Credit card interest calculation methods

Currently, there are two types of credit card interest calculation methods in my country, one is full penalty interest, and the other is interest calculation on the unpaid portion. Full penalty interest means that after the repayment date, regardless of whether the credit card has made partial repayments that month, as long as the full payment is not made, the card issuer will calculate interest on the cardholder based on the total consumption amount.

If the cardholder spends 8,000 yuan on March 8, the bill received on April 7 will show that the repayment amount for the current period is 8,000 yuan, and the minimum repayment amount is ? is 800 yuan. If the cardholder repays 800 yuan according to the minimum repayment amount on April 25, the repayment date, then the recurring interest in the next statement on May 7 will be:

8,000 Yuan? 0.05%? 48 days (March 8-April 25) + 7,200 yuan? 0.05%? 12 days (April 25-May 7) = 192 yuan + 43.2 yuan = 235.2 yuan.

If you only repaid 7,999 yuan on the repayment date, which is 1 yuan less, then the recurring interest in the statement on May 7th is: 8,000 yuan? 0.05%? 48 days + 1 yuan? 0.05%? 12 days = 192.006 yuan. The feeling of falling in love after hearing it evaporated instantly.

It is not difficult to see that even if we pay back 1 yuan less, we still have to pay so much interest. However, many banks have now opened time tolerance business, that is to say, if the unpaid portion does not exceed 10 yuan (most banks stipulate that it is 10 yuan), then there will be no penalty interest. However, as a cardholder, you need to know your card and whether your bank has this service to avoid unnecessary interest payments.

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