How to calculate the longest interest-free period of a credit card of 56 days
The interest-free period of a credit card is the period from the consumption date to the final repayment date. Assuming that the user makes a consumption on July 2nd and the billing date of the bank is on the 1st of next month, the longest interest-free period is realized for this consumption: 31 days from July 2nd to August 1st, plus 25 days from August 1st to the repayment date.
1. what is the interest-free period of credit cards?
for non-cash transactions with credit cards, from the bank bookkeeping date to the repayment date, you don't have to pay the interest on any non-cash transactions (you don't enjoy the interest-free discount if you borrow cash in advance) as long as you pay off the current payable amount (total amount owed) on the current statement in full.
2. Interest-free time of credit cards of banks
Interest-free repayment period (unit: days)
ICBC 25-56
Agricultural Bank 25-56
Bank of Communications 25-56
Bank of China 2-5
China Construction Bank 2-5
Postal Savings Bank 2-5
China CITIC Bank 2-5
China Merchants Bank 2-4. 22-51
Rural Commercial Bank 25-56
III. Example
Suppose that the account arrival date of your bank is the 1th of each month, and if you swipe your card once on May 9th, you will have to pay back the money within 2 or 25 days after May 1th (whether it is 2 or 25 days is different from bank to bank, but that of Bank of Communications is 2.
Similarly, if you swiped your card on May 11th, you should calculate how much money you swiped from May 1th to June 1th from June 1th, and pay it back within 2 or 25 days after June 1th (about July 5th). At this time, there is the longest interest-free period from the time you swiped your card to the final repayment date, which is about 49 or 55 days, so a few days after the account is received. You need to choose carefully according to your own economic conditions when using credit cards, and don't apply blindly.
how to calculate the longest interest-free period of a credit card? My credit card is CITIC Bank, and the billing date is 14th.
Interest-free repayment period means to repay all the payable amount before the final repayment date (inclusive), and the longest interest-free repayment period is 5 days and the shortest is 2 days (except business cards and rebate cards); Consumption on the day of the billing date has the shortest interest-free period, and consumption on the next day of the billing date enjoys the longest interest-free period.
Calculation of the longest interest-free period:
1. Assuming that the billing date is the 1st and the interest-free repayment period is 5 days, the monthly bill will be settled on the 1st, and the final repayment date will be 19 days after the billing date, that is, the 2th of each month at the latest;
2. If you spend money on the 2nd, you can enjoy the longest interest-free period of 5 days on the 2nd, and 49 days on the 3rd, because the consumption on the 2nd will be billed on the 1st of the following month, with a natural month in the middle and 19 days later.
3. Calculate the interest-free period by analogy. Consumption is made on the 1st of the bill date, and the bill will be settled on that day. Those who consume on the 1st of the month need to pay back before the 2th, and only enjoy the shortest interest-free repayment period of 2 days. That is, the consumption on the day of the billing date enjoys the shortest interest-free period, and the consumption on the second day of the billing date enjoys the longest interest-free period.
Extended information:
1. The billing date is a date randomly generated when applying for a credit card. On this date, CITIC Bank summarizes all transactions and expenses (including interest) of the credit card account in the current period every month, and settles the total amount owed and the minimum repayment amount of the bill. At present, the billing date is from the 1st to 2th of each month (except official cards).
2. The due repayment date refers to the latest repayment arrival time agreed in the current bill after the bill is settled. The due repayment date of CITIC Bank's credit card depends on the length of the cardholder's interest-free repayment period, which is generally extended by 1 to 19 days after the bill date (except for official cards).