How to calculate the late payment fee for Bank of China credit card?

If your Bank of China credit card fails to repay the minimum payment amount before the due payment date (inclusive), the bank will charge the minimum payment amount. A penalty of 5% of the unpaid portion of the repayment will be charged. The specific calculation method of repayment penalty (i.e. late payment penalty) is: repayment penalty (i.e. late payment penalty) = (minimum payment amount - repaid amount) × 5%.

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If the credit card is overdue for one month, how much is 10,000 yuan, interest, late payment fees, etc.?

As of December 2019, the late payment fee is calculated as 5% of the unpaid portion of the minimum repayment amount, with interest of 0.05% per day.

One *** needs to be repaid = 100010000%5%+100000.000530=10650 yuan.

The bank credit card banking center will charge late payment fees and interest:

1. The late payment fee is calculated as 5% of the unpaid portion of the minimum repayment amount, with a minimum charge of RMB 10 yuan or US$1. Yuan.

2. At the same time, the bank will also charge an interest of 0.05% per day on the entire bill.

Extended information:

1. Impact on credit:

1. Overdue within one month is considered overdue once. As long as it is overdue, even once, you want to increase the credit limit. It is more difficult;

2. If you are overdue for 3 times in a row or 6 times in total, you will have a bad credit record, and it will be difficult to get a loan or apply for a credit card in the future;

3. If you are overdue for more than a certain amount Depending on the amount and time, the bank will freeze the credit card.

2. Credit card overdue regulations:

The "China Bank Card Industry Self-Discipline Convention" stipulates that if the payment is delayed for up to 3 days and the repayment difference is within 10 yuan, no penalty interest will be charged. . The "Convention" stipulates that banks provide cardholders with long-term services, send repayment reminders through text messages, emails, etc. at least 3 days before the due date of repayment, and provide at least a 3-day repayment period.

In other words, if the cardholder repays the money within 3 days after the specified repayment date, the bank should treat it as full repayment at the same time, without penalty interest. Note: 3 days refers to natural days, not working days.

The bank also provides tolerance services for cardholders, that is, if the cardholder has insufficient repayment in the current period, and the outstanding amount is less than or equal to a certain amount (at least the equivalent of RMB 10), he should The cardholder shall be deemed to have repaid the amount in full.

Ifeng.com-My credit card is overdue, what should I do?

Industrial and Commercial Bank of China - Introduction to Credit Card Interest Calculation

How to Calculate Late Payment Fees for Credit Cards

The late payment fees for credit cards are uniformly stipulated by the People's Bank of China and shall be the minimum repayment amount if the payment is not repaid. Partial 5% is charged. Due to different bank policies, the minimum credit card repayment amount is also different. Note here that the late payment fee has a default nature and is generated after the minimum repayment amount is not paid off on the final payment date. , even if you don’t have the money to pay off your credit card, you still have to pay off the minimum payment amount.

For example: I overdrafted 10,000 yuan on my credit card last month, and the minimum repayment amount was 1,000 yuan. On the final repayment day, only 200 yuan was paid, so the late payment fee is (1000-200) 0.05 = 40 yuan.

Note: In order to avoid overdue credit card repayments, if you have no money to repay, it is best to borrow some money from friends to repay, and then return it to friends when you have more money. However, this method It cannot be used commonly, this is something everyone needs to pay attention to. Minimum credit card repayments and bill installments can also avoid overdue payments, but cardholders need to pay corresponding interest and handling fees to the bank, which can avoid bad credit reports caused by overdue payments.

What are the interest rates and late fees for overdue credit cards?

If the credit card consumption is not repaid when it is due, a late payment fee (5% of the minimum repayment amount, minimum RMB 20 yuan or USD 3 yuan) will be charged, and interest will be charged at 0.05% per day; if Repay according to the minimum repayment amount, no late payment fees will be charged, and interest will be charged at 0.5% per day.

Example:

_Mr. Li’s bill date is the 18th of each month, and the repayment due date is the 7th of each month;

_April 18 The current bill printed by the Japanese bank for Mr. Li includes all his transaction accounts from March 19 to April 18;

_Mr. Li only made one purchase in this billing cycle—— On April 15, the consumption amount was RMB 1,000;

_The "repayable amount for this period" of Mr. Li's current bill was RMB 1,000, and the "minimum repayment amount" was RMB 100;

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_Under different repayment situations, Mr. Li’s revolving interest is:

_If Mr. Li repays 1,000 yuan in full before May 7, then on May 7 The recurring interest in the daily statement is 0 yuan, and the bill balance is 0 yuan.

_If Mr. Li only repays the minimum repayment amount of 100 yuan before May 7, the recurring interest on the statement on May 18 = 16.40 yuan, and the bill balance will be 916.4 yuan.

The specific calculation is as follows:

1,000 yuan × 0.05% × 22 days (April 15-May 7)

+(1,000 yuan-100 RMB) The late payment fee and recurring interest on the statement on the 18th = 37 yuan, and the bill balance is 1,037 yuan.

The specific calculation is as follows:

Late payment fee: 100010%5%=5 yuan 20 yuan

Interest: 1000 yuan × 0.05% × 34 days (April 15 Day - May 18) = 17 yuan

How to calculate credit card late payment fees

Credit card late payment fees are also commonly referred to as credit card repayment penalties. The amount of late payment fees charged is generally the minimum payment amount. 5% of the outstanding balance.

When the cardholder fails to repay the credit card by the due date or the repayment amount is less than the minimum repayment amount, a penalty of 5% of the unpaid portion of the minimum repayment amount will be charged each time. , the minimum is 5 yuan or 1 US dollar or 1 euro, and the currency is the same as the corresponding minimum repayment amount.

In addition, any other agreement stipulated shall be implemented as agreed.

1. What are the consequences of overdue credit cards?

The consequences of an overdue credit card are:

(1) The bank credit card banking center will charge late payment fees and interest:

1. Late payment fees are based on the minimum repayment amount. Calculated as 5% of the portion, the minimum charge is RMB 10 or 1 USD.

2. At the same time, the bank will also charge an interest of 0.05% per day on the entire bill.

(2) Impact on credit:

1. Overdue credit within a month is considered overdue. As long as it is overdue, even just once, it will be more difficult to increase the credit limit.

2. If you are overdue three times in a row or six times in total, you will have a bad credit record and it will be difficult to get a loan or apply for a credit card in the future.

3. If the credit card is overdue for a certain amount and time, the bank will freeze the credit card.

2. Have credit card late payment fees been cancelled?

Cancelled. The bank's notice on matters related to credit card business clearly states that credit card late payment fees will be canceled starting from January 1, 2017. For cardholders who default on overdue payments, the card issuer should agree with the cardholder through an agreement whether to charge default fees. fees, as well as related collection methods and standards. Card issuers shall not charge over-limit fees if they provide cardholders with card services that exceed the credit limit. Card issuers are not allowed to charge interest on the liquidated damages and annual fees, cash withdrawal fees, currency conversion fees and other service fees collected from cardholders.

3. What should I do if my credit card cannot be paid?

1. You can borrow money and repay. If you lose your financial source, it is best to be able to borrow money and repay.

2. If you cannot borrow money, you can also apply for deferred payment. You can call the customer phone number of the card-issuing bank to explain the reason and apply for deferred repayment on your credit card.

3. If the card issuing bank does not agree to defer, you can apply for minimum repayment or apply for bill installments to reduce your repayment burden.

That’s it for the introduction to the late payment fees on credit cards.