How to spend 50 days interest-free with a credit card

How to spend 50 days interest-free with a credit card. Most of us have credit cards. There are actually many aspects to the use of credit cards. We need to understand everything. Credit card borrowing and repayment are also directly related to us. Here is how to spend 50 days interest-free on your credit card. How to spend 50 days interest-free with a credit card 1

1. Spend the day after the credit card statement date to get the longest interest-free period.

2. Calculation method of the interest-free period:

From the current bill issue date to the current bill repayment date.

3. For example:

If your bill date is the 7th and the repayment date is the 25th, if you spend 1,000 yuan on the bill date on December 7, you will The consumption on December 7th will appear on the bill on January 7th, and can be paid back on January 25th at the latest. There is a 47-day interest-free period.

But if you spend 1,000 yuan on December 6, it will appear on the bill on December 7, and you will have to pay it back by December 25 at the latest. If you purchase it one day early, the interest-free period will be only 20 days.

IV. Remarks:

1. Billing date: refers to the card issuer regularly summarizing the cardholder’s transaction amounts, expenses, etc., calculating interest, and calculating the cardholder’s current balance The date on which the amount is due.

2. Repayment date: refers to the bank accounting date on which the cardholder repays its debt to the card issuer. As agreed between the card issuer and the cardholder, the last date for the credit cardholder to repay the amount due for the current period or the minimum repayment amount.

3. Interest-free repayment period: This means that in addition to cash withdrawals and transfer overdraft transactions, other overdraft transactions on credit cards can enjoy interest-free payment from the bank accounting date to the due repayment date (inclusive). The time period for interest benefits. How to spend 50 days interest-free with a credit card 2

Does a credit card have a 50-day interest-free period?

The interest-free period of a credit card can be 50 days, and the longest is even 56 days. However, you cannot enjoy such a long interest-free period just by using the card. There is also an interest-free period for each bank. Times will vary. For most banks, such as Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, Guangfa Bank, China Merchants Bank, etc., the maximum interest-free period is generally not less than 50 days.

However, it should be noted that the interest-free period can only be enjoyed when using a credit card to make purchases. If you use a credit card to withdraw cash or advance cash, it is not interest-free. The bank will charge interest, with a daily interest rate of 0.5% per day. Calculate until it's paid off. Also, some cardholders have different consumption periods and enjoy different interest-free periods.

How is the interest-free period of a credit card calculated?

The interest-free period refers to the period from the transaction date to the final repayment date for consumption in the current billing cycle. It must be calculated based on three dates, one is the billing date, and the other One is the consumption date and the other is the repayment date. The most important thing is to understand clearly the issuing bank’s credit card payment date, that is, whether the payment is recorded on the same day or the next day.

Except for Agricultural Bank of China, China CITIC Bank, China Construction Bank, Hua Xia Bank, Shanghai Pudong Development Bank, Industrial Bank, and Postal Savings Bank, the payment is recorded on the day of consumption. Other banks charge the account the day after consumption, and then based on the bill date and repayment date. The specific interest-free period can be calculated on the same day.

Taking China Merchants Bank as an example, if the payment is credited to the account the next day, if the card is swiped on the bill date, you can enjoy the longest interest-free period. The interest-free period includes the day after the bill date of this month to the repayment date. There are three periods from the current repayment date to the next bill date, and from the next bill date to the next repayment date, which add up to the entire interest-free period. How to spend 50 days interest-free with a credit card 3

How can I get a longer interest-free period?

Step one: Spend the day after the bill date

This is why some people swipe their cards normally, some have a 50-day interest-free period, and some only have a 21-day interest-free period.

The smart way is to consume on the day after the billing date. For example, if the cardholder’s bill is October 5th and the repayment date is October 26th, then he will consume on October 6th. , you can get a 50-day interest-free period (October 6 to November 26).

Step 2: Modify the billing date

There are many choices for the credit card billing date, such as the 5th, 15th or 25th of each month. It can be changed every six months. If you want For more interest-free periods, choose the longest date among the options.

Give me an example

For example, your bill date is October 5th and the repayment date is October 26th. For your transactions on September 6th, you can If you apply to change the billing date of your credit card between September 26th and October 4th, and adjust the billing date to the 25th of each month (i.e. October 25th), then the transaction will not be billed until October 25th. , the repayment date becomes November 15th. Calculating the time, you enjoy a 71-day long interest-free period (September 6th to November 15th).

The disadvantage is that it can only be modified twice a year.

The third step: Apply for bill installments

Strictly speaking, this step is not an extension of the interest-free period (I understand interest-free to mean no fees), because bill installments are There is a handling fee, please see my guide for details of fees. Another article is a guide to avoid pitfalls in using credit cards!

But he can indeed extend the repayment period, so the method is also written down so that people who are temporarily short of cash can take advantage of it and repay later without affecting their credit score.

Give an example

For example, if the billing date is changed from the 5th to the 25th of each month, after the bill is issued on October 25th, Before repayment on the 15th of March, the cardholder applies for installment payment of the bill. At this time, the transaction installment on September 6th will be delayed by another month and will not be recorded in the bill until December 25th. In this way, the credit card issuing number will not require repayment until January 15th of the following year.

In this way, the "interest-free period" for the transaction on September 6 has reached 101 days (September 6 to January 15 of the following year), and the handling fee is much lower than the loan interest .

PS: When using the above method to delay interest-free, please note that all bills before October have been paid in full and on time, and the payment of the last three bills has not been overdue.

How to make use of the interest-free period?

For example, paying tuition for your children is about 16,000 yuan per semester.

If you choose to pay by credit card, the tuition fees you originally prepared can be temporarily deposited into the monetary fund.

The latest income query

The highest seven-day annualized rate of return of monetary funds is 3.439%

We calculate the 50-day income based on the annualized rate of 3% It’s about 66 yuan.

Although this income is not much, as long as you move your fingers, you can complete it risk-free. All you need to do is to set your own repayment date reminder and it will expire one working day in advance. You can easily get it by taking it out and paying it back on time. Isn’t it easier than moving bricks?

Author’s experience

Nowadays, it is very easy to invest in monetary funds using mobile apps. I often pay with a credit card and temporarily deposit the money to be paid back. I found that not only Among the benefits of income, the most satisfying thing for me is that I can know how much money I have spent on my credit card, so that I can avoid the misery of spending too much unknowingly.

Making money with a credit card remains the same. The bank’s money is given to you for free. Some people think that the money they owe must be paid back immediately, while others use the bank’s money to make money. How do you choose? Woolen cloth?