If I withdraw 5,000 yuan from a CCB credit card, how much interest will I have to repay every month? How to calculate the interest rate
Credit card overdraft withdrawals do not enjoy the interest-free period. Interest will be charged on a daily basis from the date of entry into the account, and compound interest will be charged on a monthly basis. The upper limit of the daily interest rate is 5/10,000, and the lower limit is 0.7 times of 5/10,000 (the approximate annualized interest rate upper limit is 18.25, and the lower limit is 0.7 times of 18.25, or 12.775, and the conversion formula is calculated as annual interest rate = daily interest rate 365). If there is no special notice, the daily interest rate standard defaults to 0.5%. CCB has the right to adjust credit card interest rate standards in accordance with the interest rate policies of the People's Bank of China and notify customers.
(In case of business changes, please refer to the actual situation.)
How to repay the credit card?
You can handle credit card repayment through the following channels:
1. Palm Bank: Please log in to the Palm Bank APP and click "Credit Card → Repayment" on the homepage to make your own Agricultural Bank of China credit card payment , repay other people's Agricultural Bank of China credit cards; click "Credit Card → Repayment → Set Agreed Repayment" to apply for automatic repayment of your own Agricultural Bank of China credit card debt.
2. Online banking: Please log in to personal online banking, click "Credit Card → Repayment → One-click Repayment" to repay your Agricultural Bank of China credit card debt; click "Credit Card → Repayment → Agreed Repayment", You can apply for automatic repayment of your own Agricultural Bank of China credit card debt; click "Credit Card → Repayment → Repay Other People's Cards" to repay other people's Agricultural Bank of China credit card debt.
Warm reminder: If you need to repay credit cards from other banks, you can do so through "transfer".
(Answer time: June 25, 2021. In case of business changes, please refer to the actual situation.)
If you spend 5,000 yuan with a China Merchants Bank credit card, you can repay it in 12 installments, each How much do you need to repay monthly? How much is the interest?
It can be calculated as 0.5 per month, most of which are around this. There are generally two methods:
First month: 5000/1250000.512=716. That is to say, the total interest on each monthly installment will be 5000/12=416 starting from the second month until it is paid off.
Starting from the first month, repay 5,000 (10.512)/12=441 every month, which is 1/12 of the interest consumption amount every month.
Extended information
Causing factors
1. Delayed consumption
When a lender lends money, it is equivalent to delaying the purchase of consumer goods. consumption. According to the principle of time preference, consumers will prefer current goods to future goods, so positive interest rates will appear in the free market.
2. Expected inflation
Most economies will experience inflation, which means that an amount of money will buy fewer goods in the future than now. Therefore, the borrower needs to compensate the lender for losses during this period.
3. Substitute investments
Lenders have the option to put their money in other investments. Due to opportunity costs, lenders who lend money are giving up possible returns on other investments. Borrowers compete with other investments for this funding.
That’s it for the introduction of how to repay a credit card worth 5,000 yuan.