Many cardholders' credit cards are overdue, which not only damages their credit information, but also makes their debts unclear, mainly due to other expenses besides the principal. The longer the overdue time, the more the cost will roll. Pay attention to the order of entry when repaying. Let's have a look.
What's the charge for overdue credit cards?
There are two main kinds of expenses incurred by overdue credit cards, one is liquidated damages and the other is penalty interest. Different fees are calculated and charged in different ways.
1, liquidated damages:
If you don't repay on the last repayment date, it is a breach of contract and you need to pay liquidated damages. This is set up independently by each bank. Most banks charge less than 5% for the unpaid part of the minimum repayment amount, but the set upper and lower limits are different, which will be charged at one time according to the billing cycle and will not benefit.
2. Penalty interest:
After the credit card is overdue, you can no longer enjoy the interest-free period, and the interest is calculated at the interest rate of five ten thousandths per day. According to different banks, there are two calculation methods, one is full interest and the other is partial interest. Interest will always roll down before the debt is paid off.
Most banks, such as investment promotion, transportation and so on. , full interest, that is, from the date of each consumption entry, interest will be calculated at the daily floating rate until the transaction is paid off; Citic is partially interest-bearing. If there is repayment before the deadline, but the repayment amount is the lowest, interest will only be calculated on the unpaid amount, with a daily interest rate of five ten thousandths.
How to charge for overdue credit card repayment?
If the credit card is overdue and generates interest and liquidated damages, it must be calculated separately, and then the repayment amount is determined according to the repayment time.
If you have the ability to pay in full, just pay off all the debts. You can't pay back all the money, but you intend to pay it back gradually. If the overdue time is less than 3 months, the interest will be deducted first and then the principal will be deducted. If the overdue time exceeds 90 days, the principal will be deducted first and then the interest will be deducted.
How to calculate the overdue interest of credit card?
1. How to calculate the interest after the credit card is overdue?
If the credit card is overdue, the interest will be divided into two situations:
1. Generally, the overdue interest of bank credit cards is 0.5 ‰ per day, and the interest is charged at the rate of 0.5 ‰, and then the compound interest is calculated at the rate of 0.5 ‰ until the cardholder pays it off completely.
2. The overdue part shall bear interest in full and compound interest monthly until the cardholder pays it off. At present, the credit card is overdue, and the bank will pay the agreed interest according to the fact that the cardholder has not paid the minimum repayment amount for 5 months for more than 3 months.
Second, what should I do if my credit card is overdue?
1. Quick remedy for overdue credit cards
(1) If it is overdue, you should call the banking service immediately to explain that it is not malicious arrears, and make up the arrears in time.
(2) Under normal circumstances, banks will have a three-day grace period. Once the cardholder finds that the credit card is overdue, please deal with it immediately to avoid leaving a bad record.
2. How to deal with bad records?
(1) If the cardholder leaves a bad record in the bank, don't rush to cancel the card after paying off the arrears and explaining the situation. Once the card is cancelled, the personal credit record cannot be updated, and the bad record will always be recorded in the bank, causing serious consequences.
(2) The correct way is to continue to use this credit card and maintain a good credit record for at least 2 years, which will basically not affect personal mortgage, loan, credit card application and other businesses.
How to calculate the interest on overdue repayment of credit cards in China Bank?
Those who fail to repay in full before the interest-free repayment period will not enjoy the interest-free repayment period, and the overdraft interest calculated according to the actual amount owed and the actual number of days owed will be collected in installments from the transaction accounting date. The overdraft interest rate is five ten thousandths of the daily interest rate, with compound interest calculated on a monthly basis. I suggest you repay the loan as soon as possible to avoid more extra expenses.
The above contents are for your reference. Please refer to the actual business regulations.
How much is the overdue interest on credit cards? How to calculate the overdue interest of credit card?
The overdue interest on credit cards has always attracted much attention. Many people want to know how to calculate the overdue interest on credit cards. Credit cards usually have an interest-free period ranging from 20 days to 50 days, but if the cardholder fails to repay on time during this period, the bank will charge interest on overdue debts. There are two ways to calculate interest by credit card, one is full interest calculation, and the other is segmented interest calculation.
1, full interest:
Also known as full penalty interest, it means that the cardholder fails to pay off all the arrears on the due repayment date, that is, from the date of consumption to the date of full repayment, the cyclic interest is calculated at five ten thousandths per day.
Credit cards of China Construction Bank, Industrial and Commercial Bank of China, Huaxia Bank, China Merchants Bank, China Guangfa Bank, China CITIC Bank and many other banks all use the calculation method of full penalty interest.
2. Interest calculation by installment:
In other words, only the overdue part will be charged with interest, and the calculation method is from the date of consumption to the date of full payment, and the cyclic interest will be calculated at the rate of five ten thousandths per day.
In the market, only ICBC, Agricultural Bank of China and Shanghai Pudong Development Bank carry out interest calculation by segments.
In addition to penalty interest, credit cards will also be charged liquidated damages.
With regard to the collection of overdue liquidated damages, except for 10% of the minimum repayment amount charged by ICBC and 10% of the unpaid part charged by Guangfa Bank, all other banks collect liquidated damages according to the unpaid part of the minimum repayment amount of 5%.
In addition, many banks have set a penalty limit, among which the minimum penalty limit of CITIC Bank, Industrial Bank and Guangfa Bank is 20 yuan. This means that even if the cardholder actually fails to pay a fine to 5 yuan, he will at least be charged a penalty from 20 yuan.
Reminder: overdue credit cards not only charge high penalty interest, but also charge liquidated damages. More importantly, it will also affect personal credit, which will make it difficult to handle bank-related business in the future, so everyone must develop a good habit of paying back on time.
Isn't it still a monthly charge after the credit card expires?
The late fee for overdue credit card is 5% of the minimum repayment amount. Charge by the month. Calculation formula of overdue interest of credit card: overdue interest of credit card = 0.0005 days of overdue consumption last month.
For overdue arrears, 5% overdue fine and 0.05% interest will be charged on a daily basis, and the interest will be compounded monthly. The minimum overdue fine is 10 yuan, and the overdue interest has been settled until all the arrears are paid off.
Overdue credit cards will bring a lot of trouble:
It will even seriously affect normal work and life. Today, Bian Xiao mainly tells netizens about the knowledge of overdue penalty interest of credit cards, not to mention the sad things such as being collected, forced and enforced after overdue.
When our temporary repayment ability is insufficient, we can choose to repay by installments or the minimum repayment amount, which will not cause overdue interest and liquidated damages, and will not affect personal credit information, but the bank will charge a certain interest or installment fee.
What are the overdue charges for credit cards? It should be understood that the calculation method
After we use the credit card, we must remember to repay it on time, otherwise the overdue will not only affect the credit, but also generate some expenses. If you don't pay off the overdue debts for one day, the overdue expenses will increase. Here is a brief introduction to the overdue charges of credit cards and the calculation method. Let's have a look.
1, credit card penalty
Refers to the expenses that the cardholder should pay to the issuing bank in accordance with the regulations when the repayment date is not due or the repayment amount is lower than the minimum repayment amount. The charging standard is 5% of the unpaid part of the minimum repayment amount, and the charging method is one-off. Different banks can set the upper and lower limits.
For example, cardholder Xiao Liu spends 2000 yuan on credit card. If Xiao Liu only repays 500 yuan to the bank on the due repayment date, and if the bank stipulates that the minimum repayment amount is 1500 yuan, the bank will charge a penalty for the part below the minimum repayment amount, that is, 1500 yuan -500 yuan = 1000 yuan, and the penalty amount is 1000 yuan.
2. Overdue interest
Refers to the interest-free repayment period confirmed by different banks after the cardholder overdraws by credit card. If the cardholder fails to pay off the loan owed within this period, the cardholder will no longer enjoy the interest-free treatment of the bank, and the interest will be calculated at the interest rate of five ten thousandths per day.
It should be noted that the overdue amount of credit card is not the amount owed, but the amount spent last month. For example, Xiao Liu spent 2000 yuan on his credit card, and even though he has repaid 500 yuan, he will still calculate the overdue interest of the credit card according to the amount of 2000 yuan.
So try not to generate overdue credit cards, or if you spend a lot last month, the interest base will be too large, which will be embarrassing.
The most reasonable introduction about how to charge for overdue credit cards and how to charge for overdue credit cards ends here. I wonder if you have found the information you need?