How big is the minimum repayment of the credit card, you know?

Nowadays, major banks are pushing hard to promote credit cards. One or more credit cards are commonplace. Many people are used to shopping on credit cards or online shopping. They are used to credit cards and then repay them on the repayment date. First, because you can avoid the trouble of carrying cash, and second, because the settlement of credit cards is generally accurate to the merchant, so each month's credit card bill is a good account for us, which is convenient for our later reconciliation. In addition, when we receive the credit card bill, we will find that there are two amounts on the bill, one is the full amount of repayment, and the other is the minimum repayment amount. What is the so-called minimum repayment amount?

The minimum repayment amount is that the credit card holder cannot repay all the payables on the repayment date. At this time, the minimum repayment amount (the bill amount *10%) specified by the issuing bank can be repaid. Avoid overdue personal credit records, but at the same time do not enjoy interest-free repayment. In general, the minimum repayment amount will be listed in the current month's bill.

Many people choose the minimum repayment amount when they can't repay the full amount in the month. Then, after the minimum repayment amount is paid, how does the issuing bank charge interest fees? For example, if you spend 5,000 yuan on your credit card for the month and 500 yuan after the minimum repayment amount, then the calculation of interest is based on 5000 of your arrears and 5 cents per day. If you spend the following month, you will spend the next month. 5000 yuan, then the bill is 9500 yuan, the minimum repayment amount is 950 yuan, but your interest should be calculated according to the previous period of 5000 yuan plus 5,000 yuan of the month is 10,000 yuan to calculate, if you do not If you use the card again, then the card-issuing bank will always charge 5 millionths of the daily interest according to the 10,000 yuan you owe until you have all the money owed.

We all know that credit card repayments have three methods: full payment, billing and minimum repayment. It is good if you can pay back all the money in the month. After all, credit cards generally have up to 50 days of interest-free period. If not, it is also recommended to choose the billing in installments to repay the loan. Although the minimum repayment amount can also avoid the bad credit record, the interest cost is too high.
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