How to calculate the interest of overdue credit cards

1. Credit cards are credit certificates issued by commercial banks or credit card companies to qualified consumers.

second, the credit card is a card with the name of the issuing bank, expiration date, number and cardholder's name printed on the front. Consumers with credit cards can shop or spend money in specialized commercial service departments, and then the bank will settle accounts with merchants and cardholders, and cardholders can overdraw within the prescribed limit.

thirdly, the earliest credit cards appeared at the end of 19th century. In the 198s, the British clothing industry developed the so-called credit card, followed by the tourism and business sectors. However, at that time, the card could only be borrowed for short-term commercial credit, and the money had to be repaid as needed, so there was no long-term default and no credit line. In 195s, McNamara, a credit expert in Manhattan, USA, ate in a restaurant. Because he didn't bring enough money, he had to ask his wife to send it. This made him feel embarrassed, so he organized "DinersClub". Members bring a meal card to the designated 27 restaurants, and they can charge their fees without paying cash. This is the earliest credit card. Franklin National Bank was the first bank to issue credit cards, and other American banks followed suit.

It is said that one day, Frank McNamara, an American businessman, entertained guests in a hotel in new york. After dinner, he found that he had forgotten his wallet. He was deeply embarrassed and had to call his wife to bring cash to the hotel to settle the bill. So McNamara came up with the idea of creating a credit card company. In the spring of 195, McNamara and his friend Schneider invested $1, to set up DinersClub in new york, the predecessor of Diners Credit Card Company. Come to the club to provide members with a card that can prove their identity and ability to pay, and members can keep accounts and spend money with the card. This kind of credit card that does not need to be handled by a bank is still a commercial credit card.

4. Another way of saying credit card is that credit card is a non-cash transaction payment method and a simple credit service. Credit cards are generally plastic cards with a length of 85.6mm, a width of 53.98mm and a thickness of 1mm, which are issued to cardholders by banks or credit card companies according to the credit and financial resources of users. Cardholders use credit cards without paying cash, and make repayment on the checkout date. Except for some credit cards combined with financial cards, credit cards are different from debit cards and ATM cards, and credit cards will not directly deduct money from users' accounts. In February 212, the bank confirmed that the credit card is safer without password, and if it is stolen, it will bear the responsibility with the bank. Enjoy an interest-free period of 25-56 days (or 2-5 days). Credit card consumption enjoys an interest-free period, and the bill amount is paid off before the due repayment date, without any cost. There is no interest-free repayment period for withdrawal. From the date of cash withdrawal, the bank will charge five thousandths of interest every day, and the bank will also charge a certain percentage of cash withdrawal fees.

credit card repayment exceeds the minimum repayment amount, but it is not full repayment. how to calculate interest?

1. First, determine whether to apply for installment repayment for the bill. If not, there will be a repayment amount according to each installment bill, and there will also be a minimum repayment amount. If your repayment amount exceeds the minimum repayment amount but is not the full repayment amount, then the bank will not count your overdue repayment, and there will be no bad record, and it will not affect the credit investigation. However, interest will be generated, which will be calculated according to the unpaid part of you every day, after your repayment date.

2. then how to calculate the minimum repayment? The minimum repayment amount is calculated as 1% of the consumption amount within the credit line (5% for individual banks), 1% of the cash transaction amount borrowed in advance, and 1% of the unpaid part of the minimum repayment amount exceeds 1% of the expenses and interest of the consumption amount within the credit line. For example, your bill for this period is 1, yuan, but you only use it for consumption, so you should pay it back to 1 yuan at least in this period. However, interest will be calculated for the unpaid part, and your interest-free period is gone, and the rate is very high, reaching 15%-2%, so the minimum repayment is not a small pit.

3. Do you know the interest on the minimum repayment of credit card? Friends with credit cards will receive a bill reminder on the billing date of each month. Moreover, you can choose 1% of the minimum repayment bill. For example, if you swipe a 2, credit card, you can pay back 2, yuan first. If a sum of money happens to arrive in ten days' time, at the rate of .5% per day, the remaining 18, will be paid back at that time, which is nothing more than 9 yuan.

according to the credit card repayment agreement, if the credit card only repays the minimum repayment amount, it will no longer enjoy the interest-free period and need to pay interest, which is calculated according to the usual interest-free period of 5 days, because the minimum repayment amount is selected. In addition to the interest of 9 yuan to be paid for late repayment, the interest of up to 5 yuan should be paid for the total bill amount. The total interest is 59 yuan, five ten thousandths of the daily interest, which is equivalent to 18.25% of the annual interest, and it seems that a minimum repayment record is recorded on the personal credit report. So don't choose the minimum repayment easily.

how to calculate the overdue interest of credit card

if the credit card is overdue, the bank will calculate the compound interest at the daily interest rate of .5% from the day of consumption.

The appearance of credit cards provides people with more convenience. Cardholders can use credit cards to overdraw their consumption, and banks provide credit card users with an interest-free repayment period. As long as they pay off their debts within the prescribed repayment period, they don't need to pay any interest.

Therefore, credit card consumption is the first choice for many young people at present, but not all credit cards are free of interest at any time.

cardholders are required to pay credit card interest in the following situations:

1. Withdrawing cash

Credit card overdraft consumption can enjoy an interest-free period, but cash withdrawal does not provide an interest-free period. Generally, from the day the cardholder withdraws cash, the bank will charge interest at the daily interest rate of .5%, for example, if the cash withdrawal is 1 million yuan, the interest for one day is 5 yuan.

in addition to interest, banks will also charge cash withdrawal fees. Different banks have different fees, generally 1%-3% of the cash withdrawal amount, and there will be minimum and maximum fees.

2. Repayment by installments

Repayment by installments is a credit card repayment method that many cardholders will encounter. When users use credit cards to spend money, if they can't pay off their debts within the stipulated repayment period, they can apply for installment to ease the repayment pressure.

interest is not required for installment, but a handling fee is required; Different banks have different fee standards;

3. Minimum repayment

When the cardholder can't pay off the debt in full, in order to avoid overdue, the minimum repayment amount can be repaid in addition to installment. Generally, the minimum repayment amount is 1% of the amount owed, for example, if the debt is 2, yuan, then the minimum repayment amount is 2 yuan.

the minimum repayment can't enjoy the interest-free period, and all transactions of the current bill will calculate the cyclic interest at the daily interest rate of .5% until the user pays off the debt.

4. Overdue interest on credit cards

If the cardholder fails to pay for the credit card, the bank will charge overdue interest to the overdue users. At present, the overdue interest rate of each bank is calculated according to the daily interest rate of .5%.

overdue interest of credit card = .5% of the amount spent. The number of overdue days of credit card is calculated from the day of consumption. The overdue interest is calculated according to compound interest, that is, the interest will stop until the borrower pays off all the debts.

how to calculate the interest of large credit cards? What's the annual interest rate

It's always confusing to get all kinds of cash withdrawal interest and repayment interest, so we specially find out the calculation method of large credit card interest, taking the behavior as an example. In fact, the interest calculation of major banks is similar, because the country has a unified standard, and banks change reasonably in this standard.

1. Calculation of interest of large credit card with the example of the transaction

Cash advance fee: the domestic RMB cash advance fee is 1% of each cash withdrawal amount, and the minimum fee is 1 yuan RMB per transaction; The handling fee for overseas cash advance is 3% of each cash withdrawal amount, and the minimum charge is USD 3 or 3 yuan RMB (American Express Card-Centurion Black Gold Card, American Express Card-Centurion Platinum Card is USD 5 or 3 yuan RMB). There is no inter-bank handling fee for cash advance.

interest: advance cash is not entitled to interest-free repayment. From the date of cash withdrawal to the date of settlement, interest will be charged at the expected annualized interest rate of five ten thousandths per day, with compound interest on a monthly basis.

limit: the advance cash limit is generally 5% of the credit limit (except for cards with special provisions). At the same time, the maximum daily cash advance for each card in China is RMB 2,; The cumulative amount of cash advanced by each household on overseas non-UnionPay lines shall not exceed the equivalent of US$ 1, per day, US$ 5, within one month and US$ 1, within six months.

2. The actual expected annualized interest rate of large credit cards is as high as 18%

Now, the "large credit card", which is called "free of interest on loans and only charges fees", has become a hot product of many banks. Banking industry insiders reminded that this kind of loan method is not cost-effective because its expected annualized interest rate is as high as 18%. However, a bank insider revealed that this simple calculation method is not correct. The actual expected annualized interest rate is much higher than this, and the expected annualized interest rate is likely to be above 18%. If the loan is 1, yuan and is repaid in 12 installments, the principal of the service fee to be repaid is 1, yuan (12/1), and the service fee paid each month is 1,× 1, yuan. The total service fee to be repaid is 1,2 yuan, and the actual occupied capital decreases month by month. The average occupied capital can be calculated as yuan according to the median of arithmetic progression, so the calculated actual expected annualized interest rate is < P > warm.

generally speaking, the overdraft interest of credit cards is calculated at the rate of five ten thousandths of the daily interest within 15 days from the date of signing or the date of bank account entry (including that day), ten thousandths of the daily interest after 15 days, and fifteen thousandths of the daily interest after 3 days or the overdraft amount exceeds the prescribed limit. The overdraft interest is not divided into sections, and the interest is calculated according to the highest interest rate grade of the deadline or the highest overdraft amount. The overdraft interest of each bank is different.

Take spending 5, yuan by credit card as an example. If it takes 45 days from the billing date to the repayment date, and you pay back 4, yuan on the repayment date, the remaining 1, yuan is not paid back on time.

if you hold a card of China Construction Bank or China Merchants Bank, you need to pay interest at the rate of five ten thousandths per day based on 5, yuan, and you need to pay overdraft interest of 1,125 yuan within 45 days.

if you hold a credit card of ICBC, you only need to calculate overdraft interest for the unpaid RMB 1,, and the overdraft interest to be paid within 45 days is RMB 225, which is 5 times different.

if the failure to repay the loan on time is not due to the inability to repay the loan, but a small number of errors are caused by the wrong memory, the difference will be even greater.

how to calculate the interest if the credit card limit is maxed out? A brief introduction

Most banks' credit cards can be overdrawn after running out of credit lines, so cardholders often maxed out their credit cards. However, although they all use credit cards to swipe their cards, many people think that there will be interest if they swipe their cards in excess of the quota. Then, how to calculate interest if the credit card limit is maxed out? Let's give you a brief introduction and see what will happen if you swipe your credit card.

how to calculate the interest if the credit card limit is maxed out?

credit cards can be swiped when the credit limit is maxed out, because they can provide the function of exceeding the limit, but the amount of exceeding the limit is also limited, which cannot exceed 1% of the credit limit. For example, a credit card with a credit limit of 1, can only exceed 1,, which will be triggered when the credit limit is insufficient for the last time.

unlike the credit card charging method within the limit, the over-limit amount of the credit card is included in the minimum repayment amount of the latest bill arrears, that is to say, the minimum amount cannot be repaid, and the money can only be paid off at one time. Therefore, the cardholder should measure his repayment ability before swiping the card, otherwise it is easy to be overdue.

But you don't have to worry about the interest if your credit card is maxed out, because most banks' over-limit services are free. As long as you use the credit card to spend money, you won't charge any interest until the repayment date. Unless the cardholder fails to repay after the repayment date, or fails to pay the full amount, credit card consumption will not be free and interest will be calculated.

regardless of whether the payment is overdue or not paid in full at one time, the interest on the credit card is calculated at the daily interest rate of .5 ‰, but the initial interest-bearing time is based on the entry date of each consumption, not from the date of repayment, so there will be a lot of interest to be charged, and if it is not paid back this month, compound interest will be calculated next month, and the compound interest cannot be ignored.

the above is the introduction of "how to calculate interest when the credit card limit is maxed out", and I hope it will help you.

so much for the introduction of how to calculate the excess interest of credit cards.