How to calculate the interest of five ten thousandths of a credit card?
This is one ten thousandth of the interest rate used to calculate interest, which is 5/ 10000. But we are generally used to calculating percentages, and we are not very clear about the ratio of one in ten thousand. But we can divide the numerator and denominator by 100 at the same time, and convert the ratio of one ten thousandth into a percentage. 5/ 10000= should be familiar to everyone.
The interest on a credit card is calculated on a daily basis and compounded monthly. For example, if you take 10000 from a credit card, the interest on 1 day for 20 days is 5 yuan, and it seems that it is 150 yuan for 30 days. But we still have to consider how many bills have been opened in these 30 days. If it is not fully paid off in the current period, compound interest will be calculated in the next period.
Is the interest rate of five ten thousandths of a credit card high?
Compared with the products of many lending institutions, it is still relatively high. For example, we are familiar with borrowing white money and gold bars, and the interest rate is calculated at one ten thousandth, but the interest rate is determined according to the user's qualification, mostly around four thousandths, but the credit card is five thousandths for everyone.
In addition, after some bank credit cards generate interest, if the arrears are not paid off in one lump sum, the interest will be calculated in full from the day when the arrears are used. However, if many loan products only pay the minimum repayment amount, the interest will only be calculated according to the remaining unpaid principal.
In short, the interest rate of five ten thousandths of a credit card is relatively high, which is quite uneconomical. If there is no urgent need for capital turnover, use less credit cards to withdraw cash. If it is overdue, you should repay it as soon as possible to avoid increasing interest.