Credit cards enjoy an interest-free period of 25-56 days (or 20-50 days). Card consumption enjoys an interest-free period, and there will be no fees if you pay off the bill before the due date.

Once the interest-free repayment time is exceeded, high interest will be charged, which is generally calculated on a daily basis. The daily interest rate is 0.05%, which translates into an annual interest rate of 18.25%.

There is no interest-free repayment period for credit card cash withdrawals. A daily interest of 0.5% will be charged from the day of cash withdrawal, and the bank will also charge a certain percentage of cash withdrawal fees.

Extended information:

Credit Card, also called credit card. It is a non-cash transaction payment method and a simple credit service. A credit card is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. Consumers holding credit cards can shop or consume at specially appointed commercial service departments, and then the bank will make settlements with merchants and cardholders. Cardholders can overdraft within the prescribed limit.

A credit card is generally a special carrier plastic card with a length of 85.60 mm, a width of 53.98 mm, and a thickness of 1 mm. The name of the card issuer, validity period, number, cardholder name, etc. are printed on the front, and there is a chip on the back. Magnetic strip, signature strip. Cardholders can use their credit cards to shop and spend money with special entities and deposit and withdraw cash from banks. There is no need to pay cash when making purchases with a credit card, and repayment will be made on the billing date.

Reference materials:

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Baidu Encyclopedia - Credit Card