Many friends who use credit cards know that credit cards have an interest-free period for repayment, that is, no interest is charged for repayment during this period. Different banks have different interest-free periods. Below I will Take China Merchants Bank Credit Card as an example.

How long is the interest-free period for CMB credit card repayments?

The maximum interest-free repayment period for China Merchants Bank credit cards is 50 days, unless otherwise agreed between the card issuer and the applicant, but the maximum interest-free repayment period shall not exceed the maximum required by relevant laws and regulations. Long interest-free repayment period.

The interest-free period refers to the cardholder repaying the entire amount due before the due payment date (inclusive). Consumer transactions that can enjoy interest-free treatment are from the bank accounting date to the due payment date. the time period in between.

If the cardholder has insufficient repayment in the current period, and the unpaid amount does not exceed 100 yuan or 10 US dollars, no additional interest and liquidated damages will be charged for consumer transactions that can enjoy interest-free treatment.

Credit cards have a default repayment grace period of 3 days every month. If the minimum payment is not paid off within 3 days of the repayment date, liquidated damages and interest will be incurred, which will be reflected in the next bill ( The current bill shows the liquidated damages and interest incurred in the previous period).

Liquidated damages: calculated as 5% of the unpaid portion of the minimum repayment amount, with a minimum charge of 10 yuan or 1 US dollar. For example: the minimum repayment amount is 1,000 yuan, and you repay 700 yuan. Then the liquidated damages are 300*5=15 yuan.

Interest: Interest will be calculated on all purchases in the current period from the recording date (usually the second day after the card payment is made), with a daily interest rate of 0.05% until it is paid off.

The above is all the content, I hope it will be helpful to you