1. At present, the fund market is good, and some people with insufficient cash on hand use the interest-free repayment function of credit cards to invest in funds, claiming that they can get a lot of income. Financial experts remind that improper operation will not only make no money, but also greatly reduce bank credit.
According to the regulations, only by swiping the card can you enjoy the interest-free treatment of the credit card. In this way, some people will buy funds with cash in their hands and use credit cards for daily consumption. Common forms are: keep part of your salary cash for your own use, and the rest of the cash to buy funds. Then try to use credit cards for all purchases this month. Before the interest-free period comes and they need to repay, they will sell the fund, pay off the bank debt and earn the middle price difference.
In this regard, industry experts pointed out that this move is very difficult. It is necessary to accurately calculate the number of days of bank bookkeeping date, repayment date and fund redemption date of credit card, and no mistakes can be made, otherwise high interest will be paid to the bank. Money market funds generally yield around 2.2%. If there is a mistake in repayment, you will have to bear an extra interest of 18.25%, which is obviously not worth the candle.
According to the regulations, only by swiping the card can you enjoy the interest-free treatment of the credit card. In this way, some people will use their cash to buy funds and use credit cards for daily consumption. The common form is: keep part of your salary cash for your own use, and the rest of the cash to buy funds. Then, try to pay all the expenses this month by credit card. Before the interest-free period comes and they need to repay, they will sell the fund, pay off the bank debt and earn the middle price difference.
5. In this regard, Ma Xuefeng, wealth manager of Taiyuan Shuangxi Sub-branch of Shanghai Pudong Development Bank, pointed out that this move is very difficult. It is necessary to accurately calculate the number of days of bank bookkeeping date, repayment date and fund redemption date of credit card, and there must be no mistakes, otherwise high interest will be paid to the bank.
6. It is reported that the interest-free period of 20 days to 50 days has a "doorway" in calculation. Take the bill issued by a bank on the 20th of this month as an example. The interest-free repayment period is limited to 20 days after that, that is, the deadline is February 9. It is the most cost-effective to spend money by credit card the day after the bill date, that is, 65438+1October 2 1, because this consumption will be included in the bill on February 20. By analogy, the final repayment date is 12 March. Only in this way can we make full use of the 50-day interest-free repayment period.
7. First of all, the purchase of funds involves a large amount, and it is unrealistic to concentrate on consumption the next day after the bookkeeping date, which is likely to cause unnecessary waste due to surprise consumption. If you swipe your card at will, it will bring trouble to the calculation of interest-free period, which is time-consuming and laborious and uneconomical.
8. Secondly, fund redemption is periodic, usually t+2 days. Therefore, after calculating the repayment in March 12, you must apply for redemption around March 10. If the cash flow is delayed because of a moment's negligence, it will definitely not make money but post money.
9. For example, Ma Xuefeng said that if the repayment was originally scheduled for March 12, but it was delayed to March 13 for some reason, on the one hand, the bank had to pay a daily interest rate of 0.05% * * for 5 1 day, and the daily interest rate of 0.05% was converted into an annual interest rate of 18.25%. On the other hand, pay 0.05% penalty interest to the bank every day. Industry experts pointed out that the general yield of money market funds is around 2.2%. If the repayment is wrong, it is obviously not worth the extra interest of 18.25%.