The minimum repayment is the repayment method that users will choose when they can't repay. The minimum repayment amount of China Merchants Bank's credit card refers to the minimum monthly repayment amount of the credit card, which is displayed on the credit card bill of the current month, and is generally 3% of the total repayment amount of the current bill. Then, how to calculate the minimum repayment interest of China Merchants Bank?

how to calculate the minimum repayment interest of China merchants bank?

China Merchants Bank's credit card only pays the minimum repayment amount and does not enjoy the interest-free repayment treatment: all transactions in the current period will bear interest from the bookkeeping date, with a daily interest rate of five ten thousandths until the settlement date.

The interest after the minimum repayment amount of China Merchants Bank's credit card consists of two parts: one part is the daily interest of five ten thousandths of the current repayment amount; The other part is the daily interest of five ten thousandths of the remaining payable amount. The former is calculated from the bookkeeping date of each consumption day of the current repayment amount to the current repayment date; The latter is calculated from the repayment date of the current period, and the remaining amount and interest generated are all paid off after calculating the minimum repayment amount of the current period. However, if it will be reflected in the next bill as of the next billing date, it will only be calculated to the next billing date.

Source: China Merchants Bank

Is the minimum repayment overdue?

It is not overdue. The minimum repayment is a repayment method designed by the lending institution for the lenders with repayment pressure. If the lender chooses the minimum repayment after failing to pay the bill, some formalities will be incurred, but personal credit will not be affected.

when using the minimum repayment, not all the bills of the lender can be repaid at the minimum. For example, cash advance transactions, installment transactions, annual fees, handling fees, interest and liquidated damages are not included in the bills of the minimum repayment, and all these expenses should be settled.

generally speaking, if it is difficult to pay off all the arrears at one time, you can pay off the minimum repayment amount on time before the final payment date, which will not affect your personal credit, but you can't enjoy the interest-free repayment period.