Minimum repayment amount definition: The minimum repayment amount refers to the minimum amount that needs to be repaid by a credit card every month, which is displayed on the credit card statement for that month. You can repay according to the minimum repayment amount stipulated by the card issuing bank, but you cannot enjoy the interest-free repayment period. The minimum repayment amount is 10% of the consumption amount plus other various payables. If the credit card repayment amount is greater than or equal to the minimum repayment amount but less than the full repayment amount, the default is to pay the minimum repayment amount; if the credit card repayment amount is the minimum repayment amount, the interest will be calculated at 0.05 and will be charged starting from the day of consumption.

In fact, the setting of the minimum repayment amount is very beneficial to users, but the minimum repayment amount cannot be used frequently, otherwise the amount will be easily reduced. Because only the minimum amount of the debt is repaid every month, the bank will doubt the individual's financial ability, and the individual's credit will be affected, making it more difficult to apply for installments and other full services in the future. In addition, there is no interest-free period for the minimum repayment amount, and interest will be charged on the unpaid portion at an interest rate of 0.5% per day.

Therefore, it is recommended that you try not to repay only the minimum amount every month. When the repayment pressure is high, you can choose to propose installment repayment to the bank. The minimum credit card repayment amount is the minimum amount stipulated by the bank that you must repay every month. You can repay in installments but the repayment amount in each installment must be greater than the minimum repayment amount. This is the basic repayment requirement for you to maintain a good credit record. .

1. Calculation of the minimum repayment amount of China Merchants Bank credit card:

Minimum repayment amount = consumption amount within the credit limit × 10, cash advance transaction amount × 100, and the minimum repayment amount in the previous period is not yet Repayment amount × 100 Amount of consumption exceeding the credit limit × 100 All fees and interest × 100

2. Calculation of interest on the minimum repayment amount of China Merchants Bank credit card

Minimum repayment amount = the lowest of the entire previous period The entire unpaid portion of the repayment amount is the cash transaction amount and related interest expenses. The total amount consumed in excess of the credit limit is 10 × the non-cash transaction amount and the related interest expense EPP current apportionment amount and related interest expenses.

3. Advantages of the minimum repayment amount of China Merchants Bank credit card:

If you have difficulty repaying all the debt before the due payment date, you can follow the minimum repayment amount stipulated by China Merchants Bank Make repayments. Minimum repayment is a method that can alleviate the pressure of credit card repayment without affecting your credit record. It is a credit card feature that cardholders often use.

4. Disadvantages of the minimum repayment amount of China Merchants Bank Credit Card:

If you choose the minimum repayment amount, you will continue to enjoy revolving credit, but you will no longer enjoy the interest-free repayment treatment. If you fail to repay the minimum payment, a late payment fee of 5 will also be charged.