How to calculate the cash withdrawal fees and interest of China Merchants Bank’s credit card
Nowadays, it is becoming more and more common to use credit cards to make purchases. Everyone does not carry cash when they go out, but there will always be times when cash is needed. situation. So, how are the cash withdrawal fees and interest of China Merchants Bank’s credit card calculated?
As for the cash withdrawal fees and interest of China Merchants Bank’s credit card, today I will take you to calculate them together.
1. CMB credit card cash withdrawal handling fee
1. Domestic: 1% of the cash withdrawal amount is charged for each transaction, with a minimum charge of 10 yuan per transaction;
2. Overseas (Including Hong Kong, Macao and Taiwan): 3% of the cash withdrawal amount will be charged for each transaction, with a minimum charge of 30 yuan or 3 US dollars per transaction. American Express Platinum and Black Gold cards will charge 5% of the cash withdrawal amount for each transaction.
2. Interest on cash withdrawals from China Merchants Bank credit cards
Cash withdrawals do not enjoy interest-free repayment. From the transaction date, interest will be charged at a daily interest rate of 0.5% until the repayment date. Compound interest is calculated monthly.
For example: Mr. Li withdrew 5,000 yuan in cash from the credit card of China Merchants Bank in Shanghai on August 10, 2017, and a handling fee of 50 yuan was charged. Starting from August 10, 2017, China Merchants Bank Interest began to be charged, and Mr. Li paid off all the cash withdrawals on August 20, 2017. At this time, the money Mr. Li had to repay was: 5,000 (principal) 50 (handling fee) 25 (interest) = 5,075 yuan.
That’s it for today on the CMB credit card cash withdrawal fees and interest. I hope the things I have compiled will be useful to you. In the credit card section, just click
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How is the interest of China Merchants Credit Card calculated?
Credit card interest is generally determined by the way it is used. Currently, there are three main types of interest collection on China Merchants Credit Card:
1. Cash withdrawal Interest: The interest for cash withdrawal is a daily interest rate of 0.05. For example, if you withdraw 3,000 yuan in cash, the interest will be calculated from the date of withdrawal, then the daily interest will be 3,000 × 0.05 = 1.5 yuan.
2. Minimum repayment interest: According to national regulations, the minimum daily repayment interest is 0.05. For example, if you spend 3,000 yuan, the minimum repayment is generally 10, and your minimum repayment is 3,000×10=300 yuan. , the minimum repayment is 300 yuan, and the daily interest is (3000-300) × 0.05 = 0.85 yuan.
3. Interest on credit card consumption: No interest will be charged for normal repayment, but if you repay overdue, interest will be calculated from the time when the consumption is recorded, and late payment fees will also be incurred, so you must pay off your credit card in time. Avoid personal financial stress.
A credit card, also called a credit card, is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. It takes the form of a card with the issuing bank's name, validity period, number, cardholder's name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially designated commercial service departments, and then the bank will settle the accounts with merchants and cardholders. Cardholders can overdraft within the prescribed limit.
Main features
1. Credit card is one of the fastest growing financial services today. It is an electronic currency that can replace traditional cash circulation within a certain range;
2. Credit cards have both payment and credit functions. Cardholders can use it to purchase goods or enjoy services, and can also obtain certain loans from card issuers by using credit cards;
3. Credit cards are high-tech products that integrate financial services and computer technology.
4. Credit cards can reduce the use of cash;
5. Credit cards can provide settlement services, facilitate shopping and consumption, and enhance a sense of security;
6. Credit cards It can simplify the collection procedures and save social labor;
7. Credit cards can promote product sales and meet social needs.
Financial Management Strategy
1. Control the number of credit cards and only have enough.
Once there are too many credit cards, it is easy to make mistakes or forget the repayment date of the card. Issues such as the credit limit of that card are difficult to manage and can easily lead to late repayments and leave a bad record. Moreover, if you swipe multiple cards to earn points, the points will be too scattered and it is not conducive to redeeming gifts. Therefore, it is recommended that only 1 to 2 credit cards are enough.
2. Keep the credit card receipts
Most credit card holders do not care about the receipts and will not keep them. Most of them throw them away. This is a very bad habit. In fact, retaining credit card vouchers not only facilitates the monthly summary of consumption records to analyze and optimize consumption habits, but also helps improve the rationality and transparency of credit card consumption, so that the card can be swiped clearly. And many people do not set passwords on their credit cards. Discarding the credit card credentials at will may lead to theft of the credit card.
For security reasons, it is best to keep the credit card receipt after swiping the card to make yourself aware of it and develop good credit card financial management habits.
3. Reduce cash withdrawals
Credit cards have two functions: overdraft and cash withdrawal, but cash withdrawals require a certain percentage of handling fees, and even if you deposit your own money into it, you will be charged. Therefore, it is not cost-effective to use or use it as a passbook.
4. Choose the right credit card
The choice of credit card is very important. Nowadays, many commercial institutions have bundled cooperation with banks. For example, you can apply for a joint credit card between a department store and the corresponding bank. With a credit card, you can spend points here as a member and get discounts; or some cards can provide discounts at designated merchants, including dining, movies, towing services, etc. There are various categories, and you can choose freely according to your own needs. Credit cards should be used wisely and chosen wisely.
How is the interest on cash withdrawals with China Merchants Bank Credit Card calculated?
With CMB Credit Card, the interest on cash withdrawals is calculated based on 1,500 yuan, because the cash withdrawal amount does not enjoy the interest-free period. For example, if you withdraw 1,500 yuan in cash with a credit card and repay it after 30 days, the handling fee is: 15,001 = 15 yuan, and the interest is: 150,030 (day) 0.05 = 22.5 yuan, the total with principal and interest is 1,537.5 yuan. In addition, your consumption amount of 8,000 yuan enjoys an interest-free period.
When withdrawing cash with a CMB credit card, you will be charged: cash withdrawal fees and interest. The charging standards for interest and handling fees for CMB credit card cash withdrawals are as follows:
1. CMB credit card cash withdrawal interest:
Cash withdrawals are not interest-free, and the daily interest rate is 10,000% from the day of withdrawal to the day of repayment. Five, interest will be charged, compound interest will be charged on a monthly basis, and handling fees will be charged according to China Merchants Bank's credit card charging standards.
2. CMB credit card cash withdrawal handling fee:
The handling fee for domestic RMB cash withdrawal is calculated as 1% of the cash advance amount, and the minimum charge is RMB 10 per transaction; overseas (inclusive) The handling fee for cash withdrawals in Hong Kong, Macao and Taiwan is 3% of each cash advance amount, and the minimum fee is ￥30 yuan or US$3 per transaction.
Extended information
Instalment repayment of China Merchants Bank credit card:
1. The Bank provides cardholders with personalized 1st, 2nd, 3rd and 6th installments , 10, 12, 18, 24 and 36 periods to choose from, and the single-period handling rate is 0~1.67 (delayed repayment is calculated based on the total handling rate, equivalent to the single-period handling rate = total handling rate rate/number of issues), the actual rate shall be subject to the evaluation results of the Bank’s Credit Card Center system at the time of placing the order.
2. After successfully handling the bill installment, if you apply for installment repayment, the principal payable in each installment and the handling fee in each installment will be included in the cardholder's credit card RMB account. If you apply for deferred repayment, the due principal and total handling fee will be charged to the cardholder's credit card RMB account.
3. If you apply for installment repayment, the principal repayable in each installment = the application amount ÷ the number of installments. The principal repayable in each installment (accurate to cents) will be credited to the cardholder’s credit card RMB account every month. , the remainder is included in the last period. Handling fee per period = application amount × handling rate per period. If you apply for deferred repayment, the principal payable when due = the application amount, and the total handling fee = the application amount × the total handling rate. Once collected, the handling fee is non-refundable.