It is still calculated based on the total amount you owe multiplied by the daily interest rate of 0.5% multiplied by the number of days. For example, if you owe 1,000 yuan, and after paying the minimum payment of 100 yuan, the interest will still be calculated based on 1,000 yuan.
Please see the following example for how to calculate the minimum credit card repayment interest:
Xiao Ming spent 10,000 yuan on March 31, and the 1st of each month is the billing day. Xiao Ming is in early April I received my April bill. The bill shows that the balance of the previous period is 0, and there is only one overdraft consumption of 10,000 yuan in this period. The due date for repayment in this period is April 25, the amount of repayment in this period is 10,000 yuan, and the minimum repayment amount is 1,000 yuan.
If Xiao Ming chooses to repay 9,000 yuan on April 25. This amount obviously exceeds the minimum repayment amount of 1,000 yuan, so according to the credit card regulations, Xiao Ming will not incur late payment fees. However, the requirement for full repayment was not met. Xiao Ming needs to pay the necessary interest. This overdraft interest includes two parts:
A: 10,000 × 0.05 × 26 days (March 31 to April 25) = 130 yuan
B: 1000×0.05×5 days (April 26 to April 30) = 2.5 yuan
The above interest totals 132.5 yuan.
The interest fee of 132.5 yuan will be reflected in Xiao Ming’s bill in May.
Since he was unable to repay in full, Xiao Ming needs to calculate interest in full from the date the bank confirms the consumption until the actual repayment date; after that, Xiao Ming needs to calculate the remaining unpaid portion again. Interest.
Extended information
Credit Card (English: Credit Card), also called credit card. It is a non-cash transaction payment method and a simple credit service.
A credit card is generally a special carrier plastic card with consumer credit that is 85.60 mm long, 53.98 mm wide, and 1 mm thick. It is issued by the bank to individuals and organizations, and can be used to shop, consume, and deposit and withdraw cash from the bank. It is in the form of a card with the name of the issuing bank, validity period, number, cardholder name, etc. printed on the front and a magnetic card on the back. strip, signature strip.
Credit cards are issued to cardholders by banks or credit card companies based on the user's creditworthiness and financial resources. Cardholders do not need to pay cash when using the credit card to make purchases, and repayment will be made on the billing date (English: Billing Date) .
Credit cards are divided into credit cards and quasi-credit cards. Credit cards are issued by banks and give cardholders a certain credit limit. The cardholders can consume within the credit limit and then repay. A credit card; a quasi-credit card refers to a quasi-credit card issued by a bank. The cardholder deposits a certain amount of reserve as required. When the reserve account balance is insufficient for payment, the quasi-credit card can be overdrawn within the prescribed credit limit. The so-called credit card generally refers to a credit card only.