How to calculate the advance cash interest of Industrial Bank? The article will give you a simple understanding.

Industrial Bank credit card can not only overdraw consumption, but also provide cash advance service for cardholders to obtain liquidity. However, if the cash advance by Industrial Credit Card cannot enjoy interest-free treatment, interest will be generated from the date of cash advance. Then, how to calculate the cash interest of Industrial Credit Card in advance? Let's have a look.

How much is the interest on cash borrowed by Industrial Credit Card in advance?

Cash advance by Industrial Credit Card is equivalent to cash withdrawal by credit card. From the date of handling, interest will be charged at the daily rate of 0.5 ‰, and compound interest will be calculated monthly.

It should be noted that the new regulations stipulate that the advance cash of Industrial Credit Card is fully included in the minimum repayment amount of the current credit card bill, so the specific interest is mainly calculated from the date of advance cash to the date of the current credit card bill, and the total interest is calculated according to the number of borrowing days used.

Interest calculation formula: cash advance principal × daily interest rate × cash withdrawal days (from cash advance date to current billing date)

For example, Xiao A borrows 3,000 yuan in cash from Xingye Credit Card on August 1 day, pays the current bill on August 22nd, and uses it for 22 days, so the interest to be paid is 3,000×××× 22 = 33 yuan.

In addition to interest, the cash lent in advance by Industrial Credit Card will charge interest, and there will also be a handling fee for cash lent in advance:

1. Ordinary cards are charged at 2% of the transaction amount, with a minimum of RMB 20 or USD 2 per transaction;

2. Individual cards can enjoy the preferential treatment of exempting domestic cash advance:

Xingye Tongka, free of charge for the first three times a month;

Constellation/Lending/Taobao /QQVIP/ Auspicious Credit Card/Guangzhou Mobile Co-branded IC Credit Card/Iqiyi Co-branded Card/Youku Co-branded Credit Card, the first month cash settlement is free.