Tips on using credit cards

1. Change the billing date and extend the interest-free period. Many banks' credit cards allow you to change the billing date. If the credit card cannot be used temporarily due to special circumstances, you can modify the billing date before the billing date and push the billing date back, thus extending the billing time. However, it should be noted that the billing date can generally only be modified once or twice a year, so please modify it carefully.

2. Apply for repayment time. Most bank credit cards have a grace period of 1-3 days after the final repayment date (ICBC does not have one). If you still cannot pay by the last repayment date, you can call the bank to explain the situation, and then pay it back in a day or two. The payment will not be overdue, but it must not exceed the final grace period, otherwise it will be considered overdue.

3. Failure to pay the minimum payment. Some people will choose the minimum repayment when they can't pay it off for a while, but people who have used credit cards for a long time generally will not choose the minimum repayment. Because the minimum repayment interest is quite high, there is no interest-free period, and often the minimum repayment will affect the credit card limit increase.

4. Pay off the entire bill with a low amount. That is, you can pay off the bill in full with about one-tenth of the bill amount. The method is to start repaying the bill after it comes out, then withdraw the money, and then pay it back in, and so on, until the final repayment date. Just pay it off. This method is very clever, but you must pay attention to the details when operating. If the details are done well, you can easily repay the loan, and it can also play a role in maintaining the card. If you are not careful, your credit card may be reduced or blocked.

5. The bill will be consumed later. The most basic skill in using credit cards is to make reasonable use of the interest-free period. If you spend your money after the billing date, you can enjoy the maximum interest-free period. Especially when making large purchases, be sure to pay attention to your credit card statement date. If you consume the bill later, you can get more than 50 days of interest-free time. For consumption before the bill date, you may spend it today and pay it back tomorrow, which loses the meaning of using a credit card.

6. Repay on the last repayment day. Many novices using credit cards are confused about what is the statement date and what is the final repayment date. Always make repayments as soon as the monthly bill comes out, which greatly reduces the interest-free period of your credit card. There is generally a repayment grace period of about 20 days from the credit card statement date to the final payment date. You can effectively take advantage of the interest-free period by paying on the final payment date. There is no benefit in repaying the loan early. It is better to put your cash in a money fund to earn some interest.

7. Set up automatic repayment. In order to effectively utilize the maximum interest-free period and avoid overdue payments, be sure to use automatic repayment. At present, the credit card repayment functions of Alipay and WeChat are very easy to use. You can set up automatic repayment or schedule repayment in advance, so you don’t have to worry about remembering the repayment date. Note that when using automatic repayment, you must pay attention to the "fund pool" and ensure that the monetary fund or debit card used for repayment has enough money, otherwise it will be overdue.

8. Change bills for large purchases. After making a large purchase, you can modify the billing date, so as to extend the interest-free period, which can be interest-free for up to 70 days. Although most bank cards support modifying the statement date, this method is a "sideline" technique after all. It can be used occasionally when financial difficulties occur, because credit cards are generally only allowed to modify the statement date 1-2 times a year.

What are the credit card swiping skills? How much do you know about them?

Credit cards are used by many people in daily life, but do you know the card swiping skills when using them? What should you pay attention to when swiping your card? Let me give you a detailed explanation so that you can master the skills of using credit cards in daily life and avoid some misunderstandings.

When you usually use a credit card to make purchases, try to use it as much as possible, and use credit cards wherever you can pay by credit card. However, when swiping your card, you should pay attention to the diversification of scenarios, such as hotels, cinemas, shopping malls, restaurants, etc. Swiping your card in different places shows that the cardholder has strong spending power. In this case, the bank will also be willing to improve the cardholder’s Credit card limit.

Avoid round numbers when using credit cards, because merchants generally have decimal pricing. At the same time, the best time interval for swiping a credit card should be 3 hours, and the minimum should not exceed 60 minutes. 3 transactions. And avoid swiping your card after 10pm.

When using a credit card, try to avoid swiping the card at a POS machine that has no rate, because the bank will not get any benefits by swiping the card at such a POS machine. There are no rates for POS machines in general government agencies, charitable and non-profit institutions, school fees, legal services, wholesale, car sales, financial securities payment and other industries.

When swiping a credit card, you should avoid sudden large amounts. Such large amount of consumption will be regarded as cash out by the bank, because when the credit card cash out is discovered by the bank, it will reduce the limit or block the card, which is harmful to users when using credit cards. It is very disadvantageous, so users should pay attention to this when swiping their cards for consumption.

Finally, after using a credit card, you must repay it on time and avoid overdue repayment, because penalty interest will accrue after overdue repayment, and the bank will collect money. After it is overdue, it will be uploaded to the credit reporting center by the bank. When personal credit becomes bad, it will affect various loans, such as car loans or housing loans.

A complete guide to using credit cards

Tip 1: Understand the bill. If you can't read the bill, you don't know how much money has been debited by the bank. Generally, banks provide two types of statements: electronic statements and mailed statements. Mailing bills is sometimes not on time and may delay repayment. For the sake of environmental protection, it is recommended to choose electronic bills.

Here are the billing terms you need to know -

Credit line: the overdraft limit given to you by the bank.

Cash advance limit: The limit that the bank allows you to withdraw cash at an ATM. Generally no more than half of the credit limit.

The current bill date: the billing date for consumption within one month from the last bill date.

Last repayment date of the current period: The bank stipulates the deadline for repaying the amount of the current period's bill. Repayment beyond the deadline, or repayment not reaching the minimum repayment amount, is considered a breach of contract.

Minimum repayment amount: The minimum amount that needs to be repaid for this period of bill, which is usually about 10% of the total consumption.

Tip 2: Choose the right time to spend. Make good use of the interest-free period

If you are not in a hurry to use your card to make purchases, it is best to enjoy the longest interest-free period. To put it simply, the interest-free period refers to the period of time when you use your credit card to overdraft without paying bank interest. However, please note that there is no interest-free period for cash withdrawals.

According to the time limit, the interest-free period can be divided into the longest and the shortest. The length of the interest-free period varies from bank to bank, but is generally 20 days to 50 days or 25 days to 56 days. How to obtain the longest or the shortest interest-free period, you can refer to the figure below:

Tip 3: Understand how interest is calculated. If the credit card debt cannot be paid off in full before the final payment date, interest will be paid at a rate of 0.05% per day. The basis for interest calculation is all the unpaid portion on that day.

For example: the billing date is the 10th and the final payment date is the 28th. If you spend 5,000 yuan on the 11th, the consumption amount will be included in the bill on the 10th of the next month. If it is paid off before the 28th of the next month, there will be no interest at all. But if the full repayment is not made, even if 4,999.99 yuan is repaid, the bank will calculate interest based on 5,000 yuan starting from the 11th of this month!

Tip 4: Learn to repay. Now that we know how interest is calculated. If your financial IQ is high enough, you should know that there are only two repayment strategies that make sense. The first is to repay the loan in full on the final payment date, thus making the banker's "dream" come true. The second is if it is really inconvenient to repay in full, then pay the minimum payment on the final payment date.

If you are able, it is best to repay in full. If you are unable to repay in full, you must repay the minimum repayment amount before the final repayment date. This does not affect personal credit. It should be noted that if there is a cash withdrawal in the current period, an extra portion will be paid during the repayment to offset the possible interest.

Tips for credit card swiping numbers

1. Each swipe of the card cannot exceed 30 of the total amount.

2. Don’t empty all the cards, but leave 10-20.

3. Don’t always brush integers.

4. The last number of the credit card cannot always be 0, 6, 8, or 9.

5. Swipe your card between 9 am and 9 pm every day.

6. Swipe in the morning and in the afternoon, no more than 3 times a day, and the interval between swiping is more than 4 hours.

7. The number of credit card swipes per month is more than 25 times.

8. Make a small installment appropriately every 3 months.

9. It is best to repay in full the day after the bill comes out

Misunderstandings

1.Q: You can borrow money with a credit card, but my income is very low , so applying for a credit card helped me a lot.

A: Wrong. The target customers of bank credit cards are high-end income groups. From the above characteristics, we can also see that the characteristics of credit cards are more about convenience than saving money. Not only do you have to pay an annual fee to use a credit card, but if you miss the repayment time, the penalty interest is very high.

2.Q: Credit cards have a minimum repayment limit, so when I borrow a lot of money and can't pay it back, I just need to repay the minimum amount.

A: Wrong, the minimum repayment amount is only the limit set by the bank, but you need to pay interest. Credit card interest is calculated on a daily basis, and it is compound interest, which is higher than the interest rate of ordinary loans.

Be clear about the difference between installment payment and monthly minimum payment. The annual interest rate for installment or commercial loans is around 5, and even lower for special products. And if you only pay the minimum amount, the equivalent annual interest will be more than 18.

3.Q: Credit cards can be overdrafted to withdraw cash, so I can withdraw some cash for use in emergencies, which is very convenient for me.

A: Correct. However, the interest on cash withdrawals is also calculated on a daily basis, and there is no interest-free period. Interest is calculated from the day the cash is withdrawn. The interest is also calculated on a daily basis, and is as high as the penalty interest for missing the repayment date. However, it is recommended to save a small amount of assets in a credit card to prepare for emergencies, because there is no current interest on the funds in the credit card. What’s more fatal is that with many banks’ credit cards, even if you have cash in the card, you will still be charged a fee for withdrawing cash. A handling fee. So it is better to carry a bank savings card with you and keep a small amount of cash in it. There are very few places where you can spend large amounts of money in cash. You can usually pay with a credit card, and there is an interest-free period for using the card.

4.Q: I don’t remember how much I borrowed this month. I can roughly repay the amount. Even if it’s not enough, it’s only a small amount, and the interest won’t be much.

A: Wrong. If you do not repay in full during the final repayment period, and if it is not within the repayment tolerance, the bank will also have to recover all interest during the "interest-free period". For example, the 5th of each month is the last repayment day. You borrowed 10,000 yuan on the 6th of last month, and you only repaid 9,990 yuan on the last repayment day. Then, on the next final repayment day, you will We still have to pay one month's interest of 10,000 yuan - about 150 yuan, as well as the 10 yuan owed and one month's follow-up interest - about 1.5 cents.

5.Q: If I use a credit card to borrow money and repay it on a recurring basis, and borrow new debt to repay old debt, I can never pay back the money.

A: Wrong. First of all, credit cards cannot withdraw cash without interest, so you have to find a place where you can swipe your card to make purchases to cooperate with you, which is very difficult. Secondly, although you borrow money every month, only the first month's money can actually be used. That is the maximum amount the bank will give you. Third, you always have to pay it back eventually, so doing this is really just saving you the interest on the money you borrowed the first month. And the interest was not much to begin with. It may not be worth it if you have to work on it every month. And once you forget to operate in a certain month, or the operation fails, the penalty interest will far exceed the interest you save.

That’s it for the introduction of credit card swiping skills.