No application is required and it will appear directly on your credit card statement.
The minimum repayment amount is the minimum amount that needs to be repaid in the current month when using revolving credit. The minimum repayment amount is listed on the current bill. ?
The minimum repayment amount for each installment is calculated as follows: ?
The minimum repayment amount = 10% of all general transactions on the credit card account + 100% of all outstanding installments in the account Transaction amount in a single period + 100% of the unpaid portion of the minimum payment amount of the previous period + 100% of all funds used in excess of the account credit limit + 100% of fees + 100% of interest
Extended information:
< p>Calculation of China Merchants Bank’s liquidated damages:If the cardholder fails to repay the minimum repayment amount of the previous period’s bill before the due payment date (inclusive), 5% of the unpaid portion of the minimum repayment amount will be charged. % will calculate and charge corresponding liquidated damages, with a minimum charge of RMB 10 yuan or USD 1 yuan.
Reference: China Merchants Bank-Minimum repayment amount and liquidated damages