What does China Bank mean by 5-day interest-free credit card

For credit card overdraft consumption transactions, China Bank generally provides an interest-free repayment period of 2-5 days. If the full repayment is made before the interest-free repayment period, overdraft interest will not be charged; If you fail to repay the loan in full before the interest-free repayment period, you will not enjoy the interest-free repayment period, and you will be charged the overdraft interest based on the actual amount owed and the actual number of days owed from the transaction bookkeeping date by installments. The overdraft interest rate is .5 ‰ of the daily interest rate, with compound interest on a monthly basis. Cash withdrawal does not enjoy interest-free period.

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5-day interest-free credit card rule

Credit cards are provided with interest-free period, which generally ranges from 2 days to 5 days. In order to enjoy the interest-free period, the customer needs to pay off the bill in full before the due repayment date (inclusive) after spending by credit card. As for how long you can enjoy the interest-free period, it mainly depends on the time when customers spend their credit cards. For example, if you want to enjoy a long interest-free period of 5 days, you usually need to spend a few days after the bill date.

because the consumption is made on the day after the billing date, the transaction is not included in the current bill, but included in the next bill. After the bill is issued on the billing date of next month, it will be enough to pay it off before the repayment date of next month (inclusive). In this way, there can be an interval of more than one month from the time when consumption is recorded to the repayment date.

for example, if the billing date of a customer's credit card is the 5th of each month and the repayment date is the 25th of each month, and it is stipulated that swiping the card on the billing date is included in the current bill, and swiping the card the next day is included in the next bill, then a transaction made by the customer on September 6th will be billed again on October 5th, and the customer can pay it off before October 25th (inclusive). There are 5 days from September 6th to October 25th.

the so-called interest-free period is the buffer period for customers to save money after the credit card has zero balance (or the balance in the card is less than the commodity price), which generally means that customers will have this interest-free period after consumption. The longest interest-free period, as an explanation, if the bank stipulates that the 25th of next month is the repayment period, then the longest interest-free repayment period is 56 days. Consumption on 2nd, repayment period is 55 days. The longest interest-free period is 56 days for most banks such as Bank of Communications, Industrial and Commercial Bank of China and Agricultural Bank.

There are generally two kinds of interest-free period settings. One is that the bank clearly stipulates a certain day of each month as the deadline for interest-free repayment, and the interest-free period is the date between the bank's bookkeeping date and the deadline, which is adopted by ICBC and Agricultural Bank of China. The other is that the cardholder chooses a billing date according to his own needs, and then sets the latest repayment date according to the billing date, so the interest-free period is the date between the bank billing date and the latest repayment date, such as CCB and Minsheng Bank (616, stock bar).

For example, if Ms. Ding's billing date is the 1st of each month and the repayment date is the 25th of each month, if Ms. Ding spent RMB 5, on the 2nd day of the billing date in August, and the bank's new billing date starts from the 2nd day of August, then this consumption will definitely not be paid on the 1st bill, so Ms. Ding's consumption on the 2nd of August is most likely to be paid on the 1st bill of September at the latest. However, if Ms. Ding swiped 5, yuan on July 31st, then this consumption record will be shown on the bill on August 1st, and it will be returned on August 25th at the latest, but it was swiped one day earlier, and the interest-free period is only 25 days.

How to spend 5 days swiping a credit card

Not necessarily. The interest-free period of credit cards in most banks is 2~56 days, such as 5 days in Shanghai Pudong Development Bank and Minsheng Bank, 52 days in China Construction Bank, 51 days in Minsheng Bank and Ping An Bank, and the longest interest-free period in Agricultural Bank and Industrial and Commercial Bank of China is 56 days.

However, it doesn't mean that all consumers can use credit cards for 5 days, but also depends on the time of credit card swiping. Usually, billing date is taken as a watershed, which can be divided into two types: swiping on the same day of billing date and swiping on the next day of billing date, depending on bank regulations.

For example, ICBC, Bank of China, China Merchants Bank, Bank of Communications and China Everbright Bank have the longest interest-free period on the day of billing. Agricultural Bank, China CITIC Bank, China Construction Bank, Huaxia Bank, Shanghai Pudong Development Bank and Industrial Bank have the longest interest-free period on the next day of the billing date.

Extended information:

Calculation of interest-free period The three most critical factors affecting the interest-free period of a credit card are the date of swiping the card, the billing date and the repayment date. Simply put, the card swiping date is the date when the user swipes the card, the billing date is the date when the money stipulated by the bank for the user's credit card is entered into the account and the bill is formed, and the due repayment date is the date when the bank stipulates that the user can enjoy the interest-free period by returning all the bill amount before this date.

experienced cardholders who know how to manage money will generally handle three credit cards with different billing dates, and the billing dates of these three credit cards should be early, middle and late respectively. In this way, you can always find a suitable credit card and enjoy the longest interest-free period when you spend.

Baidu Encyclopedia-Interest-free period of credit card

How to calculate the 5-day interest-free period of credit card?

Let's take Minsheng Bank's credit card as an example:

Interest-free period is provided for cardholders who repay in full on schedule, and it is limited to interest-free treatment for consumer transactions. The interest-free period starts from the bank bookkeeping date to the final repayment date. The longest interest-free period of Minsheng Bank credit card is 51 days and the shortest is 2 days. For example, if Ms. Wang spends money on March 11th and settles it on the bill on April 1th, she can enjoy the longest interest-free period of 51 days (March 11th-April 3th) if she repays in full on the final repayment date on April 3th. If she spends money on March 1th, which is the billing date, and repays it in full on March 3th, she enjoys the shortest interest-free period of 2 days.

billing date of Minsheng Bank Credit Card

The optional billing date of Minsheng Bank Credit Card includes: 1st, 3rd, 6th, 9th, 13th, 16th, 21st, 26th and 28th of each month. The cardholder's billing statement can be viewed from the monthly bill.

Minsheng Bank can adjust the billing statement after issuing the first bill, but it can only be modified once in a natural year. You can log in to Minsheng Bank's credit card online banking to adjust the billing statement, or you can call Minsheng Bank's customer service hotline to make the adjustment manually.

This concludes the introduction of interest-free credit cards within 5 days. Did you find the information you need?