First of all, five ten thousandths means that the daily interest rate on your credit card is 0.05%. The interest rate of ten thousand yuan per day is: 10000×0.05%=5; therefore it is called five ten thousandths.

Credit card

Credit card, also called credit card. It is a non-cash transaction payment method and a simple credit service. According to the relevant laws of our country ("Interpretation of the Standing Committee of the National People's Congress on the Provisions on Credit Cards of the "People's Republic of China and the Criminal Law of the People's Republic of China"), credit cards refer to credit cards issued by commercial banks or other financial institutions with the functions of consumption payment, credit loans, transfers, etc. Electronic payment cards with full or partial functions such as settlement and cash deposits and withdrawals?

Credit cards are divided into two types: credit cards and quasi-credit cards, which provide settlement services, facilitate shopping and consumption, and enhance security. ; Simplify payment procedures, save social labor; promote product sales, stimulate social demand, etc. Credit cards are issued by banks or other financial institutions to those with good credit status, and can be used for shopping and consumption at designated merchants, or at designated banks. The special card used by institutions to deposit and withdraw cash is a special credit certificate.

In February 2012, the bank confirmed that the credit card is more secure without a password. If it is stolen, the bank will share the responsibility for 25-56 days. (or 20-50 days) interest-free period. If you pay off the bill amount before the due date, there will be no interest-free repayment period, and 0.05% will be charged from the day of withdrawal. The bank will also charge a certain percentage of cash withdrawal fees.

China’s credit card market is still one of the fastest growing product lines in China’s personal financial services market. Although the economic benefits of the industry are full of challenges, Driven by economies of scale and growth in consumer spending, the average annual growth rate of credit card issuance in China will remain at around 14% in the next 10 years, and profitability will also tend to improve. It is expected that by 2020, the cumulative number of credit card issuance in China will exceed 800 million.

Reference materials:

Credit card? Baidu Encyclopedia