How to calculate the minimum repayment amount of ICBC credit card
The minimum repayment amount of ICBC credit card = the unpaid portion of the minimum repayment amount in the previous statement and the account consumption overdraft on the current statement day The sum of 10% of the balance.
In other words, your minimum payment this month is 10% of the total amount of your latest credit card payment, plus the unpaid portion of the minimum payment last month (if the minimum payment last month was If the entire amount is not repaid), interest will be added at the end.
Note: The minimum repayment of ICBC credit card is calculated from the consumption date, not from the final repayment date. Please pay special attention to this. The minimum repayment amount of ICBC credit card is not interest-free, and the interest is calculated based on the daily interest rate of 0.5%.
According to the "2013-2017 China Credit Card Industry In-depth Research and Investment Strategic Planning Analysis Report", since 2010, in order to curb the rapid rise in asset prices and control inflation, the Chinese government has implemented a sound monetary policy. And a series of moderate tightening measures have been adopted, indicating that macro-prudential and strengthened capital supervision have become the core of China's banking industry supervision.
Various tightening money supply operations and capital constraint policies have had a profound impact on the liquidity level, credit granting rhythm and structure of Chinese commercial banks. The analysis believes that the evolution of the industry structure is that the product portfolio is further optimized and diversified, research and development of new industry standards and mobile payments are intensified; credit penetration is deepened; and the installment business is developed in depth.
China’s credit card market is still one of the fastest-growing product lines in China’s personal financial services market. Although the economic benefits of the industry are full of challenges, driven by economies of scale and growth in consumer spending, China’s credit card market will continue to grow in the next 10 years. The average annual growth rate of credit card issuance will remain at around 14%, and profitability will also tend to improve. Qianzhan.com predicts that by 2020, the cumulative number of credit cards issued in China will exceed 800 million.
Credit card installment payment means that when the cardholder uses a credit card to make large purchases, the card-issuing bank pays the merchant a one-time payment for the goods (or services) purchased by the cardholder. After application, consumption funds will be deducted from the cardholder's credit card account in installments, and the cardholder will repay according to the monthly credit amount.
Most banks in China have credit card installment services. Installments are generally divided into shopping mall (POS) installments, "mail order installments" and bill installments through the Internet, mail, etc. depending on the occasion. .
What is the minimum repayment for an ICBC credit card?
The minimum repayment limit for an ICBC credit card needs to be determined based on the repayment situation of the credit card. Under normal circumstances, the minimum repayment limit for an ICBC credit card is as follows The total amount:
1. (Overdraft consumption other than outstanding installments, overdrafts, withdrawals, overdraft transfers and related interest charges in the bill, etc.) 10%;
2. If it has been recorded , and the outstanding installments, overdraft withdrawals and overdraft transfer amounts, then these need to be repaid in full.
In addition, if the minimum repayment was also used in the previous bill, then the minimum repayment amount of the current month needs to be added to the unpaid portion of the previous bill.
ICBC credit cards are the credit cards with the highest circulation in China. The main types of ICBC credit cards include: Peony International Credit Card, Peony Credit Card, and Peony Credit Card; according to the brand of ICBC credit cards, they are divided into: Peony Visa Card, Peony MasterCard and Peony Express Card; according to credit level, they are divided into: Platinum Card, Gold Card and Ordinary Card; according to the issuing objects, they are divided into business cards and personal cards, of which personal cards are divided into primary cards and supplementary cards.
Card features:
1: Fully realize paperless transactions.
Most of the bills and documents used in the past were replaced by electronic checks, electronic money orders and electronic receipts; the original banknotes were replaced by electronic money, that is, electronic cash, electronic wallets, and electronic credit cards; the original paper The mailing of quality documents becomes transmitted through the data communication network.
2: The service is convenient, fast, efficient and reliable.
Through online banking, users can enjoy convenient, fast, efficient and reliable all-round services. You can use online banking services whenever you need them, without being restricted by time or region, that is, realizing 3A services (Anywhere, Anyhow, Anytime).
3: Low operating costs.
Because online banks adopt virtual reality information processing technology, online banks can reduce the number of business points without reducing the original business volume.
4: Simple and easy to use.
The online E-mail communication method is also very flexible and convenient, which facilitates communication between customers and banks as well as within banks.
Online banking has many advantages over traditional banking.
First, it greatly reduces bank operating costs and effectively improves bank profitability.
Opening online banking business mainly uses public network resources without setting up physical branches or business outlets, which reduces personnel costs and improves the efficiency of the bank's back-end system.
Second, there is no time and space limit, which is conducive to expanding the customer base.
Online banking business breaks the geographical and time restrictions of traditional banking business and has 3A characteristics, that is, it can provide customers with financial services at any time (Anytime), any place (Anywhere), and in any way (Anyhow) services, which is not only conducive to attracting and retaining high-quality customers, but also proactively expanding the customer base and opening up new sources of profit.
The third is conducive to service innovation and providing customers with various types of personalized services.
Sales of financial products such as insurance, securities and funds through bank branches are often greatly restricted, mainly because it is difficult for general business branches to provide customers with detailed, low-cost information consulting services. Using the Internet and bank payment systems, it is easy to meet customers' needs for consulting, purchasing and trading a variety of financial products. In addition to handling banking services, customers can also easily buy and sell stocks and bonds online. Online banking can provide customers with more suitable services. Personalized financial services.
How to set minimum repayment on credit card ICBC
No need to set, this is the default.
There is no need to set up the credit card minimum repayment service. As long as you only repay the minimum repayment amount before the due payment date and do not repay in full, the minimum repayment service will be used by default. The minimum repayment amount of a credit card means that if the cardholder has difficulty repaying all the amount due before the due payment date (inclusive), he can repay according to the minimum repayment amount stipulated by the card issuer, but he cannot enjoy the interest-free repayment period. Treatment, the minimum repayment amount is generally 10% of the consumption amount plus other various payables, which is listed on the current bill.
If you want to set automatic repayment to the minimum repayment amount, you can log in to ICBC e-Life, select "Finance - Automatic Repayment", and set the repayment method to the minimum repayment amount. You can also repay the amount through online banking, mobile banking and other channels. Warm reminder: Returning the minimum payment amount before the due date of the credit card will not affect your personal credit record, but you will be charged according to the card application agreement (partial/full penalty interest) from the bank accounting date to the repayment date. Tianji charges an interest of 0.05%.
1. The minimum repayment amount of an ICBC credit card is generally shown in the monthly mailed statement. However, if the minimum repayment amount is used, all purchases will not enjoy the interest-free period. The minimum repayment amount for an ICBC credit card includes the sum of the unpaid portion of the minimum repayment amount in the previous statement and 10% of the account overdraft balance on the current statement date. Interest will not be charged on the minimum repayment of the ICBC credit card, but interest will be charged on the unreturned portion from the entry date (the specific entry time after consumption) until the cardholder pays off the balance. Interest will be calculated based on RMB 10,000 per day. Calculated by five-quarters.
2. Using the minimum repayment amount is very detrimental to the cardholder. The bank will think that the cardholder has a problem with repayment, and there will be no benefit in increasing the credit card fixed limit in the future. Moreover, using the minimum repayment amount will not help the cardholder. The credit limit will be occupied, and only by repaying it month by month will the credit limit be partially restored every month, which will affect normal consumption. In fact, when you are unable to repay your credit card, you can borrow money from relatives and friends, and then pay them back when you have sufficient funds. In order to prevent yourself from not being able to repay on time on the repayment date, you must exercise restraint when using credit cards and do not exceed your tolerance.
Operating environment:
Mobile phone model: ELS-AN00
ICBC: 7.0.1.1.0
ICBC’s minimum repayment How is the amount calculated?
ICBC minimum repayment calculation method:
Minimum repayment = the unpaid portion of the minimum repayment of the previous bill and the overdraft balance of the current bill (excluding the current installment) 10% of the current installment deduction amount). You can check the current minimum payment amount through the current credit card statement.
The minimum repayment amount refers to the minimum amount that needs to be repaid before the credit card repayment date. Repayment of this amount will not incur late fees, but the outstanding portion of the repayment amount will incur overdraft interest.
Extended information:
The interest calculation regulations for ICBC Peony Credit Card (excluding quasi-credit cards) are as follows:
1. Transactions involving cash withdrawals and transfers using the credit limit , pay overdraft interest at 0.05% per day from the bank accounting date to the repayment date;
2. In addition to cash withdrawal and transfer overdraft transactions, other overdraft transactions such as consumption can enjoy 25- There is a 56-day interest-free repayment period. If you repay in full before the due repayment date, you do not need to pay overdraft interest;
3. Overdraft interest will be calculated from the bank accounting date for transactions that do not meet the interest-free conditions. The interest rate is 0.05% daily, and compound interest is calculated monthly;
4. No interest is paid on the deposits in the account.
Warm reminder: For specific interest calculation, please refer to the "Peony Credit Card Application Agreement (Personal Card)" and the actual bill.