What is the interest rate of a credit card?

1. What is the interest rate of a credit card loan?

First of all, everyone must clarify one issue, that is, the more qualified the person who applies for credit loans is, Well, then the personal credit loan interest rate will be lower, and if the applicant's loan qualifications are very poor, then the personal credit loan interest rate will be relatively higher. If there are stains on the applicant's credit record, banks will often increase the personal credit loan interest rate, or directly disapprove or deny the loan. In order to have a good credit record, you must pay attention to repaying the loan on time, especially friends who often use credit cards. If your credit card payments are overdue many times, it will be difficult to apply for a personal credit loan in the future. Even if it can be approved, the interest rate of personal credit loan will be relatively higher.

It is understood that the current personal credit loan interest rate is generally around 2% per month. Of course, the specific personal credit loan interest rate depends on the relevant policies of the lending bank. For example, the monthly interest rate of Standard Chartered Bank's unsecured personal loan is 1.75%-2.05%, while the interest rate of Citigroup's Xingfudai unsecured credit loan is 8.8% per year. In addition, the personal credit loan interest rate will also fluctuate to a certain extent depending on the borrower's qualifications. For example, Standard Chartered Bank can enjoy a minimum monthly interest rate of 1.35%. Citibank's corresponding loan interest rates fluctuate at a larger rate, generally around 15%.

2. How to calculate the credit card loan interest rate?

Currently, the calculation of the 50-day (or 56-day) interest-free period stipulated by various banks is different. It is best for cardholders to Have a bottom line in your heart first. Among them, ICBC stipulates that consumption from this month to the 25th of the next month will be the interest-free period. Assuming that the cardholder made the purchase on the 30th of last month, the interest-free period will be 25 days as of the 25th of this month; if the cardholder made the purchase on the 1st of last month, the interest-free period will be the longest 56 days days; China Merchants Bank Letter

When using a card, each card has a billing date, and the interest-free period = 18 days from the billing date. Assuming that the 5th is the billing day of your credit card, then the interest-free period for consumption on the 3rd is from the 3rd to the 23rd of the month, ***21 days;

If it is on the 6th For daily consumption, the 49-day period from the 6th of this month to the 23rd of the next month is the interest-free period; CITIC also has a monthly accounting date, and the longest interest-free period is 56 days.

Compared with traditional loans, credit card loan interest rates are higher interest rates and interest rates, and their calculation methods are also different from traditional loans. Credit card loan interest rates are calculated based on days, and there is an interest-free period. During the interest-free period, no interest will accrue for loan repayment, but traditional loans will accrue interest, but after the interest-free period for credit cards, the interest rate is higher than The cost of traditional borrowing is much higher.

How to calculate credit card interest

There is an interest-free period of 20-50 days for normal credit card consumption. If the bill is paid in full during the interest-free period, there will be no interest. Credit cards charge interest in accordance with the Central Bank's "Bank Card Business Management Measures". The interest rate is 0.05% per day, which is an annual interest rate of 18.25%.

01

What does the daily interest rate of 0.05% mean?

This represents five ten thousandths, which is 10,000, and 5 yuan of interest is charged per day. For 1,000, it is 0.5 yuan per day. So after a month like this, the 10,000 bill will be an interest of 150 yuan per pound.

If 5,000 has been repaid this month, how will the interest be calculated next month? The remaining unpaid portion will be calculated next month, which is 50000.05% of the unpaid balance = 2.5 yuan/day. That’s 75 yuan a month.

02

How to calculate interest on credit card installment?

There is no interest for credit card installments, but there will be handling fees, which are not low.

The installment handling fees of most banks are calculated based on the total installment amount, not the remaining principal, so don’t subconsciously think it’s cheap when you see a lower handling fee. The actual interest rate for installments is approximately twice the bank’s advertised interest rate.

03

How to calculate the handling fee for credit card cash withdrawal?

Generally speaking, most bank credit card cash withdrawal fees range from 1% to 3% of the cash withdrawal amount. The handling fee for a credit card cash withdrawal of 10,000 yuan is between 100 yuan and 300 yuan. . Of course, there are also some credit card cash withdrawals that charge per transaction.

In addition, there is no interest-free period for credit card cash withdrawals, so not only does a credit card cash withdrawal charge a handling fee, but the bank will also charge you interest based on a certain interest rate on the amount of cash withdrawn. Most banks will charge you interest at a daily interest rate of 0.05%. The interest rate for withdrawing 10,000 yuan a day is 5 yuan, and compound interest is calculated on a monthly basis.

04

Are credit card interest rates and loan ratios high or low?

Credit cards sometimes give you a daily interest rate when charging. Many friends who don’t know the details often don’t know whether it is really acceptable when looking at such a low interest rate. In fact, the daily interest rate only needs to be multiplied by 365 can calculate your annual interest rate. The general situation is as follows.

When the credit card chooses the minimum repayment or is overdue, interest will be charged at a daily interest rate of 0.5%. The daily interest rate converted to an annual interest rate is 0.05%365=18.25%, and the annual interest rate of bank loans is about 5%, so the interest rate of the credit card is actually very high. If you do not enjoy the interest-free service of the credit card, you need to pay High interest charges.

However, compared with online loan products, the interest rates of most online loan products are between 18% and 36%, so even if the credit card charges interest, it is within a reasonable range. Once interest is charged on a credit card, the cost of using it will be very high. Please do not overdraw your money to avoid excessive debt.

Credit Card Interest Rate

1. The annual interest rate of bank credit card is 19.86%. 2. Nowadays, the credit card interest of various banks is generally calculated on a daily basis, with a daily interest rate of 0.05%, and compound interest is calculated on a monthly basis. Taking a credit card consumption limit of 10,000 as an example, if it is paid off in one year and the daily interest rate is 0.05%, then the calculated interest for one year is 11,985.65 (including compound interest), the pure interest is 1,985.65 yuan, and the annual interest rate = 1985.65/10,000 = 19.86 %. 3. The interest rate for credit card bill installments is a repayment method of equal principal and interest, including mortgage loans, which are all repayment methods of equal principal and interest. (Equal principal and interest payments are the same amount of repayment, including principal and interest, every month during the repayment period). : Credit card, also called credit card, is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. It takes the form of a card with the issuing bank's name, validity period, number, cardholder's name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially designated commercial service departments, and then the bank will settle the accounts with merchants and cardholders. Cardholders can overdraft within the prescribed limit. Credit cards stipulated in the relevant laws of our country ("Interpretations of the Standing Committee of the National People's Congress on Relevant Credit Card Regulations") refer to credit cards issued by commercial banks or other financial institutions that have all the functions of consumer payment, credit loans, transfer settlement, cash deposits and withdrawals, etc. Electronic payment card with some functions

. On December 1, 2017, the "English Translation and Writing Standards in the Public Service Field" was officially implemented, stipulating that the standard English name of credit cards is CreditCard

. Credit card consumption is a non-cash transaction payment method. There is no need to pay cash when consumption, and repayment will be made on the billing date (Billing

Date). Credit cards are divided into credit cards and quasi-credit cards. A credit card refers to a credit card in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; a quasi-credit card refers to a credit card in which the cardholder can A quasi-credit card that deposits a certain amount of reserve fund and can be overdrafted within the specified credit limit when the reserve account balance is insufficient for payment. The so-called credit card generally refers to a credit card only. Starting from January 1, 2021, credit card overdraft interest rates will be determined independently by card issuers and cardholders through independent negotiation, and the upper and lower limit management of credit card overdraft interest rates will be cancelled. 0.7 times). On May 25, 2021, the Supreme People's Court issued and implemented the "Regulations of the Supreme People's Court on Several Issues Concerning the Trial of Bank Card Civil Cases".

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