When there are new clothes for the season, buy them; when there are discounts on iPhone 6s, buy them; when there are discounts on furniture and home appliances, buy them; when you swipe your credit card, you feel great, but what should you do if you can’t pay the bill? It doesn’t matter. In addition to installments, you can also pay the minimum payment! Do you know how much interest you will get if you only pay the minimum? Let’s take a look.
How to calculate the minimum repayment amount and repayment interest? The overdraft interest charged by a credit card is 0.05% per day. The minimum payment is usually 10% of the amount owed, but if interest and late fees accrue, 100% is usually included in the minimum payment.
For example:
For example, the editor’s credit card bill date is the 5th of each month, and the due date for repayment is the 25th of each month.
The editor made a purchase on August 30, amounting to RMB 1,000. So, the editor's current bill repayment amount is RMB 1,000, and the minimum repayment amount is 10% of the current bill, which is 100 yuan.
(1) Interest for the first month
If the editor only repays the minimum repayment amount of 100 yuan before September 25 because he is too poor to have money, then 10 The recurring interest on the statement on the 5th of the month = 17.5 yuan.
1,000 yuan*0.05%*26 days (August 30---September 25)+(1000-100)*0.05%*10 days (September 25-October 5 )
Cyclic interest = 17.5 yuan
Repayment for this period: 117.5 yuan
(2) Interest for the second month
If the editor continues to repay the minimum repayment amount of 100 yuan before October 25, then the recurring interest on the bill on November 5 will be 19.4 yuan.
1000*0.05%*30 days (September 26th to October 25th) + (1000 yuan-200 yuan)*0.05%*11 days (October 25th to November 5th)
Cyclic interest = 19.4 yuan
Repayment for this period: 119.4 yuan
(3) Interest for the third month
If the editor continues to repay the minimum repayment amount of 100 yuan before November 25, the recurring interest on the statement on December 25 will be 19.35 yuan.
1000*0.05%*31 days (October 26th? November 25th) + (1000 yuan-300 yuan)*0.05%*11 days (November 25th? December 5th)
Revolving interest = 19.35 yuan
Repayment for this period: 119.35 yuan
(4) Interest for the fourth month
If the editor continues to repay the minimum repayment amount of 100 yuan before December 25, the recurring interest on the January 5 statement = 18.5 yuan.
1000*0.05%*31 days (November 26---December 25)+(1000 yuan-400 yuan)*0.05%*10 days (December 25---1 5th of the month)
Cyclic interest = 18.5 yuan
Repayment for this period: 118.5 yuan
(5) Interest for the fifth month
If the editor continues to repay the minimum repayment amount of 100 yuan before January 25, the recurring interest on the February 5 statement = 17.75 yuan.
1000*0.05%*30 days (December 26th - January 25th) + (1000-500)*0.05%*11 days (January 25th---February 5th)
Revolving interest = 17.75 yuan
Repayment for this period: 117.75 yuan
(6) Interest for the 6th month
If the editor continues to repay the minimum repayment amount of 100 yuan before February 25, the recurring interest on the statement on March 5 = 17.5 yuan
1000*0.05%*31 days (January 26 ---February 25)+(1000-600)*0.05%*11 days (February 25---March 5)
Cyclic interest = 17.5 yuan
< p>Repayment due in this period: 117.5 yuan(7) Interest in the 7th month
If the editor continues to repay the minimum repayment amount of 100 yuan before March 25 , then the recurring interest on the statement on April 5 = 15.65 yuan
1000*0.05%*28 days (February 26---March 25)+(1000-700)*0.05% *11 days (March 25---4th 5th)
Cyclic interest: 15.65
Repayment due in this period: 115.65
(8 ) Interest in the 8th month
If the editor continues to repay the minimum repayment amount of 100 yuan before April 25, the recurring interest on the statement on May 5 = 16.6 yuan
< p>1000*0.05%*31 days (March 26---April 25)+(1000-800)*0.05%*11 days (April 25---5th 5th)Cyclic interest: 16.6 yuan
Repayment in this period: 116.6 yuan
(9) Interest in the 9th month
If the editor Before May 25, if you continue to repay the minimum repayment amount of 100 yuan, the recurring interest on the statement on June 5 = 16.05 yuan
1000*0.05%*31 days (April 26--- May 25) + (1000-900)*0.05%*11 days (May 25---6th 5th) recurring interest: 16.05 yuan Repayment due in this period: 116.05
( 10) Interest for the 10th month
If the editor continues to repay the minimum repayment amount of 100 yuan before June 25, the recurring interest on the statement on July 5 = 15.5 yuan
1000*0.05%*31 days (May 26---June 25)+(1000-1000)*0.05%*11 days (June 25---7th 5th)
Revolving interest: 15.5 yuan
Repayment in this period: 115.5 yuan
If the minimum repayment amount is always paid, the total principal and interest will be:< /p>
117.5+119.4+119.35+118.5+117.75+117.5+115.65+116.6+116.05+115.5=1173.80 yuan
Editor’s reminder:
The editor just uses For example, for 1,000 yuan, cardholders can calculate credit card interest based on their own circumstances. Don’t underestimate the interest, it will make you cry if it accumulates over time, so use your credit card according to your ability and don’t overdue it!
How to increase your credit card limit quickly? Know clearly how the bank adjusts your credit limit
Credit card Temporary limit adjustment---After the cardholder successfully applies for a credit card for the first time, he or she applies for a temporary limit for the first time. Most banks require that the card has been opened for 3 months. You can just call the customer service of the credit card center to apply. Generally, the temporary limit is valid for 30- 90 days.
Credit card permanent limit adjustment? Cardholders apply for a permanent limit increase for the first time after successfully applying for a credit card. Most banks require that the card has been opened for 6 months. You can just call the customer service of the credit card center to apply. The bank Based on personal credit card usage, we will decide whether to agree to permanently increase the credit limit and give the limit increase range.
Time point for banks to proactively adjust credit limit
Due to the increasingly fierce competition in the domestic credit card market, most banks have entered the era of intensive farming from horse racing operations. Banks have taken the initiative to provide credit card holders with normal use Increasing the quota has become a strategy.
Usually, banks will take the initiative to increase credit card limits for cardholders before peak consumption periods such as New Year's Day, Spring Festival, May Day, and National Day. In addition, if your card's monthly consumption limit often reaches 60%-100% of the usage limit, the bank will generally take the initiative to increase the limit for you based on usage.
Tips for daily credit card use and quick credit limit
1. Frequency of credit card swiping
In daily life, it is best to develop the habit of swiping your card whenever you can. On the one hand, you can use the bank's interest-free period for free, adding a little extra financial income for yourself. On the other hand, you have also become an active user of the bank. Usually, banks will have quota rewards for active users of the bank.
2. High consumption amount
Irregular large-amount consumption, and then normal repayment. Banks usually define these cardholders as high-quality customers. When judging the cardholders If there is a larger demand for the amount, the amount will be increased as appropriate.
3. Continuous and stable consumption for a long time
Banks generally have credit card holders who have been cardholders for more than one year and have transactions every bill month. This group of customers usually take the initiative to increase their limit. If the customer takes the initiative to apply for a permanent limit increase, the bank will have a higher chance of approval.
4. Frequent cash withdrawals and frequent credit card installments
For cardholders who frequently withdraw cash from credit cards, the risk factor for banks is very high, but at the same time, the risk of cash withdrawals is very high. Cardholders are also the ones who contribute the most to the bank; installment users have relatively low risks, but their contribution is not low. Therefore, for credit cards that mainly rely on interest and intermediary business as a means of generating income, cash withdrawal and installment users are the favorites of banks. When applying for a limit increase, the relative success rate will be very high.
5. Threat of card cancellation
In the era of credit card turmoil, if customer service staff receive a card cancellation application, they will often beg in every possible way, ask for the reasons, and then provide limit increases, gifts, etc. Encourage, but currently, for some state-owned banks or joint-stock banks with large card issuance scale, applying for a credit limit increase through the threat of card cancellation has gradually become outdated, and the success rate is very low.