How to calculate credit card installment interest? How to calculate credit card installment interest?

1. The total interest calculation formula for credit card installment payment is interest = installment amount, installment handling fee, number of installments, assuming If you spend 3,000 yuan and apply for repayment in 3 installments, the installment fee is 1%, then the total installment interest is 30001%3 = 90 yuan.

2. Generally, the more credit card installments there are, the more interest charged by the bank. Some banks will charge a one-time installment fee when repaying the first installment, and then you only need to repay the principal. Yes, such as China Merchants Bank and Bank of China.

How to calculate the installment interest rate on credit card bills?

Hello, for credit card bill installments, the principal multiplied by the interest rate and multiplied by the repayment time is the interest. Generally, there is only a handling fee, and the calculation method is: Handling fee per installment = Installment principal × Handling rate per installment.

ICBC credit card installment fee: no handling fee for 3 periods, 1.8% for 6 periods, 2.7% for 9 periods, 3.6% for 12 periods, 5.85% for 18 periods, 15.6% for 24 periods. (One-time charge)< /p>

Agricultural Bank of China credit card installment fee: 0.6% per month (charged every month).

Bank of China credit card installment fee: 1.95% for 3 installments, 3.6% for 6 installments, 5.4% for 9 installments, 7.5% for 12 installments, 11.7% for 18 installments, 15% for 24 installments (one-time charge)

CCB credit card installment fee: 0.7% for 3 periods, 0.6% for 6 and 12 periods (charged every month).

Credit card repayment.

About credit card repayment, the similarities and differences between the credit card transaction date and the credit date

Transaction date: literally means the cardholder’s actual consumption, cash deposits and withdrawals, transfer transactions or The date on which the transaction actually occurred with the relevant institution.

Accounting date: refers to the date when the card issuer credits the transaction amount to the cardholder's credit card account after the transaction occurs or charges, interest, etc. to the cardholder's credit card account in accordance with regulations.

Sometimes the transaction date and the account entry date are the same day, and sometimes they are not. Especially when purchasing overseas, the difference between the two may be more than just one day.

Concerning this point, many veteran drivers who grab cash back for overseas consumption must have a deep understanding of this, and many of them were rejected because they could not figure out the difference between the two dates.

It’s not that everyone is inexperienced, it’s actually that the deposit date of each bank is different, even for the same bank, it is not the same every month. This rule is really difficult to grasp.

In fact, not only overseas activities, many banks also like to calculate their activities based on the date of entry. You may wish to pay attention to the detailed instructions of various activities to avoid accidentally falling into a trap.

About credit card overdue

Speaking of the topic of overdue, let’s first explain a few terms.

The billing date means that the card-issuing bank will regularly summarize and settle the various transactions and fees that occurred in your credit card account every month, calculate the interest, and calculate the total amount of debt you owe in the current period and the minimum amount. The repayment amount and a statement will be sent to you (paper statements are almost extinct now, and they are basically text messages and emails). This date is your credit card statement date.

On the repayment date, for credit card non-cash transactions, the date between the bank accounting date and the due repayment date is the interest-free repayment date. The last day of interest-free is what is written on the bill. the final repayment date.

The minimum repayment amount means that if the cardholder has difficulty repaying all the amount payable before the due repayment date (inclusive), he can repay according to the minimum repayment amount stipulated by the card issuing bank, but You cannot enjoy the interest-free repayment period. The minimum payment is listed on the current bill.

Minimum repayment amount = 10% of the unpaid consumption amount within the credit limit (5% for some banks) 100% of the cash advance transaction amount 100% of the unpaid part of the previous minimum repayment amount exceeds 100% of the credit limit consumption fee and 100% of the interest.

In short, as for the minimum repayment amount, just look at the item on the bill.

Okay, with the above explanation of terms, this overdue is easy to explain.

If you pass the final repayment date and fail to pay the minimum payment, even if it is overdue, it may be recorded in the letter.

The reason why it is said that it is possible to be reported to the Hong Kong Economic and Trade News is because many banks also provide some conditions for exemption. The professional term is called tolerance, which can be regarded as extra-legal mercy

< p> "Tolerance and time tolerance" is the collective name of "tolerance service" and "time tolerance service" of bank credit cards.

The "tolerance service" means that if the cardholder has insufficient repayment in the current period and the unpaid portion of the account after the due repayment date is less than or equal to a certain amount, the cardholder shall be deemed to have paid in full. If you repay the balance in full, the unpaid amount will be automatically transferred to the next bill, and no interest will be charged on the unpaid amount.

“Time-tolerance service” provides cardholders with a certain period of repayment grace period service. The repayment grace period is within a few days from the due date of repayment; When repaying within the time limit, the cardholder shall be deemed to have repaid on time.

Generally, the repayment date of banks is 20 days after the bill date, and some banks are 25 days after the bill date; the tolerance is usually 2 or 3 days (note that the ICBC tolerance is 0 days); the tolerance is generally Within 10 yuan, only China Everbright Bank can extend the limit to 100 yuan.

In addition, the time tolerance services of China Guangfa Bank, China Everbright Bank and Shanghai Pudong Development Bank need to be applied for before you can enjoy it. Regarding this point, it is understandable that you need to apply for time tolerance. The tolerance is only a few yuan. If everyone is aware of it, they will definitely pay it back easily. Who would bother to apply for it? With this application threshold, it means that there is no such service.

So, if the time limit of each bank has passed and it is truly overdue, will it definitely taint the credit report?

The answer is also no.

Because each bank does not report overdue items in real time and has its own work rhythm. The fastest one may take one working day, and some banks may even take more than ten days to report the overdue items.

The period of overdue reporting is also the last time for everyone to make amends. Hurry up and repay the loan in full, and take the initiative to explain your last resort (for example, forgetting, not being able to go on a business trip, etc.), anything that can be forgiven (non-subjective reasons), if you have a more sincere attitude, you may be able to "turn the danger into safety".

Of course, this is not to let everyone take chances and delay the repayment. It is to solve the problem as early as possible once it is overdue, and not to ignore it and break it.

Credit Card Interest

Even if you are careful not to overdue, but do not repay in full by the repayment date, there will still be a hefty interest fee waiting for you.

Interest: caused by cash withdrawals or failure to repay in full on the repayment date (only the minimum repayment amount is paid). Currently, the more common algorithm for credit card interest is a daily interest rate of 5/10,000. Regardless of whether it is overdue or not, as long as the payment is not paid in full after the repayment date, interest will accrue.

Reminder: One billing cycle is the interest calculation cycle, and the interest in the next cycle will be incorporated into the principal and recalculated.

There are a few other points to note here:

1. Unlike cash withdrawals and card purchases, there is no interest-free period. As long as you withdraw cash, the bank can start calculating interest. . If you have an emergency because you don't have enough money to withdraw cash, remember to pay it back as soon as possible. Don't wait for the repayment date to pay it back together. A large interest fee will be waiting for you.

Of course, everyone must know this. Everyone takes it out on the same day and pays it back on the same day. It doesn’t cost any interest and only costs one handling fee

2. Credit card consumption The interest-free period is conditional, that is, you must repay the entire amount before the repayment date. If you only repay the minimum repayment amount, although it will not cause an overdue credit report, the interest will be calculated in full.

Associated repayment

Some people may have said that I have linked my debit card and set up automatic repayment. No matter how many pitfalls there are, they can't fool me.

If you think so, there may be a bigger pit waiting for you

Because credit card repayment still has a question of whether to pay by card or by account. Specifically, click by account or by card. , one thing you must keep in mind! If you don't understand this matter, I'll wait for you overdue.

After finding out which banks accept cards and which banks accept accounts, let’s make targeted related repayments.

How to calculate the credit card installment interest rate?

Annual interest rate = installment handling rate / (number of installments 1) 24 = single-stage handling rate number of installments / (number of installments 1) 24, the most common handling fee of 12 installments is 7.2%, which is equivalent to 7.2/(121)24=13.29% annual interest rate.

ICBC’s handling fee for 12 installments is 3.58%, with an annualized interest rate of 6.61%, which is equivalent to 1.1 times the one-year loan benchmark interest rate of 6.0%. It is charged in installments of 0.0358/1324=0.06609=6.61% in the first installment. , the annualized interest rate should be divided by (1-installment fee). The first installment charge is 0.0358/1324/(1-0.0358)=0.06854=6.85%

As for this question, the charging standards (high or low) of each bank are different, and the collection method (collection in installments or one-time collection ) are also different, and the collection categories (consumption installments, bill installments, credit card mall installments or physical mall installments) are also different. For details, you have to check on the credit card websites of major banks, or call the credit card center customer service and they will explain it in detail. You listened.

This is divided into two types: nominal interest rate and real interest rate.

Nominal interest rate

Nominal interest rate is relatively simple. There is no need to calculate it at all. It is whatever it is. For example, if you spend an amount of 6,000 yuan with a credit card, you want to divide it. For 12 installments, the bank tells you that the handling fee for each installment is 0.6%, so the annual interest rate is 0.612=7.2%. Then the monthly principal needs to be amortized 6,000\12=500, and the monthly interest is 60,000.6%=36 yuan. The total ***Need to exchange interest 3612=432 yuan.

Of course, in addition to charging the handling fee in installments, there is also a one-time charging fee, which is slightly higher than the handling fee for analysis, but the entire handling fee needs to be paid back in the first period at once. , decide for yourself which one is suitable.

Actual interest rate

After reading the above example, do you think there is something wrong? It is obvious that the principal owed is getting smaller and smaller, but the interest still has to be paid according to the total amount. By the way, this is a mathematical game. To know what interest rate you pay for each cent of principal, you need to introduce a concept, the actual interest rate.

It sounds complicated, but fortunately both Excel and WPS provide internal formulas for us to use. Below I will teach you how to use the formula to calculate the actual interest rate.

It is still calculated based on 6,000 yuan, divided into 12 installments, and the rate for each installment is 0.6%. Enter the principal of 6,000 in the first line, and enter the monthly repayment of 436 in the second to thirteenth lines. Note that due to the repayment It is the opposite relative to the loan principal, so we have to enter -436, then on the fourteenth line, click the formula in the menu bar, select the IRR function, select the first to thirtieth rows, and you can get each The monthly actual interest rate is 1.0862%. Multiply 1.0862% by 12 months, which is the annual effective annual interest rate of 13.03%.

How to calculate credit card installment interest?

There is no interest after the credit card installment. Only the installment fee is charged. The credit card installment fee = the installment balance installment rate. The credit card installment fee rate is generally related to the number of installments. The longer the installment number, the higher the fee rate. There are differences in the installment fee rates of different banks. It is best to find out clearly from the card issuing bank before applying for credit card installment.

The annualized interest rate, or "annualized rate of return", is the interest rate discounted by discounting the product's inherent rate of return to the entire year. The annualized interest rate is the theoretical rate of return, not the actual rate of return. Unlike annual yield, which is the ratio of a fund's actual return to that of an investment over a year. Annualized rate of return refers to the annual rate of return in the past 7 days converted into net income per 10,000 fund units.

The annualized rate of return calculation formula is:

Annualized rate of return = [(investment return rate ÷ principal) ÷ ??number of investment days] × 365 × 100%;

Annualized income = principal × annualized rate of return;

Actual income = principal × annualized rate of return × number of investment days ÷ 365

: 1 : What is a credit card?

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