How is the interest on bank credit cards calculated?

1. Interest generated by card consumption. From the date the bill is generated to the date of repayment, no interest will be charged if the payment is made on time. If the payment is overdue within 15 days (including the day), the daily interest will be calculated at 0.05%. If the payment is overdue for 15 days, the daily interest will be calculated at 0.1%. If the payment is overdue for 30 days, the daily interest rate will be calculated at 0.15%.

2. Interest generated from cash withdrawals. Starting from the date of cash withdrawal, the interest will be calculated based on the daily interest rate of 0.05%, and compound interest will be collected on a monthly basis. Of course, a certain amount of handling fee will also be charged for cash withdrawals.

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 (BillingDate).

Credit cards are divided into credit cards and quasi-credit cards. Credit cards refer to credit cards in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card It refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, the cardholder can overdraw within the specified credit limit. The so-called credit card generally refers to a credit card only.

Credit card repayment methods

The methods within the card issuing bank include: card issuing bank counter, ATM, online banking, automatic transfer, telephone banking repayment, etc. After repayment, the credit card limit will be restored immediately, and the payment will generally be credited to the account after the system processes it on the same day.

WeiBank POS mobile phone and WeiBank Tong POS mobile phone are a mobile financial system personal payment terminals that can be used to directly repay by swiping cards, as well as perform transfers and other services. Instant payment!

Transfer/remittance repayment is mainly divided into two methods: inter-bank inter-bank in the same city and inter-bank inter-bank in different places. Regardless of the method of transfer or remittance, the remittance bank will charge a certain fee. At the same time, the time it takes for the money to arrive and the convenience of repayment are not as good as intra-peer repayment, online repayment, convenience store repayment and other methods.

The more common domestic online platforms for online repayment include: UnionPay Online, Kuaiqian, Shengfutong, Alipay, Tenpay, etc. Depending on the platform and bank you choose, the charging standards and specific payment arrival time will be different.

This method of convenience store repayment is mainly completed through the "Lakala" smart payment terminal installed in the convenience store. Generally, the payment time takes 2 to 3 working days. At the same time, using this There is no handling fee for repayment.

Counter repayment counter refers to bank cards issued by various networked financial institutions, which can be used to conduct RMB current deposit and withdrawal transactions through the counters of other bank branches registered in the UnionPay exchange center host system.

The "Xinpaytong" smart credit card phone for repayment is an innovative electronic product independently developed by China UnionPay, certified by the Bank Card Testing Center, and supported by financial services provided by China UnionPay's inter-bank information exchange network.

Use "Repayment Tong" to make repayments, and the fees are generally charged according to the fee standards for intra-city inter-bank transfers and long-distance inter-bank remittances stipulated by the local People's Bank of China.

Other methods In addition to the methods mentioned above, card issuers have also opened their own unique repayment methods in order to facilitate cardholders' repayment.

How to calculate interest on credit card purchases?

If the credit card consumption is not repaid when it is due, a late payment fee (5% of the minimum repayment amount, minimum RMB 20 yuan or USD 3 yuan) will be charged, and interest will be charged at 50,000 per day; if Repay according to the minimum repayment amount, no late payment fees will be charged, and interest will be charged at 0.5% per day.

Example:

_Mr. Li’s bill date is the 18th of each month, and the repayment due date is the 7th of each month;

_April 18 The current bill printed by the Japanese bank for Mr. Li includes all his transaction accounts from March 19 to April 18;

_Mr. Li only made one purchase in this billing cycle—— On April 15, the consumption amount was RMB 1,000;

_The "repayable amount for this period" of Mr. Li's current bill was RMB 1,000, and the "minimum repayment amount" was RMB 100;

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_Under different repayment situations, Mr. Li’s revolving interest is:

_If Mr. Li repays 1,000 yuan in full before May 7, then on May 7 The recurring interest in the daily statement is 0 yuan, and the bill balance is 0 yuan.

_If Mr. Li only repays the minimum repayment amount of 100 yuan before May 7, the recurring interest on the statement on May 18 = 16.40 yuan, and the bill balance will be 916.4 yuan.

The specific calculation is as follows:

1,000 yuan × 0.05% × 22 days (April 15-May 7)

(1,000 yuan-100 yuan )×0.05%×12 days (May 7-May 18)

Cyclic interest = 16.40 yuan

_If Mr. Li fails to repay any amount, then May 18 The late payment fee and recurring interest on the day's statement = 37 yuan, and the bill balance is 1,037 yuan.

The specific calculation is as follows:

Late payment fee: 100010%5%=5 yuan 20 yuan

Interest: 1000 yuan × 0.05% × 34 days (April 15 (Sunday - May 18) = 17 yuan

How to calculate credit card interest

There is an interest-free period of 20-50 days for normal consumption of credit cards. 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.

How to calculate credit card interest

Credit card interest is generally calculated at 50,000 per day.

1. Credit card cash withdrawal:

1. Credit card overdraft withdrawal:

A handling fee: It depends on the regulations of each bank. For example, the handling fee for Ping An credit card cash withdrawal is 2.5 < /p>

B Interest: Calculated based on daily interest rate of 5/10,000.

2. Cash withdrawal for credit card overpayment: Some banks need to charge a handling fee, and some do not. For example, the handling fee of China Merchants Bank is 0.5% of the amount withdrawn, and the minimum charge is RMB 5 yuan or US$1.

2. Use credit cards to make purchases at POS machines:

1. Pay the full amount on time, interest-free;

2. Pay the minimum payment on time, according to A daily interest of 0.05% will be charged;

3. For overdue repayment, in addition to the above-mentioned interest, there will also be late fees.

This ends the introduction on how to calculate interest on credit card consumption and how to calculate interest on credit card consumption. Have you found the information you need?