There are many ways to repay credit cards. Common ones include installment repayment, full repayment upon maturity and minimum repayment. So can you directly choose the minimum repayment when repaying a credit card? Let’s find out together.

Can I choose a minimum repayment with a credit card?

Credit cards can have a minimum repayment. Bank credit cards all have a minimum repayment amount, which means that you can repay the amount at the minimum. Each bank has a minimum repayment amount, which is generally around 10% of the bill amount.

Low repayments can reduce repayment pressure and will not cause any credit stains. If you are unable to repay the entire amount owed, you can use only the minimum repayment amount. However, if you make the minimum repayment, you will be charged interest on the remaining balance with a daily interest rate of about 0.5%, and the interest will be compounded monthly. If this happens for a long time, it is easy to form a vicious cycle and cause unnecessary interest payments.

How many minimum repayments can be made?

The minimum repayment amount is the minimum amount that must be repaid before the repayment date specified by the bank. This is the basic repayment requirement to maintain a good credit record. , there is no limit on the number of repayments using the minimum repayment amount, but the amount not repaid will be charged interest at an interest rate of 0.5%.