Minimum payment
最低還款額
The minimum payment is the least you must pay by the due date shown on the statement, usually a percentage of the balance or a fixed sum, whichever is higher. Paying only the minimum avoids a late payment charge, but the balance you leave unpaid still earns interest for the issuer. The larger the balance and the smaller the payments, the longer it takes to clear.
Example
Suppose the minimum payment is 3% of the balance (at least HK$100) and the balance is HK$20,000.
- Balance
- HK$20,000
- Minimum payment 3%
- HK$600
- You pay the minimum
- HK$600
- Balance still charged interest
- HK$19,400
After paying HK$600, HK$19,400 is still charged interest.
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