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After paying only the minimum payment on a credit card, how to calculate the interest for the second month?

If you only pay the minimum repayment amount on a credit card, the unpaid portion will no longer enjoy the interest-free period and will need to pay interest. Credit card interest is calculated from the date the consumption is recorded, and 10,000 of the consumption amount will be charged every day. Five (i.e. 0.05%), calculated on a monthly compound basis.

Interest for the first month: amount (actual amount swiped) × interest rate (0.0005 per day) × time (the number of days before the minimum payment is due on the day the card is swiped);

Second Monthly interest: amount (remaining unpaid amount) × interest rate (0.0005 per day) × time (the number of days from the day when the minimum payment is made to the day before the payment is made).

Extended information

Minimum repayment amount = consumption amount within the credit limit × 10% + cash advance transaction amount × 100% + unpaid portion of the previous minimum repayment amount × 100% + Amount spent above the credit limit × 100% + All fees and interest × 100%.

Minimum repayments cannot be used for credit card cash withdrawals and installments. If you use a credit card overdraft to withdraw cash or have a credit card installment plan in the current period, you need to repay the cash withdrawal amount and the current installment amount in full.

Notice of the People's Bank of China on matters related to credit card business