It’s hard to get through Double 11 and Double 12, and the credit card bill is coming out soon. China Merchants Bank No. 15 and Guangfa No. 8. Can you still afford your credit card bill?

If you can't pay it back, the credit card will tell you "intimately" that it doesn't matter if you can't pay it back. You can pay the bill in installments, or pay the minimum payment, or if you don't have enough money, you can also withdraw cash. of!

Which one is more cost-effective between bill installment and minimum repayment?

General credit cards support bill installment. You can choose installment before and after the bill comes out. Take the China Merchants Bank credit card as an example. When the bill has not been issued, you can choose up to 20 transactions for installment. The installment rates are respectively They are: 1.0% for 2nd period, 0.9% for 3rd period, 0.75% for 6th period, 0.7% for 10th period, 0.66% for 12th period. After the bill comes out, the installment rates are the same, with an additional rate of 0.68% for 18th period and 0.68 for 24th period. %. Handling fee per period = total installment amount × handling fee rate per period. The total principal amount of the installment is amortized evenly on a monthly basis, and the remainder is included in the last installment. The installment amount of each installment and the handling fee of each installment are recorded at the same time.

If it is the minimum repayment, the minimum repayment amount = 10% cash advance principal + 10% non-cash advance transaction principal + 100% fees + 100% interest + 100% excess consumption + 100% of the unpaid portion of the minimum repayment amount of the previous period + 100% of the single installment amount. Generally, the bank will tell you the minimum repayment amount after the bill comes out. After the minimum repayment is paid, you will no longer be able to enjoy the interest-free treatment. Interest will be accrued from the accounting date, and recurring interest will accrue. The interest is RMB 50,000. Generally speaking, interest is accrued on the full amount until it is repaid.

So should I choose installment repayment or minimum repayment?

It is recommended that if you owe a small amount and can repay in a short period of time, you can choose the minimum repayment, which is convenient. If the amount of debt owed is large and cannot be paid in a short period of time, then it is more cost-effective to choose installment repayment.

What is cash installment?

Many people confuse bill installment with cash installment. The essence of cash installment is small loan, which can be applied for in major credit card APPs. For example, China Merchants Bank credit card cash installment, you can choose 3 installments. 0.95%, 0.80% for 6 periods, 0.75% for 10, 12, 18 and 24 periods