The interest rate of credit card interest is generally five ten thousandths of the bank interest rate, and it can also be fifteen thousand a day. It seems low, but it is by no means a decimal.

When five ten thousandths of the daily interest rate is converted into the annual interest rate, it is 0.0005*360=0. 18, which is the annual interest rate 18%, which is similar to the folk usury.

Usually, banks will compound interest on credit cards on a monthly basis, that is, add up the principal interest of last month and then calculate the interest of next month. Accumulate in this way

First, convert the interest rate into monthly interest rate, which is 0.18/12 = 0.015, which is 1.5%.

So if the credit card 10000 yuan is owed for one year,

10000 * (1+0.015)12 =11956.18, with a difference of156.

Banks also have the saying of late payment fees, that is, if the minimum repayment amount is not paid before the latest repayment date, late payment fees will be charged. The most important thing is to charge 5% of the unpaid minimum repayment.

For example, the minimum repayment amount 1000, but only 200 was paid.

That is (1000-200) * 5% = 40 yuan.

Banks can also cheat you from the interest-bearing time. For example, 1 65438+1October1owed a credit card 10000, and the billing date is 10, which is no problem. If 1 1 is paid back, not only the excess interest of the day, but also the interest.