How to calculate the minimum credit card payment interest?

The charging standard for the minimum credit card repayment interest is:

1. From the recording date of each transaction, interest will be calculated at a daily interest rate of 0.5% until each debt is paid off. Until payment is made.

2. The cardholder applies for repayment according to the minimum repayment amount, and the interest will not be used until the second period, and only 10% of the total bill will be used for the first period.

3. The amount that cardholders need to pay when applying for the minimum repayment amount is: (current consumption amount, last month’s unpaid amount, this month’s interest and fees) 10% of the current overdraft cash withdrawal amount.

If you only pay the minimum repayment amount on a credit card, it is not considered overdue and will not affect your credit record. The relevant content is as follows:

1. The minimum repayment amount of each bank is different. Generally, It is about 10% of the bill amount; but if the minimum payment this month is not repaid, then the minimum payment "next month" = the minimum payment to be repaid "next month", the late fee for the part that should be repaid this month, the minimum repayment this month (About 10 of the total amount).

2. After paying the minimum repayment amount, starting from the due date of repayment, a daily interest of 0.05% of the total amount of the monthly bill will be charged, and compound interest will be calculated on a monthly basis. It is easy to form a vicious cycle.

3. Generally speaking, every month, bank and credit card bills will be sent with SMS reminders or paper bills. The bill will specify: What is the minimum repayment amount, or how much can be applied for installment payment.

4. There is no need to contact the bank to pay the minimum repayment amount. As long as the bank deduction amount is greater than or equal to the minimum repayment amount, it will not be considered overdue, but interest will be calculated as mentioned above.

5. The minimum repayment amount can also be repaid with cash withdrawals, but the cost of cash withdrawals with credit cards is higher. In addition to the cash withdrawal handling fee, interest will be calculated at 0.5% per day starting from the second day of withdrawal.

6. If you pay the minimum repayment amount, you will not leave any bad records. Bad records are caused by overdue repayments. You only need to pay back the money in each period.