how to calculate the revolving interest of credit cards? This interest rate is ridiculously high

Credit cards can be used for overdraft consumption or cash withdrawal for emergency, but cardholders may have cyclic interest in different ways, which is not affordable for everyone. Let's take a look at how the credit card revolving interest is calculated.

Cyclic interest will be generated in one or two situations:

1. Cash withdrawal by credit card cannot enjoy the interest-free period, and the cash withdrawal amount will be charged with cyclic interest from the date of cash withdrawal;

2. Credit card repayment, if it is not repaid in full on the last repayment date, or at the minimum repayment, the remaining unpaid amount will generate cyclic interest from the date of consumption;

2. Calculation formula of credit card revolving interest:

Revolving interest is calculated on a daily basis, with a daily interest rate of .5 ‰ and compound interest on a monthly basis. You can calculate the cyclic interest according to this formula:

cyclic interest = principal × five ten thousandths (interest )× days a (days from consumption date to repayment date of the current period) (principal-paid amount) × five ten thousandths (interest )× days b (days from repayment date of the current period to the next billing date).

For example:

The billing date of Small A Credit Card is the 5th of each month, and the repayment date is the 23rd. On June 2th, 2 yuan was spent. On July 5th, the billing date shows that the amount owed by the current bill is 2 yuan, and the minimum repayment amount is 2 yuan. If it is paid off in full on July 23rd, there will be no cyclic interest. However, if it is repaid only according to the minimum repayment amount, the cyclic interest will be charged, and this interest will be divided into two parts.

one part is 4 days from the 2th of consumption to the end of repayment date, and the interest is 25,.5% 4 = 5 yuan;

one part is the interest generated from the remaining unpaid amount on the repayment date of the current period to the next bill, which is 14 days, and the interest is (25-125).514=15.418 yuan.

the total interest is 2.418 yuan.

how is the credit card revolving interest calculated?

Your credit card has a billing date and a due repayment date, which is set by the bank when your card is issued (China Merchants Credit Card can modify the billing date). As long as you pay off the arrears in your bill in full before your due repayment date, there will be no interest on the consumption part. However, if you have a cash withdrawal transaction, the cash withdrawal part will not enjoy interest-free, which means that the daily interest will be calculated from the day you withdraw it.

how to calculate the revolving interest of China merchants bank's credit card?

Many cardholders will generate cyclic interest if they don't pay off the credit card bill of China Merchants Bank in full. Many cardholders don't know much about this interest and don't know how it is calculated. Let's introduce the related matters of revolving interest to you.

How is the credit card revolving interest generated

The revolving interest is the interest generated when the cardholder fails to repay in full. From the bookkeeping date of each account to the repayment date of the account, it is the interest-bearing days, and the daily interest rate is five ten thousandths of the expected annualized interest rate.

in addition, the cardholder's use of the cash advance function of the credit card will also generate cyclic interest, and interest will be charged at the expected annualized interest rate of .5 ‰ per day from the date of cash withdrawal to the date of repayment, and the interest will be compounded monthly until it is paid off.

how to calculate the cyclic interest of credit card

Calculation method of cyclic interest: each consumption amount in the previous statement is the interest-bearing principal, and the interest-bearing days are from the bookkeeping date of the account to the payment date of the account, and the daily interest rate is five ten thousandths of the expected annualized interest rate. The interest of revolving credit will be listed in the next bill.

For example

If your CMB credit card is billed on the 5th of each month and the due repayment date is 23rd of each month;

The current bill printed by the bank on April 5th includes all your transaction accounts from March 6th to April 5th.

suppose that you only have one consumption in the current billing cycle, and the consumption amount is RMB 1 yuan, and the merchant's request time is March 3th;

Your current bill is printed with "payable amount in this period" as RMB 1 yuan and "minimum repayment amount" as 1 yuan;

under different circumstances, your circulating interest is:

1) If you pay off 1 yuan in full on April 23rd, the circulating interest will be in the statement on May 5th.

2) If you only pay 1 yuan the minimum repayment amount on April 23rd, the cyclic interest on the statement on May 5th is 17.85 yuan, which is calculated as follows:

1 yuan ×.5%×24 days (March 3th to April 22nd) (1-1) yuan× .5 %× 13.

interest calculation of revolving credit:

each consumption amount of the last statement is the interest-bearing principal, and the interest-bearing days are from the billing date of the account to the payment date of the account, and the daily interest rate is five ten thousandths. The interest of revolving credit will be listed in the next bill.

For example:

● Mr. Zhang's billing date is 5th of each month, and the due repayment date is 23rd of each month;

● The current bill printed by the bank for Mr. Zhang on April 5th includes all his transaction accounts from March 5th to April 5th;

● Mr. Zhang has only one consumption in this month's billing cycle-March 3th, and the consumption amount is RMB 1 yuan;

● Mr. Zhang's current bill is printed with "payable amount in this period" as RMB 1 yuan and "minimum repayment amount" as 1 yuan;

● Under different repayment conditions, Mr. Zhang's circulating interest is:

(1) If Mr. Zhang repays 1 yuan in full before April 23rd, the circulating interest in the statement on May 5th is yuan.

(2) If Mr. Zhang only pays the minimum repayment amount of 1 yuan before April 23rd, the circulating interest on the statement on May 5th =17.4 yuan.

the specific calculation is as follows:

1 yuan X.5%X24 days (March 3-April 23)

(1 yuan -1 yuan) X.5%X12 days (April 23-May 5)

How to calculate the revolving interest of credit cards

I. The revolving interest of credit cards refers to holding cards. In addition, credit card overdraft will also generate interest, and you can't enjoy the interest-free repayment period.

2. Whether the credit card generates cyclic interest should be divided into the following three situations:

1. If all the consumption funds are paid off in full before the due repayment date of the current billing cycle, the credit card consumption can enjoy the interest-free period and will not generate cyclic interest;

2. If the current bill is not fully paid off on time, it will be regarded as using revolving credit, and all consumption in the current period will be charged with interest from the bookkeeping date (usually the day after consumption), with a daily interest rate of five ten thousandths until it is fully paid off;

3. If the cash advance function is used, the cash advance cannot enjoy the interest-free period, and interest will be calculated from the day when the cash is withdrawn, with a daily interest rate of five ten thousandths, and the compound interest will be calculated monthly until it is paid off.

1. The calculation of credit card interest mainly includes the following situations:

1. Cash withdrawal interest: After using a credit card to withdraw cash, the bank will levy cash withdrawal interest on the cash withdrawal part, with a daily interest rate of .5%, and the calculation formula is: Cash withdrawal interest = .5% days of cash withdrawal part.

2. Minimum repayment interest: after applying for the minimum repayment amount, the bank will levy the minimum repayment interest on the remaining unpaid part, and the daily interest rate is also five ten thousandths. The calculation formula is: minimum repayment interest = .5% days of the minimum repayment part.

3. overdue interest: when the credit card is overdue, the bank will levy overdue interest on the overdue part. The daily interest rate is .5%, and the calculation formula is: overdue interest = .5% days of overdue repayment.

2. In addition, the credit card bill records the amount of credit card consumption last month, the repayment amount this month, the minimum repayment amount, the repayment date and other information. If it is repaid in full before the last repayment date of the credit card, there will be no interest. If only the repayment amount exceeds the minimum amount, but there is no full repayment, you need to pay interest. The principal charged by each bank is different, but it is certain that all banks will generate interest. As long as the credit card is returned before the repayment date, the repayment date will be shown on your credit card bill, which will be sent to the mailbox by the bank every month, so you can check it regularly.

how to calculate the revolving interest of credit cards?

Revolving interest means that as long as you repay the credit card in full within the interest-free period, no interest will be generated; Once you miss the interest-free period and choose the minimum repayment without full repayment, the remaining arrears will generate cyclic interest on the repayment date!

both cash withdrawal and incomplete repayment will generate cyclic interest. if the repayment cannot be made in full on the final repayment date, the bank will charge the customer cyclic interest on the next bill, with a daily interest rate of .5 ‰ and compound interest on a monthly basis until the repayment date ends.

there is no interest for cashing out as long as it is paid in full within the interest-free period. Anyway, it has been paid in full ~

For example, on the 1th billing date, the bill amount is 1, yuan, assuming the final repayment date is 3th.

if the repayment is not made after 3th, the interest will be charged from the day of consumption, and then on 1th of the second billing date. Assuming that the repayment is not made, the interest has been generated for at least one month, so write it down in 15 yuan.

if there is still no repayment, the principal will be 1, yuan 15 yuan in the second month, and then interest will be charged at the rate of five ten thousandths. Assuming that the minimum repayment is paid, the order of repayment offset is interest first, then principal. The rest will continue to receive interest from the day of consumption. Therefore, interest will not be generated only if it is paid in full.

as long as there is no full repayment on the due repayment date, or there is overdraft cash withdrawal in the bill, interest will be generated.

If you only make a minimum repayment of 1, yuan, the revolving interest will be: 1, yuan ×.5%×24 days (from March 3th to April 22nd) (1,-1, yuan) ×.5%×13 days (from April 23rd to May 5th) =178.5 yuan < p