The so-called "consumer recurring daily interest rate" actually means that after a credit card purchase is made, if it is not repaid in full within the specified repayment period, it will not be able to enjoy the interest-free period, which will result in Revolving interest, and credit card revolving interest will be calculated from the day it is entered into the account. The daily interest rate is 0.5% per day, and compound interest will be calculated monthly until the cardholder pays off all the money.

For example, the billing date of a certain credit card is the 7th of each month, and the repayment date is the 25th of each month. The cardholder spent 1,000 yuan by swiping the card on April 2. The consumption was recorded on the 2nd. The bill issued on April 7 showed that the "amount due for the current period" was 1,000 yuan and the "minimum repayment amount" for one hundred yuan.

If the cardholder only repays 100 yuan on April 25, the due payment date, then as of May 7, the recurring interest generated will be:

1000×0.05×23 days (April 2 to April 24) 900×0.05×13 days (April 25 to May 7)=11.5 5.85=17.35 yuan.

In addition to not being able to enjoy the interest-free period if credit card purchases are not repaid in full on time, credit card cash withdrawals are also not eligible for the interest-free period, and interest will begin to be accrued from the day the cash is withdrawn.

:

What does recurring interest mean?

1. The so-called revolving interest is charged when you use revolving credit to repay or use cash advance. To put it simply, if you cannot repay the full amount every month, you must pay the minimum amount first. Interest accrues on repayments. Revolving interest is triggered when you always make the minimum payment.

2. Revolving interest is the interest generated when you fail to repay in full. The number of interest accrual days starts from the recording date of each account to the date the account is paid off. The daily interest is 10,000 yuan. Five-fifths is the interest rate. If you use the cash advance function of a credit card, recurring interest will also accrue, and interest will be charged at a daily interest rate of 0.05% from the day of withdrawal to the date of repayment, and compound interest will be charged on a monthly basis until you pay it off. Cyclic interest means that after the cardholder makes a purchase and does not pay off the entire bill on the final repayment date, interest will be calculated from the day the purchase is recorded. Let’s take a simple example to illustrate the problem: For example, your bill date is the 18th of each month, and the payment due date is the 7th of each month. Then the current bill includes the period from July 19th to 8th. For all consumption records between the 18th of August, if you only consumed 1,000 yuan in the last month, then the current bill will be 1,000 yuan, and the minimum repayment is 100 yuan. If you only repay on August 18 If you pay 100 yuan, the recurring interest is 16.4 yuan. It seems relatively small, but if the amount is relatively large, then the cyclic interest will become more. If the minimum amount is repaid several times in a row, it will not only affect your credit, but also cause the cyclic interest to increase indefinitely. Revolving interest is charged on a daily basis, but compound interest is charged on a monthly basis, which does not mean it is deducted every month. If the user repays the consumption amount in full on the repayment date, then there will be no recurring interest. If you use the cash advance function and use it every month, recurring interest will be deducted every month.

In addition, if you do not repay in full, choosing the minimum repayment will also generate recurring interest, because users who choose the minimum repayment cannot also enjoy the interest-free service of the credit card.

How to calculate the recurring interest of a credit card?

Revolving interest is charged when you use revolving credit to repay or use cash advance:

If you repay the full amount before the due date of the current bill cycle, Pay off all the consumption payments, and you can enjoy the interest-free period by swiping your card for consumption, and no recurring interest will be generated;

If the current bill is not paid off in full on time, it will be regarded as using revolving credit, and all consumption in the current period will be from Interest will be accrued on the accounting day (usually the second day after consumption), with a daily interest rate of 0.05% until all is paid off;

If you use the cash advance function, you will be charged cash in advance. Some cannot enjoy the interest-free period, and interest will be accrued from the day the cash is withdrawn, with a daily interest rate of 0.05% and compound interest calculated monthly until it is paid off.

Examples of recurring interest:

Suppose the bill date is the 5th of each month and the repayment due date is the 23rd of each month; the current statement printed by the bank on April 5 includes All transaction accounts from March 5 to April 5;

Assume that there is only one consumption in this period’s bill, and the consumption amount is RMB 1,000 yuan. The merchant’s payment time is March 30th;

The current bill prints the "current repayment amount" as ￥1,000 yuan, and the "minimum repayment amount" as ￥100 yuan; under different circumstances, the recurring interest will be calculated separately. For:

① If the RMB 1,000 is paid off in full before April 23, the recurring interest = 0 in the statement on May 5;

② If only the minimum repayment amount of RMB 100 is paid on April 23, the recurring interest on the statement on May 5 will be RMB 17.85.

The specific calculation is as follows: 1,000 yuan × 0.05 × 24 days (March 30 to April 22) (1000-100) yuan × 0.05 × 13 days (April 23 to May 5 ), recurring interest = 17.85 yuan.