Minimum repayment amount of credit card:
The minimum repayment amount is the minimum amount that a credit card customer should repay every month from the date when the credit card bill is generated. Usually it is 10% of the overdraft amount, and the minimum repayment amount does not enjoy interest-free period. In other words, from the date of consumption, all consumption amounts, including the minimum repayment amount, should be calculated at the interest rate of five ten thousandths per day.
Advantages and disadvantages of minimum repayment amount:
Advantages: Relieve the current economic pressure of cardholders and do not affect personal credit records.
Disadvantages: you can't enjoy the interest-free period, and you have to charge five ten thousandths of the total interest every day.
Under what circumstances is the minimum repayment amount suitable for repayment?
The minimum repayment amount can be paid if it can be fully repaid within one week after the final repayment date. If you can't repay all the payable amount in a short time, you can repay it by installments. Although there is a handling fee in installments, it is slightly lower than the interest that should be fully repaid.