How to calculate interest on credit cards.
Generally, the daily interest rate for credit card interest is 0.05%, which means that the monthly interest on 10,000 yuan is about 150 yuan.
1. Credit cards are generally repaid on time and there is no interest for full repayment. In addition, overdraft cash withdrawals also charge a certain amount of interest and handling fees. The interest is calculated on a daily basis, which is also very high. It starts from the day when the cash is withdrawn. Interest will be calculated from now on, and the handling fee will be charged at 0.5 (minimum 2 yuan/transaction). You can control your credit card consumption and repay it on time every month. The credit card will always be interest-free. You only need to refund the bank amount you spent. If you overdue the payment without interest or fail to repay in full, the bank will charge interest.
2. Credit card interest is calculated from the date of purchase. Interest is charged at 5 per day and compounded monthly. That is to say, if the interest is not paid this month, interest will also accumulate next month. In addition to interest, using a credit card and not repaying on time will also incur some other fees, such as late payment fees, card holding fees, etc. People should pay attention to the cost standards of credit cards when using them. Credit cards are generally repaid on time, and full repayment is interest-free. You can control your credit card consumption every month and repay it on time. The credit card can always be interest-free. Only the amount you spent will be refunded to the bank without interest.
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How to calculate the interest on credit card consumption?
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 0.05% 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 to calculate credit card interest?
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 to calculate credit card interest
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 USD.
2. Use credit cards to make purchases at POS machines:
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.
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 specified 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.
WeiBank POS mobile phone and WeiBank Tong 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.
Use "Repayment Tong" to make repayments, 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.
This is the end of the introduction on how to calculate the interest on credit card swiping and how to calculate the interest on swiping money with a card swiping machine. Did you find the information you need?