The minimum monthly repayment interest of a credit card is usually calculated every day. Under normal circumstances, from the second day of repayment, interest will be levied on the unpaid part, and the interest will be calculated at 0.05% every day until the debt is paid off. For example, the bill amount of a certain period is 1 000 yuan, the minimum repayment amount is 200 yuan, and the remaining 800 yuan bears interest on a daily basis, with the daily interest of 800 * 0.05% = 1.6 yuan.

: 1. What does the minimum repayment amount mean?

The minimum repayment amount refers to the minimum repayment amount stipulated by the card issuer when the cardholder finds it difficult to repay all the payables before the due repayment date (including the due repayment date).

But you can't enjoy the interest-free repayment period. The minimum repayment amount is 65438+ 00% of the consumption amount plus other payables. The minimum repayment amount is listed on the current bill.

There are three ways to repay credit cards:

1. Full repayment means full repayment before the repayment date. You can repay your overdraft without interest.

2. Repayment by installment: after applying for installment payment from the bank, monthly repayment = overdraft amount/installment number+installment fee.

3. Minimum repayment amount, calculation method of minimum repayment amount: minimum repayment amount = unpaid part of the minimum repayment amount of the previous bill+overdraft balance of the current bill * 10%.

If the minimum repayment amount is paid before the due repayment date (including the due repayment date), the card issuer will charge overdraft interest at 0.05% per day. If the cardholder has repayment pressure, he must apply for the minimum repayment amount. Repayment by installments can reduce the repayment pressure.

2. What is the difference between the minimum repayment amount and installment repayment?

1. Different amount: the minimum repayment is the minimum amount that the user needs to repay this month according to the algorithm. Repayment by installment is to divide the total loan amount of users by the number of installments to get the amount that users need to repay each month. The installment repayment amount is in direct proportion to the installment repayment times;

2. Different handling fees: the interest calculation formula of the minimum repayment amount and installment repayment is inconsistent. The minimum repayment is calculated at the daily interest rate, and the installment repayment is calculated at the installment interest rate specified by the platform;

3. Different application situations: installment repayment is applicable to the situation that the loan amount is large and cannot be repaid in a short period of time, and the minimum repayment amount is applicable to the situation that the loan amount is small and can be repaid in a short period of time.