It is the full penalty interest calculated from the day you consume, because your second payment has passed the grace period and is the minimum payment, and interest is calculated on the rest.

All consumption in the current period will accrue interest starting from the recording date (usually the second day after consumption), with a daily interest rate of 0.05% until you pay it off in full.

Extended information:

Cyclic interest is the interest generated when you fail to repay in full, starting from the recording date of each account to the date the account is paid off is the number of days for interest accrual, and the daily interest rate is 5/10,000.

If you use the cash advance function of a credit card, recurring interest will also accrue, and interest will be charged at a daily interest rate of 5/10,000 from the day of withdrawal to the date of repayment, and compound interest will be charged on a monthly basis. Until you pay it back.

For example: A cardholder’s bill date is the 7th of every month. He spends 2,000 yuan by swiping his card on April 1st. The consumption is credited to his account on April 2nd and will be displayed on the bill on April 7th. The "repayable amount 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, which is the revolving credit principal of 2,000 yuan. 23 days of interest and 13 days of interest on the remaining principal of 1,800 yuan after repayment.

The specific calculation is: 2,000 yuan × 0.05% × 23 days (April 2-April 24) + 1,800 yuan × 0.05% × 13 days (April 25-May 7) =23 yuan + 11.7 yuan = 34.7 yuan.

Reference material: China Merchants Bank official website - What does CMB credit card recurring interest mean?