Please note that the annualized interest rate of a credit card is 18.25%, which is 2.6 times the five-year loan interest. At present, domestic banks have adopted the practice of waiving interest for full repayment of credit cards, that is, cardholders If the entire repayment amount is paid before the due payment date, the amount incurred in the current period on the current bill will be interest-free from the consumption date to the due repayment date.

For example, if the consumer's bill date is the 7th of each month and the repayment date is the 25th of each month, then the cardholder spends 8,000 yuan on March 8, and the payment date will be April 7. Then if the cardholder repays 8,000 yuan in full before April 25, the interest will be waived.

However, the interest-free period is only for cardholders who repay in full on the due payment date. If they fail to repay the balance in full on the due payment date, they will not be able to enjoy the interest-free period. During the period, the bank will charge interest. At present, the interest rate for credit card repayment is based on daily interest rate of 5/10,000, calculated based on monthly compound interest. The converted annual interest rate is as high as 18.25%, which is 2.6 times the current 7.05% interest rate for loans with a term of more than 5 years. If the cardholder is not careful, the interest rate will be It will snowball into a huge bill. Use with caution!

Credit card interest calculation method

Credit card interest calculation method 1

Full penalty interest

Underpayment of 1 yuan, 8,000 yuan in bill interest 192 Yuan

At present, there are two ways to calculate interest on credit cards in my country, one is full penalty interest, and the other is interest on the unpaid portion. Full penalty interest means that after the repayment date, regardless of whether the credit card has made partial repayments that month, as long as the full payment is not made, the card issuer will calculate interest on the cardholder based on the total consumption amount. If the cardholder does not repay the loan in full, how will the full penalty interest rate be calculated?

If the cardholder spends 8,000 yuan on March 8, the bill received on April 7, the bill date, will show that the "amount due for the current period" is 8,000 yuan, and the "minimum repayment amount" ” is 800 yuan.

If the cardholder repays 800 yuan according to the minimum repayment amount on April 25, the repayment date, then the recurring interest in the next statement on May 7 will be: 8,000 yuan ×0.05% × 48 days (March 8-April 25) + 7,200 yuan × 0.05% × 12 days (April 25-May 7) = 192 yuan + 43.2 yuan = 235.2 yuan.

If you only repaid 7,999 yuan on the repayment date, which is 1 yuan less, then the recurring interest in the statement on May 7th is: 8,000 yuan × 0.05% × 48 days + 1 yuan × 0.05% × 12 days = 192.006 yuan.

Credit card interest calculation method 2

Unpaid interest calculation

Underpayment of 1 yuan, 8,000 yuan in bill interest of 0.03 yuan

Unpaid portion Interest accrual means that if the cardholder makes partial repayment, the repayment portion will be interest-free, and the bank will only calculate interest on the unpaid portion.

Interest is calculated based on the unpaid portion. The cardholder also consumed 8,000 yuan on March 8, and repaid 800 yuan according to the minimum repayment amount on April 25, the repayment date. The cardholder here The 800 yuan repaid within a day can enjoy the interest-free treatment from the consumption date to the repayment date. Then on the bill on May 7, the recurring interest is: 7,200 yuan × 0.05% × 60 days (March 8-May 7 day) = 216 yuan, which can save 19.2 yuan compared with the full penalty interest.

If the repayment is 7,999 yuan on April 25 and the repayment is 1 yuan less, then the recurring interest in the statement on May 7 is: 1 yuan × 0.05% × 60 days = 0.03 yuan , the interest will be significantly reduced than the full penalty interest, and you can pay 191.976 yuan less.

Only 3 of the 18 banks use outstanding interest calculation

A website once launched a survey on "Which bank's unfair format clause is the most overbearing", and "full penalty interest" was Consumers think this is the most overbearing clause after "charging an annual fee and charging a small account management fee".

In February 2009, ICBC took the lead in canceling the "full penalty interest" system and changed it to "partial repayment and partial interest calculation." However, the investigation found that three years later, only Shanghai Pudong Development Bank and Agricultural Bank of China have Two banks followed up, that is, 3 banks calculated interest on the outstanding portion.

15 banks including China Construction Bank, China Merchants Bank, China Minsheng Banking Corporation, Huaxia Bank, Bank of China, Bank of Communications, Postal Savings Bank of China, Everbright Bank, Shenzhen Development Bank, CITIC, Industrial Bank, China Guangfa, Bank of Guangzhou, Guangzhou Rural Commerce and Bank of East Asia have all imposed full fines. The interest system means that if the cardholder does not repay the loan in full, under the same conditions, the interest calculation system of these 15 banks will make the cardholder pay more interest.

4 banks promote "tolerance repayment"

In fact, what makes consumers most dissatisfied with the full penalty interest is that part of the change is not repaid and they are charged the full penalty interest. , charge late fees and affect credit reporting. Because most consumers tend to only roughly remember the whole amount of their bills, it is very easy to fail to repay some fractions. That is, according to the above calculation, there will be a phenomenon of underpayment of 1 yuan and a penalty interest of 192 yuan.

In response to this situation that consumers are quite skeptical about, some banks have introduced a new policy of "tolerance repayment", that is, the small fraction of the due amount in the bill will automatically be rolled into the next bill. This is not correct. The bill will be subject to full penalty interest. However, a reporter from Xinkuaibao found that only four banks including China Construction Bank, China Merchants Bank (Weibo), China Minsheng Bank, and Hua Xia Bank adopt the tolerance repayment method, and all unpaid bills below 10 yuan are considered to be fully paid. All the penalty interest will be paid off in the next bill.

This means that Bank of China, Bank of Communications, Postal Savings Bank of China, Everbright, Shenzhen Development Bank, CITIC, Industrial Bank, Guangfa, Bank of Guangzhou, Guangzhou Rural Commerce and Industry, which adopt full repayment without tolerance repayment system. There will be situations in East Asia where you pay 1 penny less and charge interest on the full amount.

The highest starting point for late payment fees is CITIC

The minimum charge is 30 yuan

Consumers can be exempted from interest if they repay in full on the due payment date. If you make partial repayments before the due date, interest will be charged if the minimum repayment amount is exceeded.

If the repaid amount does not even reach the minimum repayment amount, in addition to charging interest on the unpaid portion, the bank will also charge late fees based on the unpaid portion of the minimum repayment amount, and will also charge a late fee in the personal credit information system. Leave a bad record.

Currently, card-issuing banks charge a late fee of 5% of the unpaid minimum repayment amount to credit card holders who fail to repay the minimum repayment amount.

Although all 18 banks currently charge late payment fees based on 5% of the unpaid portion of the minimum repayment amount, due to different policies of each bank, the minimum amount set is also different.

There is no upper or lower limit for Shanghai Pudong Development Bank, Bank of China, and China Everbright Bank (Weibo). Agricultural Bank of China charges a minimum of 1 yuan. ICBC charges a minimum of 1 yuan and a maximum of 500 yuan. China Construction Bank charges a minimum of 5 yuan. China Merchants, Minsheng, Huaxia, Bank of Communications, Postal Savings Bank, and Guangzhou Bank charge a minimum of 10 yuan. Shenzhen Development Bank charges a minimum of 15 yuan. Xingye, Guangfa, Guangzhou Rural Commerce, and East Asia charge a minimum of 20 yuan.

The starting point of CITIC Bank’s late payment fee is the highest among the 18 banks, and the minimum charge is 30 yuan. This means that if the cardholder’s minimum repayment amount is 800 yuan, if only 700 yuan is repaid, even if it is not repaid, it will The 5% rate for part of 100 yuan is calculated as 5 yuan, but if it is less than 30 yuan, it will be charged as 30 yuan.

Interest calculation rules and late payment fees of each bank

Bank interest calculation rules tolerance repayment method late payment penalty (calculated based on the unpaid portion of the minimum repayment amount)

Industrial and Commercial Bank of China has no interest rate of 5% on the unpaid portion, 1-500 yuan

Shanghai Pudong Development Bank (Weibo) No 5% interest on the unpaid portion of the Bank

Agricultural Bank of China has no interest rate of 5% on the unpaid portion. No 5% interest, minimum 1 yuan

China Construction Bank 5% penalty interest within 10 yuan, minimum 5 yuan

China Merchants Bank 5% penalty interest within 10 yuan, minimum 10 yuan

Minsheng Bank imposes a penalty interest of 5% on the full amount within 10 yuan, with a minimum of 10 yuan

Huaxia Bank imposes a penalty interest of 5% on the full amount within 10 yuan, with a minimum of 10 yuan

Bank of China has no penalty interest of 5% on the full amount

Bank of Communications has no penalty interest of 5% on the full amount, with a minimum of 10 yuan

Postal Savings Bank of China has no penalty interest of 5% on the full amount. The minimum is 10 yuan

China Everbright Bank has no penalty interest of 5% for the full amount

Shenzhen Development Bank has no penalty interest of 5% for the full amount, and the minimum is 15 yuan

CITIC Bank has the full penalty There is no penalty interest of 5%, with a minimum of 30 yuan

Industrial Bank has no penalty interest of 5%, with a minimum of 20 yuan

Guangfa Bank has no penalty interest of 5%, with a minimum of 20 yuan

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Guangzhou Bank has no penalty interest of 5%, with a minimum of RMB 10

Guangzhou Rural Commerce has no penalty interest of 5%, with a minimum of RMB 20

Bank of East Asia has a full interest rate No 5% penalty interest, minimum 20 yuan