If the cardholder fails to repay in full before the final repayment date, he will no longer enjoy the interest-free period. China Construction Bank will charge interest at a daily rate of 5/10,000 and compound interest on a monthly basis. The interest accrual date is from the accounting date to the repayment date, and the interest accrual principal is calculated based on the actual repayment amount (that is, the total amount of bill consumption).

If the cardholder fails to repay before the repayment due date or the repayment amount is less than the minimum repayment amount, China Construction Bank will not only charge interest according to regulations, but also charge the minimum repayment amount. A late payment fee of 5% is charged.

An example answer:

Suppose the billing date of your credit card is the 7th of each month and the final repayment date is the 25th of each month.

If you spend 2,000 yuan on May 1st, the bill on May 7th will show that the amount due for this period is 2,000 yuan (after the card payment on May 1st, there will be no other consumption). The minimum repayment is 200 yuan (10% of the current consumption amount).

If the cardholder repays only 200 yuan according to the minimum repayment amount before May 25, the interest accrued on the unpaid amount in the previous bill will be shown on the June 7 bill (including 2,000 yuan). 23 days of interest on the principal of the revolving credit of 1,800 yuan, and 14 days of interest on the remaining principal of 1,800 yuan), that is: 2,000 yuan × 0.05% × 23 days (May 2-May 24) + 1,800 yuan × 0.05% ×14 days (May 25-June 7) = 23 yuan + 12.6 yuan = 35.6 yuan.

Extended information:

The interest on the minimum repayment of a credit card is calculated based on the daily interest rate of 5/10,000. The minimum repayment amount refers to the minimum monthly repayment amount of the credit card, which is displayed in on your credit card statement for the month. If you are unable to repay the amount in one go, you can repay the minimum payment amount on time before the final payment date, which will not affect your personal credit, but you will not be able to enjoy the interest-free repayment period, and all consumption in the current period will accrue interest from the recording date.

Reference material: China Construction Bank Credit Card-Service Guide