What is the minimum credit card repayment?

The minimum credit card payment is 10% of the bill amount.

The minimum repayment amount means that when the credit card holder is unable to repay the entire amount due on the repayment date, he or she can repay 10% of the minimum repayment amount stipulated by the card issuing bank, so as to avoid causing problems. Overdue payments will affect personal credit, but cardholders will not be able to enjoy interest-free repayment benefits. Usually the minimum repayment amount will be shown on the monthly bill.

For most credit cards, the minimum repayment factor is generally 5 or 10 of the current consumption amount (depending on different banks). The minimum repayment amount of the current bill is calculated as follows:

100 of the annual fee for consumption within the credit limit (5 or 10) 100 of the cash advance transaction amount 100 of the unpaid portion of the minimum repayment amount exceeding the credit limit (5 or 10) other fees and interest Scale factor (5 or 10).

How to calculate my minimum repayment amount?

A simple general formula: minimum repayment amount = 10 of the consumption within the credit limit (most banks are 10, there are also some The bank is 5) 100 for the cash advance transaction amount, 100 for the unpaid portion of the minimum repayment amount in the early period, and 100 for the unpaid portion of the consumption amount exceeding the credit limit. Note: Repayment according to the minimum repayment amount will be charged full penalty interest ( (Except ICBC), the consumption on the current bill will be charged compound interest of 0.5% every day from the date of consumption.

How is the minimum repayment amount of a credit card calculated?

The proportional interest value date. 1. Proportion: The minimum repayment amount accounts for 10% of the total amount of the bill (the total amount of the bill), and for some banks it is 5 (very few)

2. Interest: The bank will charge 10,000% of the total amount of the bill every day 5. To charge interest, remember the words "full bill" and "every day". If calculated based on a 30-day month, the monthly interest is one and a half. For example: if you spend 10,000, the minimum repayment amount is 1,000. , one month’s interest is 100000.015 = 150 yuan

3. Value date: And the value date is calculated from the day after you consume, which means that once you adopt it, you actually owe one month’s interest. . Generally speaking, the biggest disadvantage of this method is that the interest rate is too high. It is not recommended to use it. In fact, there is a better solution, which is also provided by the bank. However, many people do not know that the minimum repayment amount of the extended information credit card is stipulated by the bank. The minimum amount that must be repaid every month. As long as the cardholder repays before the final repayment date, and the amount is higher than this, it will not affect the personal credit record; if the repayment amount is higher than the minimum repayment amount, it will be lower than the full repayment amount. , then the cardholder no longer enjoys the interest-free treatment and the bank will charge interest.

The minimum repayment factor of a credit card is generally 5 or 10 of the current consumption amount (depending on different banks). The minimum repayment amount of the current bill is calculated as follows:

Credit limit Consumption payment ratio factor (5 or 10) 100 of the annual fee 100 of the cash advance transaction amount 100 of the unpaid portion of the minimum repayment amount exceeding the credit limit Consumption payment ratio coefficient (5 or 10) Other fees and interest ratio coefficients ( 5 or 10) The minimum repayment amount means that if the credit card holder is unable to repay the entire amount due on the repayment date, then he or she can repay according to the minimum repayment amount (bill amount 10) stipulated by the card issuing bank. In this way This can avoid overdue payments that will affect your personal credit record, but you will not be able to enjoy interest-free repayment benefits. Generally speaking, the minimum repayment amount will be listed in the monthly bill.

Many people choose to repay with the minimum payment amount when they are unable to repay the entire amount that month. So how does the card issuer charge interest fees after paying off the minimum payment amount?

For example, if you spend 5,000 yuan on your credit card that month and pay off the minimum repayment amount of 500 yuan, the interest will be calculated based on your arrears of 5,000 yuan multiplied by 50,000 per day. If you spend another 5,000 yuan next month, the bill will be 9,500 yuan, and the minimum repayment amount will be 950 yuan, but your interest will be calculated based on the 5,000 yuan from the previous period plus the 5,000 yuan for the current month, which is 10,000 yuan. .

If you no longer use the card for consumption, the card issuer will continue to charge you 0.5% interest every day on the 10,000 yuan you owe until you pay back all the money you owe.

We all know that there are three ways to repay a credit card: full payment, bill installment, and minimum payment amount. It would be good if you can pay it all off in the same month. After all, there are generally many credit cards nowadays. There is an interest-free period of up to 50 days. If this is not possible, it is also recommended to choose bill installments to repay. Although the minimum repayment amount can avoid causing a bad credit record, the interest cost is relatively high.

How is the minimum repayment of Bank of China credit card calculated?

The minimum repayment amount refers to the minimum amount you should repay (also called the minimum repayment amount), when the cardholder has difficulty repaying all the amount due before the due payment date (inclusive) , you can repay according to the minimum repayment amount on the bill without affecting your credit status, but you cannot enjoy the interest-free repayment period.

Minimum repayment amount is calculated as follows:

Minimum repayment amount = consumption amount within credit limit × 10 cash advance transaction amount × 100 unpaid portion of the previous minimum repayment amount × 100 The amount used in excess of the credit limit × 100 All fees and interest × 100.

The above content is for your reference, please refer to actual business regulations.

That’s it for the introduction of how to calculate the minimum repayment of a credit card.