First of all, let's understand the cash withdrawal standard of Industrial Credit Card:
1. Cash withdrawal method: Cash withdrawal by credit card includes overseas cash withdrawal and domestic cash withdrawal. Cash withdrawal methods include overdraft cash withdrawal and overpayment cash withdrawal, and the limit procedures of different cash withdrawal methods are different.
2. Cash withdrawal limit: This netizen mainly overdraws cash in China, and the total cash withdrawal of Industrial Bank's credit card is 50% of the cardholder's credit limit. If you want to withdraw 10000 yuan, his credit card limit must be at least 20000 yuan to succeed.
3. Cash withdrawal fee: Industrial Bank's credit card withdrawal fee (including overdraft transfer) is charged at 2% of the transaction amount, with a minimum of RMB 20 yuan/transaction or US$ 2 yuan/transaction (regardless of different places in the same city).
4. Cash withdrawal interest: Industrial Bank does not enjoy interest-free repayment for cash withdrawal by credit card. From the date of cash withdrawal to the settlement date, interest shall be calculated and charged at the expected annualized interest rate of 0.5 ‰ per day, with compound interest on a monthly basis.
(send a bracelet by swiping the card, and the amount of exercise will be converted into points)
So, let's calculate the specific cost:
Assume that the cardholder's credit card billing date is the 2nd day of each month and the due repayment date is the 22nd day of each month;
On May 20th, he withdrew 5,000 yuan from the ATM, and planned to pay off the transaction on June 10, so the amount he needed to repay was 5,060 yuan.
The calculation method is as follows:
Cash advance transaction: 5,000 yuan
Handling fee: 5000 yuan ×2%= 10 yuan.
Cyclic interest: 5,000 yuan ××20 days (from billing date to repayment date) =50 yuan.