The algorithm of the revolving interest of China Merchants Bank's credit card

1. The revolving interest of China Merchants Bank's credit card is charged when repaying the loan using revolving credit or using cash advance.

2. If all consumption payments are paid off in full before the due date of the current billing cycle, you can enjoy the interest-free period by swiping your card and no recurring interest will be generated;

< p>3. If all the current bills are not paid off on time, it will be regarded as using revolving credit. All consumption in the current period will accrue interest from the accounting date (usually the second day after consumption), with a daily interest rate of 0.05%. , until all is paid off.

4. If you use the cash advance function, the cash advance portion will not enjoy the interest-free period. Interest will be accrued from the day the cash is withdrawn, with a daily interest rate of 0.05% and compound interest calculated on a monthly basis. Until it is paid off.

Examples of recurring interest:

If your bill date is the 5th of each month, the repayment due date is the 23rd of each month;

April The current statement printed by the bank for you on the 5th includes all your transaction accounts from March 5 to April 5;

Assuming that you only have one consumption in this statement, consumption The amount is RMB 1,000, and the merchant's payment request time is March 30;

The "Amount Due for the Current Period" printed on your current bill is RMB 1,000, and the "Minimum Repayment Amount" is ￥100 yuan;

Under different circumstances, your recurring interest is:

① If you repay ￥1,000 yuan in full before April 23, then in May The recurring interest in the statement on the 5th = 0;

② If you only repaid the minimum repayment amount of RMB 100 on April 23, the recurring interest on the statement on May 5 will be ￥17.85 yuan,

The specific calculation is as follows: 1,000 yuan × 0.05% × 24 days (March 30 to April 22) + (1000-100) yuan × 0.05% × 13 days (April 23rd to May 5th), recurring interest = 17.85 yuan.

Extended information:

Revolving credit is a small, unsecured loan with daily interest. You can decide the repayment amount according to your own financial situation every month before the due date of the current credit card bill. When the amount you repay is equal to or higher than the minimum payment on the current bill, but less than the amount due in the current period, the remaining deferred payment amount is the revolving credit balance.

Reference: Revolving Credit Interest Rate Baidu Encyclopedia