Credit cards have the lowest repayment in the first month. Can I apply for installment in the second month?
If the credit card only pays the minimum repayment amount, the unpaid part will no longer enjoy the interest-free period and need to pay interest. From the date of recording consumption, credit card interest is charged at 0.05% of the consumption amount every day, and compound interest is calculated monthly.
Interest in the first month: amount (actual amount of credit card swiping) × interest rate (0.0005 per day )× time (days from the date of credit card swiping to the day before the minimum repayment date);
Second month interest: amount (remaining unpaid amount) × interest rate (0.0005 per day )× time (days from the date of minimum repayment to the day before repayment).
Extended data:
Self-discipline management of credit card business
Give full play to the role of market interest rate pricing self-discipline mechanism, implement self-discipline management of credit card interest rate determination and interest-bearing rules, and maintain fair market competition order.
China Payment and Clearing Association shall, in accordance with the requirements of the relevant regulatory system for credit card business and the provisions of this notice, establish and improve the self-discipline mechanism of credit card issuance process, use management and customer service, formulate recommended credit card agreements and articles of association, protect the legitimate rights and interests of cardholders and promote the orderly development of the credit card market.
This notice shall be implemented as of 20 17 1. If the relevant provisions on bank card business previously issued by the People's Bank of China are inconsistent with this notice, this notice shall prevail.
Branches of the People's Bank of China are requested to forward this notice to city commercial banks, rural commercial banks, rural cooperative banks, rural credit cooperatives, village banks, foreign banks and non-bank payment institutions within their jurisdiction.
References:
Baidu Encyclopedia-Notice of the People's Bank of China on matters related to credit card business