Credit card-Hateful China Merchants Bank, hateful cyclical interest

Be careful when using a credit card and watch out for China Merchants Bank's hateful revolving interest rate.

In many promotional materials and bills, China Merchants Bank prompts you to pay off only 10% of the payable accounts, without affecting credit, but with nothing to mention (or in a hidden location, it is easy for the average person to ignore) it will generateCyclic interestHere, we would like to remind you that it is shameless, so as not to be fooled by people later.

For example, the bill for the previous month is:

4000 yuan and 1 cent, if the full amount is still interest-free. However, you may think that 4000 yuan will be paid back, and it doesn't matter if you have 1 cent of the money. In any case, the minimum price for CMB promotion is only 10%.

If you think so, you are very wrong. At this moment, CMB's cyclic interest rate (0.05% on a daily basis) starts to work, and the calculated amount is not the part of your outstanding payment, but the full amount.

That is to say, if you pay 4000 yuan, it is the same as if you pay 400 yuan, and you pay 4000.10 times the power of 1.0005 to the power of 31. If you find it early, it just took 31 days, it's about 40 to the power and 50 to the power.

We calculate how much we pay because we pay less than one cent:

31 days ≈ 0.0156 × the full bill of 4000.1 yuan is 62 yuan

40 days ≈ 0.02 × the full bill of 4000.1 yuan is 80 yuan

50 days ≈ 0.025 X Full Bill 4000.1 yuan is 100 yuan

You have a credit card in your hand. No, as long as you use a credit card, be careful.