What is the revolving credit card (debit card)?
Revolving credit card (credit card) refers to the withdrawal of cash from a credit card (credit card). When the current bill of the credit card (credit card) has been issued, cash can be withdrawn after the bill date. , convert credit card (debit card) limit into cash. Then on the repayment date, the cash is returned, so that the current bill is settled. The amount of cash withdrawn from the bill in the future will be entered into the next bill. Then repay the loan in the same way, creating the feeling of a credit card (debit card) limit cycle.
It is illegal and illegal to use credit cards (credit cards) to withdraw cash, and there are risks in the process of withdrawing cash. It is recommended that users do not use credit cards (debit cards) to withdraw cash.
What is going on with China’s revolving credit card?
The so-called revolving credit card is a scam. Revolving credit card is actually the use of credit cards to cash out to occupy bank funds. This is an illegal method and will affect the user's credit record and have a negative impact. Users need to be careful not to be deceived. This answer is provided by Youqianhua. Youqianhua is a credit service brand under Duxiaoman Financial (formerly Baidu Finance). It has reliable and low interest rates. Click below on the mobile phone to measure the amount immediately. The maximum loan limit is 200,000.
Why does a credit card have recurring interest?
1. The so-called revolving interest is charged when you use revolving credit to repay or use cash advance. To put it simply, if you cannot repay the full amount every month, you must pay the minimum amount first. Interest accrues on repayments. Revolving interest is triggered when you always make the minimum payment.
2. Revolving interest is the interest generated when you fail to repay in full. The number of interest accrual days starts from the recording date of each account to the date the account is paid off. The daily interest is 10,000 Five-fifths is the interest rate. If you use the cash advance function of a credit card, recurring interest will also accrue, and interest will be charged at a daily interest rate of 0.05% from the day of withdrawal to the date of repayment, and compound interest will be charged on a monthly basis until you pay it off. Revolving interest means that after the cardholder makes a purchase and does not pay off the entire bill on the final repayment date, interest will be calculated from the day the purchase is recorded. Let’s take a simple example to illustrate the problem: For example, your bill date is the 18th of each month, and the payment due date is the 7th of each month. Then the current bill includes the period from July 19th to 8th. For all consumption records between the 18th of August, if you only consumed 1,000 yuan in the last month, then the current bill will be 1,000 yuan, and the minimum repayment is 100 yuan. If you only repay on August 18 If you pay 100 yuan, the recurring interest is 16.4 yuan. It seems relatively small, but if the amount is relatively large, then the cyclic interest will become more. If the minimum amount is repaid several times in a row, it will not only affect your credit, but also cause the cyclic interest to increase indefinitely. Revolving interest is charged on a daily basis, but compound interest is charged on a monthly basis, which does not mean it is deducted every month. If the user repays the consumption amount in full on the repayment date, then there will be no recurring interest. If you use the cash advance function and use it every month, recurring interest will be deducted every month.
In addition, if you do not repay in full, choosing the minimum repayment will also generate recurring interest, because users who choose the minimum repayment cannot also enjoy the interest-free service of the credit card.
This ends the introduction on why there are revolving credit cards and why credit cards have revolving interest. Have you found the information you need?