Use an Agricultural Bank of China credit card to spend 60,000 yuan and repay it in 24 installments. The monthly repayment is: 2,908 yuan. The installment payment does not include interest and is directly calculated as the installment handling fee. The handling fee is calculated at 0.6%. Each The monthly handling fee will be charged together with the monthly bill.

There are two main situations in calculating credit card interest:

1. Cash withdrawal interest:

After using a credit card to withdraw cash, the bank will charge cash withdrawal interest on the cash withdrawal part. The daily interest rate is four ten thousandths, and the calculation formula is: cash withdrawal interest = cash withdrawal part * 0.05% * number of days.

2. Minimum repayment interest:

After applying for the minimum repayment amount, the bank will charge minimum repayment interest on the remaining unpaid portion, and the daily interest rate is also 10,000 4. The calculation formula is: minimum repayment interest = minimum repayment part * 0.05% * number of days.

Extended information

The term "credit card" originally refers to the financial product introduced in this post. However, because there were no credit cards or even debit cards with any credit card functions in China in the past, Popular. Therefore, real credit cards can only be given the nondescript name of "credit card". A real credit card has the following characteristics: it is not encouraged to deposit cash in advance, consume first and repay later, enjoys an interest-free payment period, can repay in installments independently (with a minimum repayment amount), and joins VISA, MASTER, JCB and other international credit card organizations to benefit the world. Universal.

In the 1960s, credit cards sprouted and developed rapidly in developed European and American countries such as the United States, Canada, and the United Kingdom. After more than 50 years of development, credit cards have been widely accepted in more than 95% of countries around the world. In the 1980s, with the reform and opening up and the development of market economy, credit cards began to enter China as an electronic and modern consumer financial payment tool. In the past ten years, they have developed by leaps and bounds.

China's credit card market is still one of the fastest growing product lines in China's personal financial services market. Although the economic benefits of the industry are full of challenges, driven by economies of scale and growth in consumer spending, China's credit card issuance will continue to grow in the next 10 years. The average annual growth rate will remain at around 14%.