If the credit card bill of China Merchants Bank is 65,438 yuan+02,000 yuan, it will be repaid in three installments, so the interest to be repaid by different repayment methods will be different:

1, bill installment:

China Merchants Bank Credit Card 12000 will be repaid in three installments with a total rate of 2.7%. No matter how many repayment periods, the handling fee of each period will not change, and the final total handling fee is 12000×2.7%=324 yuan.

2. Minimum repayment amount

According to the interest calculation method of the minimum repayment amount: initial principal × the number of days from the repayment date of the previous period to the repayment date of the current period (3 1 day for big month and 30 days for small month) ×0.05%+ remaining principal × the billing date of the previous period to the current period (about 10 day) ×0.05%, the calculated total interest is 634.7 yuan.

Seconds minus 1, that is, the total interest of the minimum repayment amount-the total handling fee for bill installment =634.7-324=3 10.7 yuan.

It is not difficult to find that credit card bill installment is more cost-effective than the minimum repayment amount, but it is not really cost-effective. The actual annual interest rate of installment 3 is 16. 13%, which is 3.6 times of the bank's one-year loan interest rate of 4.35%. So if the credit card can be repaid in full, it will be paid off in one lump sum.

Extended data:

Bill installment means that after the current bill of the credit card comes out, the current debt is divided into several periods, up to 36 periods, and then a part of the principal and handling fee is paid back every month.

The minimum repayment amount refers to the repayment according to the minimum amount on the bill, which is generally 5%~ 10% of the bill amount in the current period. As long as the money is paid back, it will not be overdue, but the remaining unpaid money will no longer enjoy the interest-free period, and interest will be calculated at the rate of five ten thousandths per day, and compound interest will be calculated monthly until it is paid off.

The minimum repayment amount of China Merchants Bank's credit card =65438+ 00% of all general transactions in the credit card account+65438+000% of all outstanding installment transactions in the account+65438+000% of the outstanding portion of the minimum repayment amount in the previous period+

65438+ 000% of all funds used in excess of the credit line of the account+65438+000% of expenses+65438+000% of interest.

References:

China Merchants Bank Credit Card official website-Customer Service-Minimum Repayment