Minimum repayment amount of credit card and installment repayment

What are the minimum repayment amount and installment repayment of credit cards? Is there a big difference between the minimum repayment amount of credit card and installment repayment? In view of these problems, Bian Xiao will introduce the difference between the minimum repayment amount of credit card and installment repayment for card friends.

Minimum repayment amount of credit card and installment repayment

If the cardholder is only temporarily unable to turn around, he can choose to repay the "minimum repayment amount" at 10% of the repayment amount. This method will not affect the credit history of the cardholder, nor will it charge the cardholder a late fee. However, for all funds spent by credit card, a penalty of 0.5 ‰ per day will be charged, with compound interest, until the day before repayment.

Compared with the "minimum repayment amount", applying for installment repayment can give cardholders more capital turnover time. The cost of installment repayment is certain and controllable, and will not rise with time. Different from the minimum repayment method, its interest will increase day by day.

However, if you apply for installment repayment after swiping your card, you must call the credit card center 3 days before the due repayment date of the credit card.

The installment period can be decided by the applicant, generally ranging from 3 months to 36 months, and the installment fee varies according to the number of installments.