount from the date of bill generation to the settlement of next month 1 day. Moreover, "10" refers to 10 days from the repayment date of the minimum repayment amount to the billing date, that is, the number of days to generate cyclic interest.