If you can't pay it back, the credit card will tell you sweetly. It doesn't matter if you can't afford it. You can pay in installments, or pay the minimum amount, or the money is not enough. It is ok to withdraw cash!
Which is more cost-effective, bill installment or minimum repayment?
Ordinary credit cards support installment payment of bills. You can choose installments before and after the bill comes out. Take the credit card of China Merchants Bank as an example. When the bill doesn't come out, you can choose up to 20 transactions in installments. The installment rates are: 2 1.0%, 3/0.9%, 6/0.75%, 10/2 respectively. Handling fee per installment = total installment amount × handling fee rate per installment. The total installment principal is amortized monthly, and the balance is included in the last installment. At the same time, the installment amount and the handling fee of each period are recorded.
If it is the minimum repayment amount, the minimum repayment amount = 10% advance cash principal+10% non-advance cash transaction principal+100% expense+100% interest+100% excess consumption+/kloc. The bank will tell you the minimum repayment amount after the general bill comes out. After the minimum repayment amount is paid, you cannot enjoy interest-free treatment. Interest is calculated from the bookkeeping date, and the interest is calculated in cycles. The interest is 15 thousand yuan, which is generally calculated in full until it is paid off.
So, do I choose to pay in installments or the minimum repayment amount?
I suggest that if you owe less, you can choose the minimum repayment amount in a short time, which is convenient. If you owe a large amount, you can't pay it in a short time. It is cost-effective to choose installment repayment.
What is cash installment?
Many people will confuse bill installment with cash installment. The essence of cash installment is micro-loan, which can be applied in major credit card apps. For example, the cash installment of China Merchants Bank's credit card can be 0.95% for 3 installments, 0.80% for 6 installments, 10, 12, 18, and 0.75% for 24 installments.