If you pay the minimum repayment amount on a credit card, you cannot enjoy the interest-free period. The unpaid portion will be charged interest at a rate of 0.05% per day, and compound interest will be calculated on a monthly basis.

Example of interest calculation: Mr. Chen spent 10,000 yuan on March 31 and received the statement in early April. The statement showed that the balance of the previous period was 0. There was only one overdraft consumption of 10,000 yuan in this period and it was due in this period. The repayment date is April 25. The repayment amount for this period is 10,000 yuan, and the minimum repayment amount is 1,000 yuan.

If Mr. Chen repays 10,000 yuan in full before April 25, there will be no overdraft interest in the statement received in May.

If Mr. Chen fails to repay in full before April 25 but the repayment amount is higher than the minimum repayment amount: For example, if the repayment is 9,900 yuan on April 20, the amount received in May will The overdraft interest on the statement is 1.55 yuan.

Overdraft interest: (10,000-9,900) yuan × 0.05% × 31 days (March 31 to April 30) = 1.55 yuan.

If Mr. Chen fails to repay in full before April 25 but the repayment amount is lower than the minimum repayment amount: If the repayment is 900 yuan on April 20, in addition to overdraft interest, There is also a late payment fee, which is 5% of the unpaid minimum repayment amount. In addition to overdraft interest, the statement Mr. Chen received in May also included a late payment fee of 5 yuan.

Late payment fee: (1000-900) × 5% = 5 yuan.

Credit cards, also called credit cards, are credit certificates issued by commercial banks or credit card companies to consumers with qualified credit. It takes the form of a card with the issuing bank's name, validity period, number, cardholder's name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially designated commercial service departments, and then the bank will settle the accounts with merchants and cardholders. Cardholders can overdraft within the prescribed limit.

Credit cards stipulated in the relevant laws of our country ("Interpretations of the Standing Committee of the National People's Congress on Relevant Credit Card Regulations") refer to credit cards issued by commercial banks or other financial institutions with the functions of consumption payment, credit loans, transfer settlement , cash deposit and withdrawal and other full or partial functions of the electronic payment card. On December 1, 2017, the "English Translation and Writing Standards in the Public Service Field" was officially implemented, stipulating that the standard English name of credit cards is Credit Card.

Credit card consumption is a non-cash transaction payment method. There is no need to pay cash when consumption, and repayment will be made on the billing date.

Credit cards are divided into credit cards and quasi-credit cards. Credit cards refer to credit cards in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card It refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, the cardholder can overdraw within the prescribed credit limit. The so-called credit card generally refers to a credit card only.