1. What's the interest rate for credit card loans?
First of all, it should be clear that the better the qualification of the applicant for credit loans, the lower the interest rate of personal credit loans. If the applicant's loan qualification is poor, the interest rate of personal credit loans will increase relatively. If the applicant's credit record is tainted, banks often raise the interest rate of personal credit loans, or directly approve or reject loans. In order to have a good credit record, we must pay attention to repayment on time, especially for friends who often use credit cards. If the credit card repayment is overdue for many times, it will be difficult to apply for a personal credit loan in the future. Even if it can pass the examination and approval, the interest rate of personal credit loans will increase relatively.
It is understood that the current personal credit loan interest rate is generally around 2% per month. Of course, the specific personal credit loan interest rate depends on the relevant policies of the lending bank. For example, the current monthly interest rate of unsecured personal loans of Standard Chartered Bank is 1.75%-2.05%, while the interest rate of happy unsecured credit loans of Citigroup is 8.8% per annum. In addition, the interest rate of personal credit loans will fluctuate according to the qualifications of borrowers. For example, Standard Chartered Bank can enjoy a minimum monthly interest of 1.35%. However, the corresponding loan interest rate of Citibank fluctuates greatly, generally around 15%.
Second, how to calculate the interest rate of credit card loans?
At present, the calculation methods of the 50-day (or 56-day) interest-free period stipulated by various banks are different, so it is best for cardholders to have a good idea first. Among them, ICBC stipulates that this month's consumption will be interest-free until the 25th of next month. Assuming that the cardholder spent money on the 30th of last month, the interest-free period is 25 days as of the 25th of this month; If the cardholder spent money 1 last month, the longest interest-free period is 56 days; China merchants bank letter
If you use a card, each card has a billing date, interest-free period = 65438+ 08 days from the billing date. Suppose the 5th is the billing date of your credit card, and the interest-free period for spending on the 3rd is from the 3rd to the 23rd of this month, ***2 1 day;
If it is spent on the 6th, then from the 6th of this month to the 23rd of next month, 49 days is an interest-free period; CITIC also has a billing date every month, and the longest interest-free period is 56 days.
Compared with traditional loans, credit card loan interest rate belongs to higher interest rate and interest, and its calculation method is also different from traditional loans. The interest rate of credit card loans is calculated in days, and there is an interest-free period. Loan repayment during the interest-free period will not generate interest, while traditional loans will generate interest. However, if the interest rate of credit card exceeds the interest-free period, it will be much higher than traditional lending.
How to calculate the credit card installment fee? The rate is 0.72%.
The installment interest rates of different banks are different. It can be calculated according to the specific situation. The following is the algorithm of installment rate:
1. Repayable principal of each consumption period = total principal of consumption period ÷ number of periods.
2. Consumption fee for each period = principal payable for each period × corresponding installment fee rate for each period.
3. Handling fee per period = principal of notes payable per period × monthly installment handling fee rate of corresponding periods.
4. The number of periods that can be applied is 3, 6, 9, 12, 18, 24, 36.
5. Once the installment application is successful, it is irrevocable. Even if the installment is terminated early, the handling fee for each installment will still be charged.
Extended data:
service charge
In the early days of credit card installment business, banks often advertised under the banner of "interest-free", and many citizens were really 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 0,000 yuan, and the handling fee is 0.6%/ month. The actual monthly deduction is 1 006,5438+0,200×.
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 be12006% (16%)12/(1b)12-1) =103.94 yuan.