Credit cards can be overdrawn and enjoy interest-free period, which brings a lot of convenience to our lives, and more and more people apply for cards. Many people use credit cards for the first time. They only know that credit cards need to be repaid, but they don't know whether they need to be repaid every month and what the repayment amount is. Here is a brief introduction.
Do credit cards need to be repaid every month?
Generally speaking, credit cards need to be repaid only when they are used, and they should not be repaid when they are not used. However, there are some special circumstances, such as useless, but the annual fee has been deducted, and the previous installments have not been settled, so even if the card is unused in the month, it may be returned.
The details are subject to the credit card bill. Every month, the bank will issue a bill regularly, and merge the arrears of last month's bill into this month's bill. If the bill is in arrears, it must be paid back this month. If the bill amount is 0, you can leave it alone.
How much do I need to pay back my credit card every month?
It also depends on the monthly bill, which will show two repayment amounts, one is the payable amount and the other is the minimum repayment amount.
If you repay according to the repayment amount, it is full repayment. This repayment method is the best, so you don't have to worry about overdue, and your repayment ability can also be recognized by the bank. If the repayment is made according to the minimum repayment amount, although it will not be overdue, the interest will be calculated based on the remaining unpaid amount, and the interest-free period can no longer be enjoyed, which will give the bank an impression that the repayment ability is insufficient.
Here's a suggestion. If you can't repay it in one lump sum, let's see if you can repay it in installments. If the repayment pressure is small, you can still enjoy the interest-free period as usual. Of course, you have to pay a certain price, that is, you have to pay the installment fee.
Is the credit card a monthly repayment?
Credit cards have to be repaid every month, but cardholders can choose whether to repay in full or in part according to their own economic conditions. If it is full repayment, no interest is required; If it is a partial repayment, the bank will generally stipulate the minimum repayment amount, and you need to pay at least this part of the money. Finally, it can involve interest, usually five ten thousandths of a day, and compound interest is calculated monthly. Some banks also charge late fees, the proportion is not exactly the same.
Do I have to pay back my credit card every month?
No, you can pay by installment, and you must pay interest.
The Notice on Printing and Distributing the Measures for the Administration of Credit Card Business has corresponding provisions:
Article 18 The longest overdraft period of a credit card is 60 days. Credit card overdraft interest shall be charged at 0.5 ‰ of daily interest within 15 days from the date of signing the contract or the date of bank entry, and at 0. 10 ‰ of daily interest after 15 days.
If it exceeds 30 days or the overdraft amount exceeds the prescribed limit, it shall be calculated at the daily interest rate of 15/10000. The overdraft interest is not divided into sections, and the interest is calculated according to the highest interest rate grade or the highest overdraft amount.
Extended data:
Notice on Issuing the Measures for the Administration of Credit Card Business Relevant laws:
Article 10 To provide online banking, mobile banking and other electronic banking services through the Internet, a financial institution shall meet the following conditions in addition to those listed in Article 9:
(1) The infrastructure and equipment of electronic banking can ensure the normal operation of electronic banking;
(2) The electronic banking system has the necessary business processing capacity and can meet the needs of customers for timely business handling;
(3) Establish an effective external attack detection mechanism;
(4) The electronic banking processing server of Chinese banking financial institutions is located in People's Republic of China (PRC).