How is the interest calculated if the credit card is not repaid in full?

If the credit card is not repaid in full, revolving credit interest will accrue. All consumption in the current period will accrue interest from the recording date (usually the second day after consumption), and the interest is 0.5% per day until all is paid off. If you use the cash advance function, the cash advance portion cannot enjoy the interest-free period. Interest will be accrued from the day you withdraw the cash. The interest is 50,000 per day, and compound interest is calculated monthly until it is paid off.

1. Revolving interest

1. The so-called revolving interest is charged when you use revolving credit to repay or use cash advance. To put it simply, it is charged every month If you cannot repay in full, you must first pay off the interest accrued when the minimum repayment amount is reached. Revolving interest is triggered when you always make the minimum payment.

2. Revolving interest is the interest generated when you fail to repay in full. The number of interest accrual days starts from the recording date of each account to the date the account is paid off. The daily interest is 10,000 Five-fifths is the interest rate. If you use the cash advance function of a credit card, recurring interest will also accrue, and interest will be charged at a daily interest rate of 0.05% from the day of withdrawal to the date of repayment, and compound interest will be charged on a monthly basis until you pay it off.

2. How revolving interest is generated

The revolving interest on credit cards is penalty interest. Generally, the full amount is not repaid in a certain month, resulting in all credit cards being used during the period of paying off the entire credit limit. Penalties on consumption appear. As a result, even if you repay the bill in full, there may still be penalty interest.

3. Whether a credit card generates recurring interest depends on the following three situations:

1. If all consumption payments are paid off in full before the due date of the current billing cycle , you can enjoy the interest-free period by swiping your card for consumption, and no recurring interest will be generated;

2. If the current bill is not paid off in full on time, it will be regarded as using revolving credit, and all consumption in the current period will be deducted from the billing date. (Usually the second day after consumption) Interest will begin to be accrued, with a daily interest rate of 0.05%, until all is paid off;

3. If the cash advance function is used, the cash advance portion If you are unable to enjoy the interest-free period, interest will be accrued from the day you withdraw the cash, with a daily interest rate of 0.05% and compound interest calculated monthly until it is paid off.

How to calculate unpaid credit card interest?

Interest of 5/10,000 per day is calculated daily and compounded monthly.

If you pay off the entire bill amount on the final payment date, you do not need to pay any interest or late fees, and you can enjoy the interest-free period given by the bank; if the bill for the month is not paid off in full, there is no exemption. During the interest period, all purchases will be subject to interest of 0.5% per day starting from the day you make the purchase, and interest will be calculated on a daily basis and compounded monthly.

According to the "Notice on Issuing the "Credit Card Business Management Measures"":

Article 19 Credit card overdraft interest shall be charged daily within 15 days from the date of signing or bank accounting date Calculated at 0.5%, the daily interest will be calculated at 10.00% if it exceeds 15 days. If the overdraft exceeds 30 days or the overdraft amount exceeds the prescribed limit, the daily interest will be calculated at 15.00%. Overdraft interest is not calculated in stages, but is calculated based on the highest interest rate bracket for the final term or the maximum overdraft amount.

Extended information:

According to the "Notice on Issuing the "Credit Card Business Management Measures"":

Article 37: Cardholders must pay off the principal and interest of overdrafts Afterwards, the account can be canceled if one of the following circumstances applies:

(1) The cardholder does not replace the card 45 days after the validity period of the credit card;

(2) Report the loss of the credit card After 45 days, there is no supplementary card and no replacement of a new card;

(3) The credit card is not good and is included in the stop payment list, and the issuing bank has withdrawn the credit card for 45 days;

(4) The cardholder dies for some reason, and the card-issuing bank has withdrawn the credit card for 45 days;

(5) The cardholder requests to cancel the account or the guarantor revokes the guarantee, and all credit cards have been returned 45 days;

(6) No transactions have occurred in the credit card account for more than two years (inclusive);

(7) The cardholder violates other regulations and the card-issuing bank believes that the card-issuing bank should be disqualified of.

Article 38 The card-issuing bank shall take back the credit card when canceling the account. If a valid card cannot be recovered, payment should be stopped.

When canceling the account, the balance of the corporate card account will be transferred to the basic deposit account, and no cash withdrawal is allowed.

Article 39 If a credit card is lost or stolen, the cardholder should immediately apply for a loss report to the nearest card-issuing bank or agency bank with his or her ID card or other valid certificate, and provide relevant information as required. Loss reporting procedures.

Article 40 If the cardholder finds his or her credit card after applying for a loss report, he or she may apply to cancel the loss report and stop payment.

Article 41 Cardholders can use their credit cards to make purchases at specially appointed units. The corporate card shall not be used for the settlement of commodity transactions and labor supply payments exceeding 100,000 yuan.

Article 42 When cardholders use their cards to make purchases, they must submit their credit cards and ID cards to the person in charge of the special agency. IC cards and photo cards are exempt from ID verification.

Article 43 When accepting credit cards, the handling staff of the special unit shall review the following contents:

(1) It is indeed a credit card that the unit can accept;

(2) The credit card is not included in the "stop payment list" within the validity period;

(3) There is no "Sample Card" or "Special Card" on the signature strip;

(4) The credit card has no traces of holes, corners, damage or alteration;

(5) The cardholder’s ID card or photo on the card matches the cardholder;

(6) The pinyin name on the front of the card is consistent with the signature on the back of the card and the name on the ID card.

Article 44 If the credit card accepted by the special agency is correct, the card should be pressed on the purchase form and the actual settlement amount, purpose, cardholder ID number, name and number of the special agency should be filled in. If the payment limit is exceeded, you should request the card-issuing bank and fill in the authorization number, submit the cardholder's signature for confirmation, and check whether his signature is consistent with the signature on the back of the card. Return it to the cardholder.

If problems are found during the review, the contracted bank should be contacted promptly to seek handling opinions. Credit cards with stopped payment should be recovered and returned to the card-issuing bank.

Article 45: At the end of each day's business, the special contract unit shall summarize the credit card purchase orders accepted on that day, calculate the handling fees and net amount, and fill in the summary (total) bill and credit receipt The order, together with the purchase order, is sent to the acquiring bank for credit.

Article 46 If the cardholder requests a return, the special unit shall use the return order to press (swipe) the card, and the amount of the return order shall be deducted from the accumulated amount of the purchase order signed on the day. The return order shall be issued with the card. Sign the purchase order and send it to the acquiring bank.

Article 47: The acquiring bank receives various documents submitted by the special contract unit, and after examining them to be correct, it handles the payment process for the special contract unit and clears the funds with the card-issuing bank.

Article 48: The card-issuing bank (or agent bank) handles payment procedures for the cardholder after receiving various documents from the acquiring bank through intra-city bill exchange or inter-bank transfer in this system.

Article 49 When a cardholder transfers money to the payee through a bank in a different place with the card, the bank shall handle it in accordance with the relevant handling regulations of the special agency.

Baidu Encyclopedia - Notice on the Issuance of the "Credit Card Business Management Measures"

How to calculate interest if the credit card repayment is not completed at one time

Interest is generally calculated on a daily basis Calculated as five ten thousandths.

1. Credit cards generally have a three-day grace period after the repayment date. Repayment within the grace period is deemed to be repayment on time;

1. If you pay it off in full, no charges will be incurred. Fees;

2. If the repayment amount is less than the minimum repayment stipulated by the bank, it will be considered overdue, and the interest will be 0.05. In addition, a late payment fee of 5% of the unpaid portion of the minimum repayment amount will be charged;

3. If the repayment amount is greater than or equal to the minimum repayment but less than the full repayment, you need to pay interest at 0.05;

2. If the repayment exceeds the grace period, it will be considered overdue: interest At 0.05, there is also a late payment fee.

3. The interest rates on credit cards of all banks are the same. Only minimum repayments, overdraft withdrawals, and overdue repayments will accrue interest. They are all 0.5% interest per day, and compound interest is charged monthly.

There is no interest for credit card installment payments, and banks charge installment handling fees. The handling fee standards vary from bank to bank, but most banks charge around 0.6 per installment.

Credit card interest calculation method:

1. Credit cards will have an interest-free period. If you repay before the repayment date, no interest will accrue, and the same applies if you repay the installments on time. There is a handling fee, but if it is overdue, there will be interest (and it is still high interest).

2. The way banks charge overdue interest on credit cards is based on the total amount of the monthly bill, which is called "full interest calculation" rather than on the amount of the unpaid portion. Full interest, also called full penalty interest, means that if you fail to repay in full by the latest repayment date, even if the difference is one penny, you will be charged 0.5% of the full amount of the current bill. Daily interest is calculated, and compound interest is calculated on a monthly basis, which can also be calculated as "interest compounding".

3. Except for Industrial and Commercial Bank of China, Agricultural Bank of China and Shanghai Pudong Development Bank, which adopt the method of calculating interest on the unpaid portion, other banks adopt the method of calculating interest on the full amount. ICBC is the first bank to cancel the full penalty interest on credit cards.

(1) Pudong Development Co., Ltd.

Interest is calculated in installments, and the interest is 0.05%. Liquidated damages are charged based on the unpaid portion of the minimum repayment amount 5. If the minimum repayment amount is 10 No penalty will be charged if the amount is less than RMB 1,000, there is no upper limit.

(2) ICBC

Interest will be calculated on the unpaid portion. If the minimum repayment amount is not repaid before the due repayment date (inclusive), it will be regarded as overdue and the minimum repayment amount will be charged. 5% of the unpaid portion of the repayment amount shall be paid as liquidated damages.

(3) Agricultural Bank of China

Interest is calculated in installments, interest is 0.5%, liquidated damages, 5% of the unpaid minimum repayment amount, credit report: as long as enough is paid, the minimum The repayment amount will not affect your credit score.

How is the interest calculated if the credit card is not repaid in full?

Interest for incomplete repayment is calculated based on the unpaid portion, calculated at an interest rate of 0.05% per day, and accumulated until the next repayment date

Incomplete credit card The interest generated when repaying the balance is

If all current credit card bills are not paid off on time, then it is regarded as using revolving credit, and revolving credit interest will accrue. All consumption in the current period will accrue interest from the recording date (usually the second day after consumption), and the interest is 0.5% per day until all is paid off. If you use the cash advance function, the cash advance portion cannot enjoy the interest-free period. Interest will be accrued from the day you withdraw the cash. The interest is 50,000 per day, and compound interest is calculated monthly until it is paid off.

Credit cards, also called credit cards, are credit certificates issued by commercial banks or credit card companies to consumers with qualified credit. It takes the form of a card with the name of the issuing bank, validity period, number, cardholder name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially appointed commercial service departments, and then the bank will make settlements with merchants and cardholders. Cardholders can overdraft within the prescribed limit.

According to different card issuers, they can be divided into bank cards and non-bank cards

Bank cards. This is a credit card issued by a bank. Cardholders can shop at the card-issuing bank's special merchants, and can also withdraw cash at any time at any branch of the card-issuing bank or at places with ATMs.

Non-bank card.

This type of card can be specifically divided into retail credit cards and travel and entertainment cards. Retail credit cards are credit cards issued by commercial institutions, such as department stores, petroleum companies, etc., which are specially used for shopping in designated stores or refueling at gasoline stations, etc., and are settled regularly. Travel and entertainment cards are credit cards issued by the service industry, such as airlines, travel companies, etc., and are used for purchasing tickets, meals, accommodation, entertainment, etc.

According to the different objects of issuance, it can be divided into corporate cards and personal cards

Corporate cards. Company cards are issued to various industrial and commercial enterprises, scientific research and education institutions, national party and government agencies, military units, groups and other legal organizations.

Personal card. Personal cards are issued to urban and rural residents, including workers, cadres, teachers, scientific and technological workers, self-employed households and other adult urban and rural residents with stable sources of income. A personal card is applied for in the name of an individual and he/she bears all responsibilities for using the card.

According to the credit status, status and other credit conditions of the cardholder, it can be divided into ordinary cards and gold cards

Ordinary cards. Ordinary cards are issued to cardholders with average financial strength, credibility and status, and their various requirements are not high.

Gold Card.

The gold card is a high-end credit card that pays high membership fees and enjoys special benefits. Cards are issued to those with higher credit standing, stronger repayment ability and credit, or those with a certain social status. The authorization limit of the gold card starts from a higher level, and the additional service items and scope are much wider, so the requirements for relevant service fees and security deposits are also relatively high.

The issue of credit card repayment, if the full amount is not paid before the repayment date, how will the interest be calculated?

If the full amount is not repaid before the repayment date, interest will be calculated at 0.5% per day.

If you do not repay the monthly debt in full before the repayment date, and do not apply for installments, you will need to pay a certain amount of interest and late payment fees. The interest fee is generally calculated at 50,000 per day, and the late payment fee or When it comes to handling fees, different banks have different regulations. For example, for Bank of Communications credit cards, the statement date is the 10th of each month.

You can enjoy an interest-free period for credit card purchases, with a minimum of 20 days and a maximum of 50 days. During this period, no fees will be charged; if you use a credit card to withdraw cash, there is no interest-free period. , calculated from the date of withdrawal, interest and handling fees of 0.05% will be charged every day.

It should be noted that after a credit card overdraft is used for consumption, as long as each installment of the bill is paid off in full before the corresponding repayment date, no interest will be charged, but interest will be charged for cash advances.

Extended information:

The consequences of failure to repay in time:

1. All consumption payments will no longer enjoy the interest-free repayment treatment, and the bank will On the day of the purchase, interest will be calculated on a daily basis based on the consumption amount as the principal, with a daily interest rate of 5/10,000 and compound interest calculated on a monthly basis;

2. Receive a reminder call and letter from the bank;

p>

3. Frozen accounts and feedback of debt records to the People’s Bank of China will be recorded in credit files, which will affect personal credit;

Bank card clearing agencies should work with card issuers and acquirers to strictly follow Relevant regulatory regulations on bank card business will further improve credit card transaction business rules and technical standards.

Each card issuer and acquirer should truly reflect and accurately identify business types such as cash withdrawals, cash transfers, and cash recharges, and completely transmit transaction information to ensure the authenticity, integrity, and traceability of transaction information. As well as consistency in the payment process, it facilitates card issuers to identify and judge risks and ensures the security of credit card transactions.

The upper and lower limits of credit card overdraft interest rates are managed. The upper limit of overdraft interest rates is 5/10,000 daily interest rates, and the lower limit of overdraft interest rates is 0.7 times of 5/10,000 daily interest rates. The method of calculating interest on credit card overdrafts, as well as whether interest will be calculated on credit card overpayments and the interest rate standards are determined independently by the card issuer.

Article 57 of the "Measures for the Supervision and Administration of Credit Card Business of Commercial Banks" The card-issuing bank shall clearly stipulate in the credit card application contract the specific operating procedures for repaying credit card loans with the relevant assets of the cardholder. Without the cardholder's authorization, the cardholder's assets may not be used to directly offset credit card accounts receivable.

Government website - The Banking Regulatory Commission meeting adopted the Supervision and Management Measures for the Credit Card Business of Commercial Banks

The People's Bank of China - Notice of the People's Bank of China on Matters Related to the Credit Card Business

Credit Cards are not Let’s end this introduction to interest on full repayment.