How to calculate credit card interest

No interest will be accrued during the interest-free period after swiping the card for consumption. That is, no interest will be accrued if all the outstanding balances in the bill are paid off before the final payment date of the bill. Once the payment is overdue, or the payment is not made in full, interest will be accrued on the full amount from the date of consumption.

Different repayment methods have different interest rates

Equal principal and interest repayment method:

Monthly payment = [Loan principal × monthly interest rate × (1 Monthly interest rate)＾Number of repayment months〕÷〔(1-month interest rate)＾Number of repayment months-1〕

Monthly interest payable = loan principal × monthly interest rate × [(1-month interest rate) ^Number of repayment months-(1-month interest rate)^(Repayment month serial number-1)〕÷[(1-month interest rate)^Number of repayment months-1]

Monthly principal repayment = Loan principal x monthly interest rate ×Monthly monthly payment - loan principal equal principal repayment method:

Monthly monthly payment = (loan principal ÷ number of repayment months) (loan principal - accumulated principal repaid amount) × monthly interest rate

Monthly principal repayment = loan principal ÷ number of repayment months

Monthly interest repayment = remaining principal (Principal amount - cumulative amount of principal repaid) >

Total interest = [(total loan amount ÷ number of repayment months, total loan amount × monthly interest rate) total loan amount ÷ number of repayment months × (1-month interest rate)] ÷ 2 × number of repayment months - total loan amount

Monthly interest rate = annual interest rate ÷ 1215^4 = 15 × 15 × 15 × 15 (the 4th power of 15, which means four times 15 multiplied together)

"Personal Loan" Interim Measures"

Article 11

Personal loan applications should meet the following conditions:

(1) The borrower is a Chinese citizen with full capacity for civil conduct* **Citizens of the Republic of China or overseas natural persons who comply with relevant national regulations;

(2) The purpose of the loan is clear and legal;

(3) The amount, term and currency of the loan application are reasonable;

(4) The borrower has the willingness and ability to repay;

(5) The borrower’s credit status is good and there is no major bad credit record;

( 6) Other conditions required by the lender.

How much is the monthly interest on a credit card loan of RMB 100,000?

The credit card installment interest rate is 3.6 for 12 periods. The interest is calculated as follows: 100,000 yuan of Industrial and Commercial Bank of China credit card is repaid in 12 installments. The handling fee is 3.6. Each installment is 1,000,003.6 = 3,600 yuan, and the total interest is 3,600. Yuan.

The summary assumes that the period is 12 periods, that is, 1 year, the credit card loan is 100,000 yuan, and the monthly repayment is 9,770 yuan. The calculated monthly interest rate is: 2.536 The annual interest rate is: 30.43 The total loan amount is 100,000 Assuming the annual interest rate is 30.43, the loan period is 1 year: the equal principal and interest method The monthly principal and interest payment amount: 9769.88 yuan, the total repayment is: 117238.56 yuan , the total interest payable: 17238.56 yuan. The principal and interest repayment in the first month is: 2535.83, the principal repayment in the first month is: 7234.05; the principal and interest repayment in the second month is: 2352.39, the principal repayment in the second month is: 7417.49

Cash installment, Also known as cash withdrawal installment, it is generally applied by the credit card holder, or the card issuing bank actively invites the card holder to apply. The limit in the card holder's credit card is converted into cash and transferred to a designated debit card (our bank or An installment method in which the loan is repaid in specified monthly installments).

How much is the monthly interest on a credit card?

If a credit card is swiped at a POS machine for consumption, there will be the following situations:

1. Repay the loan in full and on time, Interest-free;

2. Pay the minimum payment on time, and a daily interest rate of 0.5% will be charged;

3. Overdue payment, in addition to the above interest, there will also be late fees.

Cash withdrawal is one of the functions of a credit card. If the cardholder has short-term financial needs, he can withdraw cash through a credit card. The higher the credit card limit, the higher the amount of cash withdrawal, and the cash withdrawal limit will not exceed the credit card limit. 50 of the quota. Credit card cash withdrawals will generate interest and will also charge a certain handling fee. The handling fees charged by each bank are different, but the interest generated is 50,000% of the cash withdrawal amount. If you withdraw 10,000 yuan in cash, the interest generated every day is 5 yuan. 3. Credit card installment

Credit cards can be repaid in up to 24 installments. Installment will incur handling fees, which is actually the interest charged. The longer the credit card installment period, the more handling fees will be charged. Credit card installment fees are also one of the sources of bank credit card business income, and each bank's credit card installment fees are different.

Different banks have different installment interest rates. Here are a few banks to illustrate. Others are similar.

Bank of China can divide the fee into 3 installments at a fee of 1.95, into 6 installments at a fee of 3.6, into 9 installments at a fee of 5.4, into 12 installments at a fee of 7.2, and into 18 installments. The fee rate is 11.7 and the handling fee is 15 in 24 installments

Agricultural Bank of China can divide it into 3, 6, 9, 12 and 24 installments. The handling fee is fixed and the bill amount is charged in each installment. 0.6 is the handling fee. ICBC can divide the fee into 3 installments at 1.65, into 6 installments at 3.6, into 9 installments at 5.4, into 12 installments at 7.2, into 18 installments at 11.7, and into 24 installments. The monthly handling fee is 15.6. Bank of Communications can divide it into 3, 6, 12 or 24 installments. The handling fee is fixed and charges 0.72 of the bill amount in each installment.

China Construction Bank can divide the handling rate into 3 installments at 0.7, 6 installments at 0.55, and 12 installments at 0.55.

If you only pay the minimum repayment amount with your credit card, the unpaid portion will no longer enjoy the interest-free period and will need to pay interest. The credit card interest is calculated from the date the consumption is recorded, and 10,000 of the consumption amount will be charged every day. Five (i.e. 0.05), calculated with monthly compound interest.

The calculation formula for charging interest is (principal 0.05 the number of days from the consumption date to the current payment date and the unpaid principal amount 0.05 the number of days from the current payment date to the next billing date). For example, if the 5th is the billing day and the 23rd is the repayment day, the amount due on the bill on March 5 is 1,000 yuan, and the minimum repayment is 100 yuan on the repayment day, then the interest before the next repayment date will be 17.85 yuan.

At the same time, the minimum monthly repayment interest on the credit card will also be calculated based on monthly benefits until the cardholder pays off the balance in full. Because you choose the minimum repayment, the interest rate is actually very high. Unless there are special circumstances, it is better to repay the loan in full on the repayment date.

What is the monthly interest rate for a typical credit card of RMB 2,000?

The monthly interest for withdrawing 2,000 yuan by credit card is 30 yuan. Under normal circumstances, the interest on credit card cash withdrawals is charged at a daily interest rate of 0.5%. If you withdraw 2,000 yuan in cash, the interest generated per day is 1 yuan, and the interest per month is 30 yuan. In addition to interest, using a credit card to withdraw money will also incur handling fees. The handling fee is generally about 1% of the cash withdrawal amount, and it will vary from bank to bank.

How is credit card interest calculated?

Suppose your card bill date is the 5th of each month, the repayment date is the 25th of each month, the minimum repayment ratio is 10, you spent 2,000 yuan on May 6, and spent 2,000 yuan on May 10. I bought 3,000 yuan and spent 1,000 yuan on June 1st. June 5th is your bill day, and what is recorded on it is your consumption from May 5th to June 4th. If your previous consumption and repayments were normal, the bill amount you received on June 5 would be 6,000 yuan, and the minimum repayment amount would be 600 yuan. Because the 25th of every month is your repayment date, you need to pay off this 6,000 yuan bill before June 25th. If you fail to repay the money on the last payment date of June 25, but delay the repayment until July 11, interest and late fees will accrue.

Credit cards accrue interest based on monthly compound interest. This month refers to the billing month. On July 5, your bill will show: principal of 2,000 yuan, interest of 161 yuan, and late payment fee of 30 yuan.

Interest = 2000 × 60 (time from May 6 to July 5) × 0.053000 × 56 (time from May 10 to July 5) × 0.051000 × 34 (June 1 day to July 5) × 0.05 = 161 yuan.

Late fee = 6000×10×5=30 yuan.

On July 11th, you have to repay in full. At this time, the interest and late payment fees have been rolled into the bill and the compound interest calculation begins. When the interest is calculated from July 5th to July 11th, the principal It becomes 6,161 yuan. The amount you need to repay is: principal 6,000 yuan, interest = 1616161×6×0.05=179.483 yuan, and late payment fee of 30 yuan.

Recommendations for preventing the risk of credit card penalty interest rates

1. Don’t ignore your bills. Cardholders should avoid penalty interest rates and try to enable credit card text message reminders and billing functions. Banks generally send messages through text messages. ways to remind customers of various account information. But if you don’t even care about text messages, even gods can’t save you.

2. Find the limit that suits you. If you find that your limit is too high and you are worried that you will not be able to repay in time, it is safer for the cardholder to apply for a lower limit.

3. It is safest to bundle it with a debit card. Bundle your credit card with your salary card and savings card and let the bank automatically transfer the money. This can save you a lot of worry and you don’t have to worry about penalty interest. Risk, the only thing you need to ensure is that you have enough money in your salary card and savings card to repay the loan.

4. Do not withdraw cash, and do not try to use the card to maintain the card. Some cardholders apply for multiple credit cards, and then use the card to maintain the card by playing time differences. In fact, the risk of doing so is very high. Once the funds are broken, there will be a chain reaction, and it will be very difficult to fill the hole.

This ends the introduction on how to calculate monthly credit card interest and how to calculate monthly interest. I wonder if you found the information you need?