The minimum repayment amount refers to the minimum amount you should repay (also called the minimum repayment amount). When the cardholder has difficulty in repaying all the payables before the due repayment date (inclusive), he can repay according to the minimum repayment amount on the bill, without affecting his credit status, but he cannot enjoy the interest-free repayment period.
The above contents are for your reference. Please refer to the actual business regulations.
If you have any questions, please contact online customer service of Bank of China.
You are cordially invited to download and use China Bank Mobile Banking APP or China Bank Cross-border GOAPP to handle related business.
What does the minimum credit card payment mean?
The minimum repayment amount of a credit card refers to the minimum repayment amount that can be selected when there is not so much money to complete the full repayment on the due repayment date, which solves the problem of financial shortage, but does not enjoy the treatment of interest-free repayment.
The minimum repayment amount is generally 65438+ 00% of the total amount owed, and this minimum repayment amount will be shown on the current bill. In other words, on the billing date, there will be two amounts to be paid attention to in the bank bill received by the cardholder, one is the amount payable in this period, and the other is the minimum repayment amount. Once the consumption exceeds the repayment, you can choose to pay only the minimum repayment amount.
Repayment according to the full amount of the bill or the minimum repayment amount of the bill will not cause overdue, nor will it affect the personal credit information system. This is something that cardholders can rest assured of. The difference between the two is that if the repayment is made according to the minimum repayment amount, interest will be generated.
If the cardholder repays in full before the repayment date, it belongs to normal repayment and does not generate interest.
Before the repayment date, the cardholder repays the minimum repayment amount, or the repayment amount is greater than the minimum repayment amount but does not reach the full amount owed, then the bank will charge interest, but it is not overdue.
Before the repayment date, if the cardholder fails to repay or the repayment amount is lower than the minimum repayment amount, it is overdue, which will not only generate interest late fees, but also affect the credit investigation.
Extended data:
Disadvantages of minimum repayment amount of credit card
1. Full penalty interest. At present, except for ICBC's credit cards, all credit cards of other banks use the minimum repayment and full penalty interest. Full penalty interest means that the cardholder has to repay the corresponding interest every month after using the minimum repayment amount, and the calculation of this interest is based on the total consumption before the first minimum repayment amount.
No matter how much money is paid every month or how much money is left, the interest paid is constant. The longer the minimum repayment time, the more interest you bear. It is understood that if the minimum repayment amount is used for a long time, the annual interest rate can reach 20%-30%, which is terrible to think about.
2. You can no longer enjoy the interest-free period. Under normal circumstances, as long as the credit card is repaid on time, no interest will be charged from the date of consumption to the date of repayment, and the longest interest-free period can reach 60 days. However, if the minimum repayment method is adopted, there will always be arrears in the credit card, and the credit card will no longer enjoy the interest-free period every month until all the arrears are paid off.
Phoenix. What would you do if you lived on the minimum repayment of your credit card every month?
What is the minimum amount of credit card repayment in China Bank?
The minimum repayment amount refers to the minimum amount you should repay (also called the minimum repayment amount). When the cardholder has difficulty in repaying all the payables before the due repayment date (inclusive), he can repay according to the minimum repayment amount on the bill, without affecting his credit status, but he cannot enjoy the interest-free repayment period.
Calculation method of minimum repayment amount:
Minimum repayment amount = consumption amount within the credit line × 10%+ cash advance transaction amount × 100%+ unpaid part of the previous minimum repayment amount × 100%+ usage amount exceeding the credit line × 100%+ all expenses and interest ×/kloc-
The above contents are for your reference. Please refer to the actual business regulations.
If you have any questions, please contact online customer service of Bank of China.
You are cordially invited to download and use China Bank Mobile Banking APP or China Bank Cross-border GOAPP to handle related business.
So much for the introduction of the minimum payment for credit cards.