Is there a minimum repayment on a credit card?

The so-called minimum repayment amount refers to the minimum amount you need to repay every month, which is shown on the monthly bill. No special application is required.

Is it possible to make minimum repayments on credit cards?

Is it possible to make minimum repayments on credit cards? Bank credit cards all have a minimum repayment amount, which means that you can repay the amount at the minimum. Each bank has a minimum repayment amount, which is generally around 10% of the bill amount.

The minimum repayment amount can reduce the pressure of repayment and will not cause any credit stains. If you are unable to repay the entire amount owed, you can use only the minimum repayment amount. However, if you make the minimum repayment, you will be charged interest on the remaining balance with a daily interest rate of about 0.5%, and the interest will be compounded monthly. If this happens for a long time, it is easy to form a vicious cycle and cause unnecessary interest payments.

How to make the minimum repayment on a credit card

1. First open the Palm Life APP on your mobile phone. After logging in, the home page will be displayed and click the My Label button in the lower right corner.

2. Then in the personal information interface, select and click the check and repayment function, as shown below.

3. Next, check the repayment page. You can see the current bill information, which contains three repayment options, namely installment repayment, minimum repayment, and repayment. Here, choose the lowest Repayment.

4. We can set the repayment amount, but it must be above the minimum repayment amount. After completion, click the Confirm Repayment button at the bottom.

5. Finally, the repayment interface pops up, select the payment method, confirm it is correct, and click the bottom to confirm the repayment. The repayment was successful after entering the password.

Note that if you choose the minimum repayment, you need to pay 0.05% interest every day.

Can I pay the minimum payment on a credit card?

1. I can pay the minimum payment on a credit card.

2. The minimum repayment of a credit card is generally a repayment method that can be selected when the cardholder does not have the ability to repay the full amount. The repayment amount is 10% of the bill amount. However, choosing the minimum repayment If you cannot enjoy the interest-free treatment, the cardholder will need to bear overdraft interest, which is calculated at a daily interest rate of 0.05.

3. In addition, the advantage of paying off the minimum payment on a credit card is that the bank will not record the overdue payment and it will be considered a normal payment and will not affect your personal credit report.