It is more cost-effective to repay by installment.
1. installment repayment: interest-free is inevitable, and the longer the installment time, the higher the cost.
There is no interest on installment repayment, but there is a handling fee. The level of handling fee is related to the length of staging. There are two ways to charge the bank. The first is to charge an average monthly fee, and the second is to charge a one-time fee when paying the down payment.
For example, if you apply for bill installment, the handling fee for the third installment is 2.6%, the handling fee for the sixth installment is 4.2%, and the handling fee for 12 installment is 7.2%, which can be paid in one lump sum at the first repayment. If the arrears of 20,000 yuan are calculated in three installments according to the handling fee of 2.6%, she needs to pay it back to 520 yuan, 840 yuan, 1.440 yuan in six installments.
The average monthly fee is 0.4%~0.7%. If calculated at 0.6% for each installment of 12, Ms. Chen's monthly repayment amount is 20,000× 0.6%+20,000/12 =1787 yuan, and then she will repay this amount every month.
2. Minimum repayment amount: full penalty interest, long-term interest.
The minimum repayment is 10% of the bills payable in this period, which will not affect the credit. According to the regulations of most banks, the interest on the total consumption is charged at the rate of five ten thousandths per day, with compound interest on a monthly basis. At present, only a few banks pay interest on the remaining part after repayment. If you choose the minimum repayment amount, you will not enjoy the interest-free period.
For example, if you spend 20,000 yuan, according to the ratio of principal 10%, the minimum repayment amount is 2000 yuan. If only the minimum repayment amount is paid, it will generate five ten thousandths of daily interest of 20000×0.05%×30=300 yuan.
If the balance of 18000 is not paid off before the next billing date, cyclic interest will be generated according to the daily interest rate of five ten thousandths. If the minimum repayment method has been adopted, interest will be calculated, and the arrears will not be paid off within 3 months, and the interest will exceed 1000 yuan. The longer the arrears, the greater the repayment pressure.
Extended data:
1, remember your bill date.
If you spend on the bill date, the repayment of the consumption on that day will be included in the next month's bill. For example, if your monthly bill date is 5th and the repayment date is 30th, the debt you spent on July 5th will be included in the bill on August 5th, which means that you can repay on August 30th.
2. Bill installment payment
If you can't repay the first installment of the bill in full, you can apply for the installment of the bill. In other words, dividing the first installment of the bill into several installments will generate corresponding handling fees, but this is a way to alleviate the temporary inability to repay. To apply for installment repayment, you can also directly call the banking service hotline to apply.
3. Grace period
Credit card repayment has a grace period, and every bank provides a grace period of at least 3 days. For example, if you want to repay the loan on the 25th, the bank will allow you to repay the loan before the 28th at the latest. As long as the repayment is made at this time, it is not overdue.
4. Minimum repayment amount
Credit cards can be repaid with the minimum repayment amount, but once you choose the minimum repayment amount, you will not enjoy the interest-free period. The minimum monthly payment is generally 65438+ 00% of the amount you should pay, plus interest and other expenses. Compared with full repayment, choosing the minimum repayment amount can alleviate the temporary economic pressure.
5. Interest-free repayment period
Credit cards have an interest-free repayment period, generally ranging from 20 days to 50 days. In other words, if you swipe your card with a credit card on a certain day, you don't have to pay any handling fee and interest as long as you repay it before the interest-free period.
6. Foreign currency cannot be repaid automatically.
Credit cards use foreign currency and cannot be repaid automatically. Many banks will automatically repay only RMB accounts by default, and foreign currency accounts need to purchase foreign exchange for repayment. For convenience, many people are used to using debit cards to repay automatically. If you wait for the cardholder to automatically repay the money at the bank, you will overdue interest.
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