How to calculate the credit card interest of Guangfa Bank?

Guangfa Bank is also the second interest-bearing method. The billing date is 2 days and the repayment date is 25 days. On the 6th of that month, the overdraft consumption was 10000 yuan, and the debt on the 25th was only 1000 yuan. So the bill for consumption in the month of next month is:

10000*26*0.05%= 130

( 10000- 1000)* 10*0.05%= 45

The current month's interest is 130+45= 175 yuan. If the monthly interest is not paid in time, it will accumulate month by month and eventually generate high interest.

Extended data:

Credit card installment payment refers to the process that when the cardholder uses the credit card to make a large amount of consumption, the bank pays the consumer funds of the goods (or services) purchased by the cardholder to the merchant in one lump sum, and then the cardholder repays the money to the bank in installments and pays the handling fee. According to the cardholder's application, the bank deducts the consumption funds and handling fees by stages through the cardholder's credit card account, and the cardholder repays according to the monthly recorded amount.

service charge

In the early days of credit card installment business, banks often advertised under the banner of "interest-free", and many citizens were indeed "fooled". In fact, interest-free is not free, just a different name.

Generally speaking, the handling fee of credit card installment 1 year is lower than the annual cash withdrawal interest 18%, and higher than the bank commercial loan interest 1 year 5.3 1%. It is worth mentioning that the loan interest rate of commercial banks has been lowered many times since last year, but the standards of credit card installment fees and cash withdrawal interest have rarely changed. Although different banks have different standards for credit card installment fees, the calculation method is roughly the same.

Suppose the installment amount is 1.200 yuan, divided into 12 installments, and each installment (month) repays 1.000 yuan, and the handling fee is 0.6%/ month, and the actual monthly deduction is100+1.200× 0. If other factors are not considered, the convertible nominal annual interest rate is 7.2%. But the cardholder did not always owe the bank 1.200 yuan. In the last month, he actually only owed the bank 1 1,000 yuan, but the bank still charged the handling fee according to 1, 200 yuan.

According to the calculation, the actual annual interest rate that the cardholder has to pay is about 15.48%. According to the correct calculation formula, it should be1200 * 6% * (1+6%)12/(1+b)12-1) =/kloc.

superiority

The main benefits of credit card installment payment:

Enjoy first, then pay.

Without a guarantor, the procedure is simple.

Fixed time and easy payment.

Free of payment and monthly repayment.

More room to choose payment methods.

Service type

From the form of installment payment, there is a limit on the initial amount of a single transaction for cardholders to handle this business, and the level of installment repayment and the standard of handling fee are also different; It can be roughly divided into three categories:

The first category is the cooperation between banks and special merchants, but the product types are limited;

The second category is the product catalogue provided by the bank, which is purchased by the cardholder, and then the bank entrusts the supplier to deliver the goods to the customer;

The third category is not limited to merchants and commodities. Cardholders can apply for installment repayment from banks after shopping, and some banks even set the acceptance scope to the whole world.

References:

Baidu encyclopedia-credit card installment payment