Cyclic interest is commonly used in credit card repayment terminology. It refers to the interest accrued after the cardholder is unable to repay in full on the repayment date or uses the credit card to withdraw cash. Under normal circumstances, if the entire debt is not repaid on the current repayment date and the minimum repayment amount is applied, interest will be accrued on the remaining unpaid portion from the next day, with a daily interest rate of 0.05%, calculated on a monthly basis. Compound interest is collected until all is paid off. If you use a credit card to withdraw cash, the cash portion cannot enjoy the interest-free period. Interest will be accrued from the day the cash is withdrawn, with a daily interest rate of 0.05% and compound interest calculated on a monthly basis until it is paid off.

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1. Revolving interest

The so-called revolving interest is charged when you use revolving credit to repay or use cash advance. To put it simply, That is to say, it is the interest that accrues when you cannot repay the full amount every month and pay the minimum payment first. Revolving interest is triggered when you always make the minimum payment.

2. Revolving interest is the interest generated when you fail to repay in full. The number of interest accrual days starts from the recording date of each account to the date the account is paid off. The daily interest is 10,000 Five-fifths is the interest rate. If you use the cash advance function of a credit card, recurring interest will also accrue, and interest will be charged at a daily interest rate of 0.05% from the day of withdrawal to the date of repayment, and compound interest will be charged on a monthly basis until you pay it off.

3. How revolving interest is generated

The revolving interest on credit cards is penalty interest. Generally, the full amount is not repaid in a certain month, resulting in all credit cards being used during the period of paying off the entire credit limit. Penalties on consumption appear. As a result, even if you repay the bill in full, there may still be penalty interest.

4. Whether a credit card generates recurring interest depends on the following three situations:

If the entire consumption amount is paid off in full before the due date of the current billing cycle, the card will be charged. You can enjoy the interest-free period when you consume, and no recurring interest will accrue; if the current bill is not paid off in full on time, it will be regarded as using revolving credit, and all consumption in the current period will start from the recording date (usually the next day after consumption) Interest will be accrued at a daily interest rate of 0.05% until all is paid off; if the cash advance function is used, the cash advance portion will not enjoy the interest-free period and interest will be accrued starting from the day the cash is withdrawn, with a daily interest rate of 0.1% Fifth, compound interest is calculated monthly until it is paid off.