When you use a China Merchants Bank credit card to spend 10,000 yuan, if you only repay the minimum repayment amount every month, the minimum monthly repayment amount will be 1,150 yuan. This is based on the principal of the credit card bill plus interest. In terms of interest, an interest rate of 5/10,000 per day means that the monthly interest is 150 yuan, which adds up to 10 times 1,000 yuan plus 150 yuan.

The calculation method of the minimum repayment amount is relatively complex, including the total transaction amount of the credit card account 10, the single installment amount of the installment transaction, the outstanding portion of the minimum repayment amount of the previous period, the amount exceeding the credit limit, fees and Interest etc. If you fail to repay in full on the due payment date, in addition to the minimum repayment amount, you will also face a penalty of 5 yuan, with a minimum penalty of 10 yuan or 1 US dollar.

In addition, if you use a credit card to generate recurring interest, for example, if you spend 2,000 yuan on April 1st and record it in your account, and only repay the minimum repayment amount on April 25th, then the remaining unpaid portion will be deducted from the billing date. Interest accrues. For example, if the interest you see on your May 7 statement is $34.7, this is calculated based on the 23-day interest on $2,000 and the 13-day interest on the remaining $1,800.

In general, the calculation of the minimum repayment includes a variety of fees, so the actual monthly repayment amount will exceed 1,150 yuan. The specific amount will be based on your consumption and bill details. change. It’s important to pay your bills in full and on time to avoid additional fees and possible impact on your credit history. The above information comes from the official statement of China Merchants Bank.