The benefits that Techcombank credit cards bring to users are undeniable. But credit cards are also considered a "double-edged sword". If you don't really understand or don't use it for the right purpose, it can have the opposite effect on the cardholder. Especially the issue of credit card interest rates needs to be deeply concerned. You already know Techcombank credit card interest calculation method not yet? If not, please read the information in the article below.
Introducing Techcombank credit card
Techcombank credit card is a rather special type of atm card. Instead of using your own money like a debit card, a credit card allows you to use the bank's money in the form of spending first, paying later. Techcombank will allow you to spend within the card limit. At the end of the period you must refund the amount spent. If you pay late, you will be charged interest and penalty fees.
Techcombank credit cards bring users many benefits and incentives. But if the cardholder is not knowledgeable and has the knowledge to use the card, it will be easy to fall into credit risk. So you pay special attention to Techcombank credit card interest calculation. From there we can actively calculate the amount to be paid for each of our transactions.
What is Techcombank credit card interest rate?
Using a credit card also means you are borrowing money from the bank to spend and pay off debt later. Therefore, you will have to bear interest like unsecured loans. But Techcombank allows you to enjoy a 45-day interest-free offer. That is, within 45 days, if you pay the full balance, you will not be charged interest, just refund the principal. But if you pay late (more than 45 days), interest will be charged on a daily basis.
Techcombank credit card interest rates are only applicable for late payment of outstanding balances. After interest is charged and the principal and interest have been paid in full, you need to use your credit card for another 2 months to continue to be interest-free.
For example: In January, you make late payment of the outstanding balance and are charged interest, then in February and March you will continue to be charged interest. You will be exempt from interest until April.
Introducing Techcombank credit card interest rates
Techcombank is issuing 4 different types of credit cards to serve different customer groups with different needs. Different types of credit cards have different interest rates. As follows:
- Visa Platinum Techcombank credit card: Interest rate is 24%/year.
- Visa Gold Techcombank credit card: Interest rate is 27.8%/year.
- Visa Gold Techcombank credit card: Interest rate is 27.8%/year.
- Credit card JCB Dream Card Techcombank: Interest rate 36%/year.
Compared to major commercial joint stock banks in Vietnam, Techcombank credit card interest rates are considered to be in a reasonable range. However, it is better not to be charged interest. Pay attention to the balance payment date on your statement and pay on or earlier than due. If you pay late, you will not only be charged interest, but also have to pay a late payment penalty fee.
Learn some concepts related to credit card interest rates
- Statement date: Statement date is the date on which Techcombank transfers the statement containing all transactions for your period. Usually the statement date will be selected as a fixed date each month. The statement must clearly state the outstanding balance to be paid and the payment term. You can receive statements in a variety of ways, but the most common is by email.
- Payment cycle: It is the time interval between 2 statements. All transactions related to Techcombank credit cards arising in this cycle are summarized and detailed in the statement sent to customers.
- Interest free period: Techcombank allows 30 days interest free. It is 30 days between 2 consecutive statements. During this period you must refund the full amount spent on the card. If after 30 days you still have not paid the outstanding balance, Techcombank continues to give you another 15 days to pay interest-free. So the total time for Techcombank credit card interest free is 45 days. After these 45 days, if you have not paid the minimum debt in full, the credit card interest will be activated.
How to calculate Techcombank credit card interest rate
Credit card interest rates are regulated for different types of cards. Specifics have been listed above.
Techcombank credit card interest calculation formula must return:
Interest = (Balance payable x number of days until refund x interest) / 365.
In there:
- Debt balance: is the amount spent for transactions arising in the period that must be returned to Techcombank.
- Number of days until refund: Calculated from the date of first transaction in the period until full refund to the bank.
- Interest rate: Depending on the type of credit card, different interest rates apply.
- 365: Number of days in a year.
Example of how Techcombank credit card interest is calculated
Applying the above formula we will take an example Techcombank credit card interest calculation method as follows.
Customer A uses Visa Platinum Techcombank credit card, credit card interest rate is 24%/year. It has been more than 45 days of interest free, but customer A still has not paid the outstanding balance.
- August 31: Customer A buys goods at a shopping mall. The amount is 4 million dong, payment by credit card swiping. At this time, customer A's credit card balance to pay with Techcombank is VND 4 million.
- September 3: Customer A purchases goods online and uses a credit card to pay an amount of VND 3 million. At this time, the total outstanding balance of credit card that Customer A has to pay with Techcombank is: 4+3 = 7 million VND.
We have the formula to calculate credit card interest:
- The profit from August 31 to September 3 is: (4 million x 3 days x 24%)/365 days = 7,890 VND
- The profit from September 3 to October 11 is: (7 million x 39 days x 24%) / 365 days = 179,507 VND.
So the total interest customer A has to pay to the bank is: 187,397 VND. This is how interest is payable if payment is more than 45 days late.
Note:
Even if you can't pay off the entire balance, you should be able to pay at least 5% of the minimum outstanding balance. This way you will not be charged any late fees. The minimum outstanding balance to be paid is detailed in Techcombank's bank statement sent via email.
What is the penalty fee for late payment of Techcombank credit card balance?
Currently, Techcombank is applying a late payment penalty fee of 6% of the amount of late payment. Minimum is 70,000 VND. In addition, the total penalty for late payment depends on how many days you are late for payment.
See details: Techcombank credit card late payment fee
Epilogue
Above is Techcombank credit card interest calculation method that I would like to introduce to you. Hope the above knowledge will help you in the process of using Techcombank credit cards. If you have any questions, please leave feedback for free support.
Suggestions:
إرسال تعليق
إرسال تعليق