How to calculate credit card repayment:

1. Billing date and repayment date

Billing date: that is, the time when the current bill is generated, which is the monthly payment date of the card-issuing bank. Regularly summarize and settle all transactions and expenses that occurred in your credit card account during the current period, calculate interest, calculate your total arrears for the current period and the minimum repayment amount, and provide you with a date for mailing the statement.

Repayment date: the last date for interest-free repayment. Overdraft consumption interest will be calculated if it is overdue.

Example: If the billing date of a certain bank's credit card is the 10th of each month, and the repayment date is the 28th of each month, and the consumption on the billing day is included in the previous cycle, then the payment on the 28th of each month will be the 11th of the previous month. All overdrafts incurred between the 10th and the 10th of this month.

2. Interest-free period and the longest interest-free period

Interest-free period: the interest-free period from the card consumption date to the repayment date.

The longest interest-free period: the period from the day after the last month’s bill date to the repayment date of this month.

If you want to enjoy the longest interest-free period, you can make overdraft consumption on the day after the bill date of this month. Then the time to repay this consumption will be the repayment date of the next month.

3. Minimum repayment amount and full repayment:

Minimum repayment amount: the minimum amount of debt that should be paid off on time every month, within the interest-free repayment period Repaying the minimum amount owed can avoid affecting your personal credit record and avoid paying liquidated damages.

Full repayment: Pay back the entire amount shown on the bill exactly within the interest-free repayment period. Overdraft consumption interest will be waived only if the loan is repaid in full.

4. Overdraft consumption interest and liquidated damages:

Overdraft consumption interest: After the interest-free repayment period, the bank charges daily interest. The specific amount of each bank may be stipulated There is a deviation.

Liquidated damages: When the repayment amount fails to reach the minimum repayment amount during the interest-free repayment period, the bank will charge liquidated damages for the part that reaches the minimum repayment amount. The proportion of liquidated damages is uniformly stipulated by the People's Bank of China. The specific proportion is 5% of the unpaid portion of the minimum repayment amount. This fee is charged in one go. The minimum fee for RMB accounts is RMB 10, and the minimum fee for USD accounts is USD 1.

Extended information:

Notes:

There are more and more emerging repayment methods, but the mainstream one is the online transfer repayment provided by banks. , card-to-card repayments at third-party POS machines, and telephone banking repayments, etc. If you have a fixed habitual repayment pattern and repayment cycle, monthly credit card repayments will become a "little effort." It won’t take up too much of your time, and you won’t have to wait in long queues at the bank.

Another reminder is that when choosing a credit card, you should ask clearly what repayment methods the bank supports, and try to apply for a credit card with more diversified repayment methods, so as not to be taken advantage of by "card-holding shopping discounts" Waiting for petty profits to confuse you, after all, the convenience of a credit card is the most important thing.

Reference material: Credit card repayment_Baidu Encyclopedia