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 RMB20 yuan or USD3 yuan) will be charged, and interest will be charged at a rate of 50,000 per day; if If you repay 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 the The late payment fee and recurring interest on the statement = 37 yuan, and the bill balance is 1,037 yuan.
The specific calculation is as follows:
Late fee: 1000105=5 yuan 20 yuan
Interest: 1000 yuan × 0.05 × 34 days (April 15-May 18th) = 17 yuan
How is the credit card interest calculated?
Credit cards generally have a 30-day interest-free period. As long as consumers pay off their balance within the interest-free period, no interest will be charged. If a consumer is overdue, interest is generally calculated at a daily interest rate of 0.05. If the consumer is overdue for more than 30 days, some banks will calculate interest at a daily interest rate of 0.1.
If a consumer uses a credit card to spend 10,000 yuan overdue, the interest that needs to be paid every day is: 100,000.05 = 5 yuan, which is 150 yuan per month (calculated as 30 days). In general, it needs The interest paid is very high, so it is recommended not to be overdue easily.
Take China Merchants Bank Credit Card as an example:
1. When the credit card bill is not repaid in full and on time, recurring interest will accrue: interest is calculated based on each purchase in the bill. Interest is calculated at 0.05 per day starting from the consumption recording date (usually the second day of the consumption date) until the transaction is paid off.
The corresponding annual interest rate upper limit is 18.25 and the lower limit is 12.775. (Due to factors such as different number of days in the month and different repayment situations, the actual annualized interest rate may be different from the above-mentioned annualized interest rate.)
2. Cash advances do not enjoy interest-free repayment. From the day the cash advance is processed to the date of repayment, interest will be charged at a daily rate of 0.5%, and compound interest will be charged on a monthly basis. The corresponding annualized interest rate upper limit is 18.25 and the lower limit is 12.775.
(Due to the different number of days in the month, different repayment situations and other factors, the actual annualized interest rate may be different from the above-mentioned annualized interest rate.)
Notes on using credit cards:
1. Do not easily disclose personal information to others, including your ID number, bank code and other information, and do not give your bank card or credit card to others. If you have any doubts and need to report a crime, please go to a bank or other financial department for consultation in person or report the crime to the local public security agency. Do not call the phone number provided by the suspect to report the crime.
2. Pay attention to safe use of online banking. Install necessary anti-virus, anti-Trojan software and online banking security controls, make sure you are logging into a real bank website, do not easily accept unfamiliar files, and do not easily use other people's computers to log into online banking.
3. Be vigilant when using self-service banking. At present, the doors of self-service banks have been gradually transformed into button-opening ones. When withdrawing money from self-service banks, if you find suspicious devices or prompt messages such as "Press password to confirm" at the entrance of self-service banks, do not swipe your card or enter password, and promptly Report to banks and public security agencies.
4. Be careful to separate the card and ID card. Many people keep their ID cards and bank cards together in life. Once lost or stolen, the cardholder's funds are highly likely to be lost.
5. When swiping a credit card for consumption, you must confirm whether it is a UnionPay POS machine. After swiping the card, you must sign the shopping settlement statement. At the same time, you must also pay attention to whether there are duplicate problems and prevent the returned bank card from being used. Transfer package. In addition, the signature style should be as consistent as possible with the signature on the card.
How is credit card interest calculated?
Credit card interest should be considered in many situations. The following are the more common credit card interest calculation methods:
1. Credit card consumption interest
In After the bill date is generated, until the repayment date, no interest will be charged for on-time repayment.
If the amount is overdue within 15 days, the daily interest rate will be calculated as 0.05 (including the current day), if it is overdue for 15 days, the daily interest rate will be calculated as 0.1, and if it is overdue for 30 days, the daily interest rate will be calculated as 0.15.
2. Cash withdrawal interest
Starting from the date of cash withdrawal, interest will be charged at 0.5% of the daily interest rate, and compound interest will be calculated on a clear basis. At the same time, a certain amount will be charged for cash withdrawal. cash withdrawal fee.
3. Installment fee
Credit can also be repaid in installments. If you use a credit card for installment, we usually refer to the interest as the installment fee. The handling fee per installment = the total principal amount of the installment x the handling fee rate for each installment
The total handling fee for the installment = the handling fee for each installment >Credit card installment payment refers to a one-time payment from the card-issuing bank to the merchant when the cardholder uses a credit card to make a large purchase
The consumption funds for the goods (or services) purchased by the cardholder, and According to the cardholder's application, consumption funds are deducted from the cardholder's credit card account in installments, and the cardholder repays according to the monthly credit amount.
Most banks in China have card installment payment services. Installment payments are generally divided into shopping mall (POS) installments, "mail order installments" and bill installments through the Internet, mail, etc. depending on the occasion. .
1. Shopping mall installment
Also known as POS installment, it means that cardholders go to shopping places, such as "malls" where installment can be purchased. When checking out, please show a credit card that supports installment payment at the mall and indicate that you need to pay in installments. The cashier will swipe the card on a dedicated POS machine according to the number of issues required by the cardholder (such as 3 issues, 6 issues, 12 issues, etc., a few shopping malls support 24 issues).
Note: Cardholder identity verification is required when making installment purchases in shopping malls, so remember to bring your ID card. Shopping mall installments are generally free of charge for three installments. The rates for 6 and 12 periods vary from bank to bank. As long as the products for installment payment are products that are normally sold in the shopping mall, they can generally be paid in installments. In many cases, cardholders can also bundle multiple items together to check out and then make installments.
2. Mail order installment
It means that the cardholder receives the installment mail order catalog manual sent by the card-issuing bank (or the bank's online installment mall) and chooses from limited products. Then order through the online installment mall, call or fax the mail order installment application form, etc. to the bank for installment mail order. There is generally no handling fee for mail order installments regardless of the number of installments. However, due to the long ordering cycle (in many cases it will take more than 15 working days to get the product) and the relatively cumbersome return and exchange process, it is recommended to compare before purchasing.
How is the interest on bank credit cards calculated?
1. Interest generated by card consumption.
From the day when the bill is generated to the date of repayment, no interest will be charged for on-time repayment. If the payment is overdue for 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. Overdue for 30 days The daily interest rate is calculated at 0.15 per day.
2. Interest generated from cash withdrawals. Starting from the date of cash withdrawal, the interest will be calculated based on 0.05 of the daily interest rate, and compound interest will be charged monthly. Of course, a certain amount of handling fee will be charged for cash withdrawal.
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 prescribed 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.
Weiyintong POS mobile phone and Weiyintong 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.
Repayment Tong uses "Repayment Tong" to repay, 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 is credit card interest calculated?
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 , minimum 25 yuan/transaction; CCB credit card domestically charged 0.5 of the cash withdrawal amount, minimum RMB 2/transaction, maximum 100 yuan/transaction; China Merchants Bank credit card domestically charged cash withdrawal amount 1, minimum RMB 10/transaction;
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 ￥5 yuan or $1 US dollar.
2. Use your credit card to make purchases at the POS machine:
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 is the introduction of how to calculate credit card interest.