The minimum repayment interest is high;

1. The interest on the minimum repayment amount is 5/10000 per day on the total repayment amount, in the form of "interest compounding", and the interest can be short-term. In the long term, if you continue to use the minimum repayment for a year, the interest generated is astonishing. For installment payment, the interest is the monthly handling fee. If you have enough money, you may pay it back in any month, but the total handling fee is still not high;

2. Comparison of repayment amounts: minimum repayment amount The method is to only repay 1/10 of the amount this month, that is, 100 for 1000, which is a low limit. I applied for installment repayment, 1000 points for 3 months, naturally more than 300 per month.

3. For example: 1,000 yuan, using the minimum repayment amount, will generate 20% interest next month, and 12% fees will be generated by installment. But if the installment is used for 3 months, 12*3=36. You are determined to pay these 36 points from the day you apply for it. Even if you still get paid in the middle, you still have to pay it in these months.

4. Summary: So through summary, if you want to delay for a month and the amount is not very large, you can use the lowest amount. If it is too late to repay the loan before the bill date next month, you can pay it in installments, which will take a long time and reduce the pressure. Important tip: Be sure to keep track of the repayment date.

Extended information:

1. In the early days of the credit card installment business, banks often promoted it as "interest-free", and indeed many citizens were "fooled". In fact, interest-free is not free, it’s just called something different.

Credit card installment payment (2 photos)

In general, the one-year credit card installment payment fee is lower than the annual cash withdrawal interest of 18% and higher than the bank's one-year commercial interest rate. The loan interest is 5.31%. It is worth mentioning that commercial bank loan interest rates have been reduced several times since last year, but the standards for credit card installment fees and cash withdrawal interest have rarely changed. Although the standards for credit card installment payment fees vary from bank to bank, the calculation method is roughly the same.

2. The minimum repayment amount generally refers to the minimum amount that can be repaid on a credit card every month. Each bank has different strategies for defining it. Generally speaking, it is a certain proportion of the consumption balance in a bill. , most banks in China now use a 10% ratio, and some banks use a 5% ratio. Generally, banks only promise to pay the minimum repayment ratio for the consumption part. Handling fees, interest, and installment balances can only be returned in full. Cash withdrawals vary depending on the repayment logic of different banks

Reference materials : Credit card installment payment_Baidu Encyclopedia? Minimum repayment amount_Baidu Encyclopedia