Credit card default penalty is the credit card late payment fee that was often mentioned before. It means that the cardholder’s actual payment amount on the credit card due date is lower than the minimum payment amount. The central bank imposes a penalty on the credit card if the minimum payment amount is not paid. Partially charged penalty. The default penalty for a credit card is generally 5% of the unpaid portion of the minimum repayment amount, and the charge is a one-time charge. For example, a cardholder has an overdraft of 10,000 yuan with a credit card and must repay a minimum of 1,000 yuan on the repayment date. The cardholder will only repay 300 yuan when it is due. The unpaid 700 yuan will be charged a penalty of 35 yuan based on 5 times. .
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1. China Construction Bank: 5 of the unpaid portion of the minimum repayment amount, the minimum is 5 yuan or 1 US dollar or 1 euro, the currency and the corresponding minimum repayment amount same.
2. Agricultural Bank of China: 5% of the unpaid minimum repayment amount, minimum 1 yuan/1 US dollar/1 euro/1 Australian dollar/1 pound/10 yen.
3. Industrial and Commercial Bank of China: 5% of the unpaid portion of the minimum repayment amount, with a maximum of 500 yuan or 500 Hong Kong dollars or 500 Macau patacas or 100 US dollars or 100 euros per installment. The main function of liquidated damages is to guarantee the performance of the contract. It is believed that it "is the main form of contract guarantee among current socialist organizations. An economic contract between socialist organizations is incomplete without the provision of liquidated damages." Therefore, it is a form of guarantee (guarantee theory). Liability theory The second view is that liquidated damages are the liability for breach of contract that the debtor should bear if it fails to perform its debts. Due to the qualitative difference between liquidated damages and the guarantee methods in traditional civil law, "liquidated damages are not a guarantee for debts, and legislation and legal theory should not require liquidated damages to play a guarantee role for debts" (Liability Theory). Compromise theory The third view is that liquidated damages are both a form of guarantee and a form of liability for breach of contract (compromise theory). Nowadays, more and more people hold the third view. In fact, these three views are just a dispute between the second view and the third view, because no one now thinks that liquidated damages are a pure guarantee method. Considering it as a pure guarantee method is inconsistent with the application of liquidated damages in various countries. consistent.