Credit card, 10,000 yuan, divided into 24 installments, how much will be paid in each installment?

Monthly repayment amount = installment fee repayment amount.

A credit card consumption of 10,000 yuan is divided into 24 installments. The monthly handling rate is 0.60%. The monthly repayment amount is: 10,000×0.60% 10,000÷24＝60,416.67＝476.67 yuan. The repayment in each installment is 476.67 yuan. Although the standards for credit card installment payment fees vary from bank to bank, the calculation method is roughly the same.

Generally speaking, the one-year credit card installment fee is lower than the annual cash withdrawal interest of 18%, and higher than the bank's one-year commercial loan interest of 5.31%. It is worth mentioning that commercial bank loan interest rates have been reduced many times in recent years, but the standards for credit card installment fees and cash withdrawal interest have rarely changed.

Extended information

Benefits of credit card installments

1. Helps to increase credit card limit: There are installation fees for bill installments, and banks will of course expect cardholders to regularly Handle installment matters. The underlying rule is that when cardholders deal with bill installments, after they request a credit card limit increase from the bank, the bank will be more willing to approve it, and the success rate of the limit increase will increase.

2. Ease the repayment pressure: When the single-issue bill is too high, the cardholder will be under greater pressure to repay in full. Credit card installments can break down a large consumption into several Repaying the loan every month is equivalent to postponing consumer spending, which helps reduce the borrower's repayment pressure.

3. Arrangements that are conducive to funds: by repaying credit cards in installments, the remaining funds can be used to purchase goods in advance, reducing the pressure of purchase and payment; by using installments in a planned manner, purchases can be reasonably arranged and gradually Complete the purchase plan.

If I pay 10,000 yuan on my China Merchants Bank credit card and only pay the minimum monthly payment, how much do I need to pay back every month?

If you spend 10,000 yuan on a China Merchants Bank credit card and only pay the minimum monthly payment, you need to repay at least 1,150 yuan every month, that is, 10% of 10,000 yuan is 1,000 yuan, and there is an interest of 0.05% per day, 10,000 yuan. One month's interest is 150 yuan.

The minimum repayment amount for each period of bill is calculated as follows:

The minimum repayment amount = 10% of all general transactions in the credit card account 100% of all outstanding installment transactions in the account in a single period The amount is 100% of the minimum repayment amount of the previous period, and the unpaid portion is 100% of the total amount used in excess of the account credit limit, and the fees and interest are 100%.

Liquidated damages

If the cardholder fails to pay off the minimum payment amount of the previous period's bill before the due payment date (inclusive), our bank will issue a penalty in accordance with the "China Merchants Bank Credit Card Regulations" , corresponding liquidated damages will be charged based on 5% of the unpaid portion of the minimum repayment amount, with a minimum charge of RMB 10 yuan or USD 1 yuan.

Extended information:

Cyclic interest

The amount of each consumption in the previous period's bill is the interest-bearing principal, from the date the account is recorded to the The number of days until an account is paid off is the number of days for interest accrual, and the daily interest rate is 0.5% of the interest rate.

The cardholder's bill date is the 7th of each month, and he spent 2,000 yuan with the card on April 1st. , the consumption was recorded in the account on April 2, and the bill on April 7 will show that the "amount due for this period" is 2,000 yuan, and the "minimum repayment amount" is 200 yuan. If the cardholder only repays 200 yuan on April 25, the due payment date, the interest to be paid as of that day will be shown on the bill on May 7;

That is, the revolving credit principal of 2,000 yuan 23 days of interest and 13 days of interest on the remaining 1,800 yuan principal after repayment: 2,000 yuan × 0.05% × 23 days (April 2-April 24) 1,800 yuan × 0.05% × 13 days (April 25 Day - May 7) = 23 yuan 11.7 yuan = 34.7 yuan.