How to calculate the interest on the minimum repayment amount of China Merchants Bank
The calculation method of the minimum repayment amount of China Merchants Bank: Minimum repayment amount = 10 All general transactions in the credit card account 100 All outstanding transactions in the account The single installment amount of the cleared installment transaction is 100. The unpaid portion of the minimum payment amount in the previous period is 100. The total amount used in excess of the account credit limit is 100. The fee is 100. Interest. In particular, it should be noted that the use of revolving credit will generate revolving interest. China Merchants Bank's revolving interest rate is 0.5% of the daily interest rate; the minimum repayment amount is generally RMB 1,000.
The minimum repayment amount means that if the cardholder has difficulty repaying all the amount payable before the due repayment date (inclusive), he can repay according to the minimum repayment amount stipulated by the card issuer, but he cannot Enjoy the interest-free repayment period, and the minimum repayment amount is 10% of the consumption amount plus other various types of payables. The minimum payment is listed on the current bill. After using your credit card, you will receive a statement from your bank on the billing date. There are two amounts that we need to note. One is the amount due this period, and the other is the minimum payment amount. In fact, this is also a major benefit of credit cards. Once you spend money on the credit card and exceed your repayment range, you can choose to repay with the minimum repayment amount, so that it will not affect your personal credit. But this means that you can no longer enjoy the interest-free period. The interest-free repayment period is different for each bank. For example, for a Bank of Communications credit card, the statement date is the 10th of each month, and the due date for the statement on May 10, 2009 is June 4.
The credit card payment due date refers to the last date on which the credit card issuing bank requires the cardholder to repay the amount due. That is to say, after the card-issuing bank issues the bill, you should pay off all the fees you have consumed before the due payment date. The repayment due date is also called the final repayment date. If you do not repay in full before the repayment due date and do not choose the minimum repayment amount of your credit card to repay, the penalties you may face are: 1. All consumption The money no longer enjoys the interest-free repayment treatment. The bank will calculate interest on a daily basis from the day when the consumption occurs, using the consumption amount as the principal. The daily interest is 0.05% and compound interest is collected on a monthly basis; 2. Receive a reminder from the bank Phone calls, reminder letters; 3. Freeze your account and feed back your debt record to the People's Bank of China to record it in your credit file, which will affect your personal credit; if you really do not have enough money on the due date of repayment, If you want to repay the amount, please choose the minimum repayment amount on your credit card. If you use this method to repay, you only need to repay 10% of the total fee in each period. In this way, although there is no interest-free repayment period, your personal credit will be avoided.
How to calculate the minimum repayment of China Merchants Bank credit card
The minimum repayment amount = 10 cash advance principal 10 non-cash advance transaction principal 100 fees 100 interest 100 excess consumption 100% 100% of the single installment amount of the unpaid portion of the minimum repayment amount of the previous period.
In other words, the minimum repayment amount is 10% of the consumption amount plus other various payables, and the minimum repayment amount is listed on the current bill. There is a minimum repayment on a credit card, and the interest is calculated at 0.05 and charged starting from the day of consumption. As long as you repay the minimum amount of the bill before the due payment date, there will be no late payment fees and it will not affect the repayer's personal credit. However, it needs to be mentioned that the minimum repayment will generate recurring interest. All consumption in the current period will accrue interest from the accounting date, with a daily interest rate of 0.05% until all is paid off. The fees include annual fees, late payment fees, courier fees, loss reporting fees, card production fees, production costs, cash withdrawal fees, excess payment recovery fees, etc. If the customer is unable to repay the full amount in time, he or she can repay the minimum repayment amount on time before the final payment date. Repaying the minimum payment will not affect your personal credit, but you will not be able to enjoy the interest-free repayment period.
1. There are two ways to repay credit cards:
1. Full repayment, which means repaying the full amount before the repayment date. You can repay the amount of overdraft, free of charge. Interest.
2. Installment repayment. After applying for installment from the bank, monthly repayment = overdraft amount/number of installments and installment handling fee.
2. Disadvantages of the minimum payment on a credit card:
1. Interest accrued
If you only pay the minimum payment when repaying a credit card, then wait Once the credit card payment due date has passed, interest will begin to accrue. Interest of 0.05% will be charged every day, and it is charged in the form of full penalty interest. That is, interest will also be charged on the repayment part, and compound interest will be calculated on a monthly basis. Therefore, if you continue to make the minimum payment, in the long run, you will have to pay more and more interest.
2. There is a risk of overdue payment
If you keep making the minimum payment, it will lead to more and more repayments, so in the long run, it may lead to overdue payments because sometimes the payments are not made. situation occurs.
3. It is not conducive to increasing the credit limit
If you want to increase the limit of a credit card, in addition to swiping the card for more purchases, you also need to repay on time, and banks prefer full repayment and appropriate installments. For customers, if they always make the minimum payment, it will not be conducive to increasing the credit card limit.
How is the interest of China Merchants Credit Card calculated?
Credit card interest is generally determined by the way it is used. Currently, there are three main types of interest collection on China Merchants Credit Card:
1. Cash withdrawal Interest: The interest for cash withdrawal is a daily interest rate of 0.05. For example, if you withdraw 3,000 yuan in cash, the interest will be calculated from the date of withdrawal, then the daily interest will be 3,000 × 0.05 = 1.5 yuan.
2. Minimum repayment interest: According to national regulations, the minimum daily repayment interest is 0.05. For example, if you spend 3,000 yuan, the minimum repayment is generally 10, and your minimum repayment is 3,000×10=300 yuan. , the minimum repayment is 300 yuan, and the daily interest is (3000-300) × 0.05 = 0.85 yuan.
3. Interest on credit card consumption: No interest will be charged for normal repayment, but if you repay overdue, interest will be calculated from the time the consumption is recorded, and late payment fees will also be incurred, so you must pay off your credit card in time. Avoid personal financial stress.
1. Interest-free period
Refers to the period from the bank accounting date to the due payment date of the consumer transaction. The cardholder must repay all the interest before (inclusive) the due repayment date. The period during which payments are payable 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 1st, the consumption will be recorded on April 2nd. The bill on April 7th 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.
For example: If 1,000 yuan is swiped on the 1st of this month and the billing date is the 22nd, then the minimum repayment amount this month only needs to be 10 of the credit card amount, that is, 100 yuan, and 10 yuan of the next month. Repay before the date.
Assuming that the card is not swiped, on the billing date of the 22nd of the next month, the bill will add recurring interest, the amount is (3021) 0.051000 = 25.5 yuan, the bill amount will become 925.5 yuan, and the minimum repayment amount will be 9025.5 = 115.5 yuan.
The 90 yuan is 10 of 900, and the 25.5 yuan is the recurring interest. If the bill amount is not repaid in full on time with a China Merchants Bank credit card, interest will be charged based on the full amount of consumption from the date the card is swiped. The interest rate is 0.05 per day, which is approximately 18 per day for the whole year.
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 1st, the consumption will be recorded on April 2nd. The bill on April 7th 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.