The credit card installment repayments of various banks are different, and the interest is also different. If calculated based on the interest rate of 5.1:

1. If the repayment is based on the repayment method of equal principal and interest , a loan of 50,000 yuan, the total cumulative repayment is 51,391.99 yuan, and the total interest required to be repaid in one day is 1,391.99 yuan.

2. If the repayment is based on equal principal repayment, the loan is 50,000 yuan, and the total repayment amount is 51,381.25 yuan. As a result, the total interest that needs to be repaid is 1381.25 yuan.

The definition of equal principal and interest:

Equal principal and interest refers to a loan repayment method, which means that during the repayment period, the same amount of loan (including principal and interest) is repaid every month. Interest).

Equal installments of principal and interest and equal installments of principal are different concepts. Although the monthly repayment amount may be lower than the amount of equal installments of principal repayment at the beginning, the interest paid in the end will be higher. This method is often used by banks for equal principal repayment.

The definition of equal-amount principal:

Equal-amount principal refers to a loan repayment method, which is to divide the total amount of the loan into equal parts during the repayment period, and repay the same amount every month. The principal amount and the interest accrued on the remaining loan in that month. In this way, since the monthly principal repayment amount is fixed and the interest is getting smaller and smaller, the borrower has greater repayment pressure at first, but as time goes by, the monthly repayment will increase. The number of items is also getting smaller and smaller.

Definition of credit card:

A credit card, also called a credit card, is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. It takes the form of a card with the issuing bank's name, validity period, number, cardholder's name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially designated commercial service departments, and then the bank will settle the accounts with merchants and cardholders. Cardholders can overdraft within the prescribed limit.

Introduction to installment payment:

Instalment payment (Pay by Installments) is mostly used in product transactions with long production cycles and high costs. Such as the export of complete sets of equipment, large-scale vehicles, heavy machinery and equipment and other products. The method of installment payment is that after the import and export contract is signed, the importer first pays a small part of the payment to the exporter as a deposit, and the rest of the payment is paid after part or all of the product is produced, shipped, or after the goods arrive for installation and test run. , investment and repayment in installments when the quality guarantee period expires.