What does China Merchants Bank credit card revolving interest mean?

Revolving credit is a small, unsecured loan that calculates interest on a daily basis. 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.

: 2. Calculation of interest on revolving credit cards of China Merchants Bank

Calculation of interest on revolving credit:

The amount of each purchase in the previous statement is the interest-bearing principal , the number of days for interest accrual from the date the account is recorded to the date the account is paid off, and the daily interest rate is 5/10,000. Interest on the revolving credit will be shown on your next bill.

Example:

Mr. Zhang’s bill date is the 5th of each month, and the repayment due date is the 23rd of each month;

April 5 The current bill printed by the bank for Mr. Zhang includes all his transaction accounts from March 5 to April 5;

Mr. Zhang only made one purchase in this month's bill cycle - 3 On March 30, the consumption amount was RMB 1,000;

Mr. Zhang’s bill for the current period prints the “Amount Payable for the Current Period” as RMB 1,000, and the “Minimum Repayment Amount” is RMB 100;

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Under different repayment situations, Mr. Zhang’s recurring interest is:

(1) If Mr. Zhang repays 1,000 yuan in full before April 23, then in May The recurring interest in the statement on the 5th = 0 yuan.

(2) If Mr. Zhang only repays the minimum repayment amount of 100 yuan before April 23, the recurring interest on the statement on May 5 = 17.85 yuan.

The specific calculation is as follows:

1,000 yuan 0.0524 days (March 30-April 22)

(1,000 yuan-100 yuan) 0.0513 days (April 23rd - May 5th)

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Revolving interest = 17.85 yuan

What is the revolving interest of China Merchants Bank credit card? Calculated

China Merchants Bank Credit Card will generally have interest in the following two situations: Cash withdrawal: Cash withdrawal does not enjoy the interest-free period. Interest will be charged at 0.05 per day from the day of cash withdrawal, and will be charged on a monthly compound interest basis. The charging standard charges a certain amount of cash advance fee. If the credit card bill is not repaid in full and on time: If the total repayment amount of the current bill is not paid before the final payment date, all consumption in the month will not be interest-free, and interest will be calculated on a case-by-case basis based on each consumption in the bill. , generally calculated at 0.05 per day from the second day of credit card consumption until your transaction is repaid.

How to calculate China Merchants Bank credit card interest?

As of December 23, 2019, according to new regulations, the minimum repayment ratio for China Merchants Bank credit card consumption transactions in bills from December 2019 and later will be adjusted from 10 to 5, and the recurring interest calculation method As follows (the following example is calculated based on the new standard of the minimum repayment amount, and the recurring interest is subject to what is listed in the actual bill):

The cardholder’s bill date is the 22nd of each month, on April 4th If you spend 1,700 yuan by swiping your card, the consumption will be credited to your account on April 5. The bill on April 22 will show that the "amount due for the current period" is 1,700 yuan, and the "minimum repayment amount" is 85 yuan.

If the cardholder only repays 1,000 yuan on May 5, the due payment date, the interest to be paid as of that day will be shown on the bill on May 22, which is the revolving credit principal of 1,700 yuan. 17 days of interest and 13 days of interest on the remaining 700 yuan principal after repayment:

1700 yuan × 0.05 × 17 days (April 5-April 21) 700 yuan × 0.05 × 13 Day (May 10-May 22) = 14.45 yuan 4.55 yuan = 19 yuan.

Extended information:

1. Interest-free period

Refers to the period from the bank accounting date to the due date of consumption transaction repayment. The period of time during which all payables are repaid before (inclusive) the due payment date and enjoy interest-free treatment. If the cardholder fails to repay in full in the current period and the unpaid amount does not exceed 10 yuan or 1 US dollar, no additional interest and liquidated damages will be charged for consumer transactions that can enjoy interest-free treatment.

The maximum period of interest-free repayment is 50 days, unless otherwise agreed between the card issuer and the applicant, but the maximum period of interest-free repayment shall not exceed the maximum period of interest-free repayment required by relevant laws and regulations. .

2. Revolving credit

Revolving credit is a small unsecured loan with daily interest. Cardholders can determine the repayment amount based on their financial situation before the current credit card bill due date. When the cardholder's repayment amount is equal to or higher than the minimum repayment amount on the current note, but less than the current amount due, the remaining deferred payment amount is the revolving credit balance.

If you choose to use revolving credit, you will not enjoy the interest-free repayment period in the current period.

3. Revolving interest

In bills issued in December 2019 and later, the minimum repayment ratio for consumer transactions is adjusted from 10 to 5.

Example : The cardholder’s bill date is the 7th of each month. If he spends 2,000 yuan with his card on April 1, the consumption will be recorded on April 2. The bill on April 7 will show that the “amount due for the current period” is 2,000. Yuan, the "minimum repayment amount" is 100 Yuan.

If the cardholder only repays 100 yuan on April 25, the due payment date, the interest to be paid as of that day will be shown on the bill on May 7, which is the revolving credit principal of 2,000 yuan. 23 days of interest and 13 days of interest on the remaining 1,900 yuan principal after repayment:

2,000 yuan × 0.05 × 23 days (April 2-April 24) 1,900 yuan × 0.05 × 13 Day (April 25-May 7) = 23 yuan 12.35 yuan = 35.35 yuan.

Note: The above example is based on the new standard of minimum repayment, and the recurring interest is subject to what is listed in the actual bill.