For those users who are short of funds and unable to repay in full and on time, they can take the minimum repayment on their credit card. Among them, the minimum credit card repayment refers to an amount of about 10% of the monthly repayment bill amount. The bank will send the cardholder's current bill to the cardholder every month, and the cardholder only needs to exchange 10% of the bill. So, does the minimum credit card payment require interest?

Does the minimum credit card payment require interest?

The minimum payment amount is based on the credit card minimum payment amount shown on the credit card statement. And the minimum payment on a credit card requires interest. Cardholders must repay according to the minimum repayment amount stipulated by the card issuer and cannot enjoy the interest-free repayment period. For cardholders who repay according to the minimum repayment amount, the card issuer will charge loan interest at a rate of 50,000 per day for the unpaid portion from the bank accounting date to the repayment date. The loan interest is calculated on a monthly basis. Compound interest.

In general, if cardholders have difficulty repaying all the amounts due before the due payment date, they can choose to repay according to the minimum repayment amount. When choosing the minimum repayment, cardholders can be exempted from late payment fees due to failure to repay in full on time, and can continue to enjoy the credit card's overdraft limit.