It is daily interest.

According to the notice on the issuance of the "Credit Card Business Management Measures":

Article 19 Credit card overdraft interest shall be calculated as daily interest within 15 days from the date of signing or bank accounting date. If the overdraft exceeds the prescribed limit for 30 days or the overdraft amount exceeds the prescribed limit, the daily interest rate will be 15%. Overdraft interest is not calculated in stages, but is calculated based on the highest interest rate bracket for the final term or the maximum overdraft amount.

Extended information:

According to the notice on the issuance of the "Credit Card Business Management Measures":

Article 24 Each commercial bank shall submit to the special contract according to the following standards The unit charges credit card transaction fees:

(1) RMB credit cards, which shall not be less than 2% of the transaction amount;

(2) Credit cards issued by overseas institutions and used within China, Not less than 4% of the transaction amount.

When a domestic bank signs a credit card agency acquisition agreement with an overseas institution, the profit distribution ratio shall be based on the domestic bank and the overseas institution accounting for 37.5% and 62.5% of the handling fees paid by the special unit respectively.

Article 16: Corporate cardholders are not allowed to use their credit cards to withdraw cash at bank outlets and ATMs in other places and within the city where they receive the card.

Article 17: Cardholders are allowed to make overdrafts for consumption purposes within the limit and period specified in these Measures. The overdraft limit is 10,000 yuan for gold cards and 5,000 yuan for ordinary cards.

Consequences of overdue payment:

1. Liquidated damages are incurred, usually 5% of the unpaid portion of the minimum repayment amount.

2. The interest is high, and the interest is compounded. The interest rate is very scary when the debt is large.

3. Overdue credit records will be stained, resulting in the inability to handle financial needs such as house purchases and loans within the next two years.

4. If the payment is overdue for more than 3 months, and the amount exceeds RMB 10,000, and the bank has failed to pay multiple reminders, you will not only have to bear the repayment, but may also bear criminal liability.

In April 2016, the People's Bank of China issued the "Notice of the People's Bank of China on Matters Concerning the Credit Card Business", which came into effect on January 1, 2017.

The "Notice" requires the implementation of upper and lower limit management on credit card overdraft interest rates. The upper limit of overdraft interest rates is 5/10,000 daily interest rates, and the lower limit of overdraft interest rates is 0.7 times the daily interest rate of 5/10,000ths.

Mainly based on the following considerations:

First, the implementation of step-by-step and gradual reforms will help card issuers further accumulate pricing data and experience during the transition period, and guide them to improve credit card interest rates. pricing mechanism.

Second, the credit card risk control and pricing capabilities of each card issuer are uneven. The upper and lower interest rate guidance will help prevent individual card issuers from blindly cutting prices and engaging in price wars, resulting in unfair competition and high-risk customers. Excessive borrowing will increase credit risks and cause partial chaos in the market.

Third, while the information disclosure mechanism needs to be strengthened, setting an upper limit on overdraft interest rates will help prevent individual card issuers from unreasonably charging excessive interest and protect the legitimate rights and interests of cardholders.

Baidu Encyclopedia-Notice on Issuing the "Credit Card Business Management Measures"