CCTV bombarded credit cards with full penalty interest: overdraft 1 1 440,000.
Typical case:
Overdraft 1 10000, and 440000 after 5 years.
In May 2007, Wang, a resident of Huxian County, Shaanxi Province, applied for a credit card at China Minsheng Bank An Sub-branch. As of July 26th, 20 178000, Wang had overdrawn 178000 yuan in the bank, which was overdue for 1607 days, nearly four years and five months. In July this year, Wang was criminally detained by the police on suspicion of malicious overdraft of more than 400,000 yuan. Wang confessed that in 2006 and 2007, he handled four credit cards in four banks: Industrial and Commercial Bank of China, Bank of Communications, China Merchants Bank and China CITIC Bank, all of which were overdue for a long time.
According to the consumption records provided by five banks, as of August 20 12, the suspect Wang owed more than 440,000 yuan. However, his actual credit card consumption and cash withdrawal are only115,000 yuan, and the remaining 300,000 yuan is the interest and late fees arising from overdue debts.
The bank explained:
The balance of unpaid interest of 1 yuan is also calculated in full.
How did Wang owe the bank more than 300 thousand interest and late fees? The business staff of Minsheng Bank Credit Card Center explained that there are usually two ways to calculate bank overdraft interest, one is to calculate interest in full, and the other is to calculate interest according to the unpaid part. Full interest calculation means that if the cardholder fails to pay off all the debts on the due repayment date, the interest will be calculated according to the total consumption, that is, from the date of consumption to the date of full repayment, the cyclic interest will be calculated at five ten thousandths per day.
For example, in September 1 day, the cardholder spent 10000 yuan by credit card, and this is the only consumption this month. September 5th is the billing date, and before the final repayment date on September 25th, the cardholder will fully repay 10000 yuan, and no interest will be generated. However, if the cardholder fails to repay in full on 25th, even if he has repaid 9999 yuan, and the difference is 1 yuan, he still needs to pay interest of 10000 yuan, which lasts for 24 days from September 1 day of the consumption day to September 25th of the repayment date, and the interest is 120 yuan. The remaining 1 yuan also needs interest, from September 25th to next month's billing date of 65438+1October 5th, totaling 1 1 day, with interest of 0.0055 yuan. Finally, the circulating interest adds up to 120.0055 yuan.
Penalty interest secret:
The difference between different interest calculation methods is 6800 times.
Because ATM machines can't recognize change, it is common for users to owe change in repayment. If you pay interest in full, a few dollars in arrears will also generate higher interest. Legal and financial experts generally believe that full interest is not in line with the basic legal principle of equality of rights and obligations of consumers, and it is more reasonable for credit cards to pay interest according to the unpaid part than full interest.
If the interest is calculated according to the unpaid part, the same overdraft will be 6,543.8+0,000 yuan, and 9,999 yuan will be paid off on the 25th, leaving a difference of 654.38+0 yuan. The interest is calculated according to the unpaid part, namely 1 yuan, from September 1 day of the consumption day to the billing date 1 day of 10/day on October 5, totaling 35 days, and the interest is 0.0 175 yuan. The interest earned with full interest is 120.0055 yuan, and the interest earned without interest is 0.0 175 yuan, with a difference of 6,800 times. The business staff of Minsheng Bank Credit Card Center told CCTV that at present, except for ICBC, most domestic banks, including Minsheng Bank and China CITIC Bank, use full interest.
Experts also believe that the standard of five ten thousandths of the daily interest rate is obviously high. Guo Tianyong, director of China Banking Research Center of Central University of Finance and Economics, said: The daily interest rate is five ten thousandths, that is, the monthly interest rate 15%. The annual interest rate is 18%. This is much higher than the normal bank loan interest rate.
Legal experts:
It is unreasonable that the late payment fee exceeds the principal.
In addition to interest, banks that fail to repay on time may charge late fees. In the case of Wang's suspected malicious overdraft, the late payment fee caused by his overdue arrears far exceeded the principal. Minsheng Bank alone, from 2007 to 20 12, Wang owed more than 30,000 yuan in principal. However, the late payment fee due to overdue payment in five years is as high as 1 1.5 million yuan.
In the investigation, the reporter found that all banks have set a minimum repayment amount for credit card consumption. If the cardholder fails to pay the minimum repayment amount before the due repayment date, the bank will not only charge interest according to the regulations, but also charge a 5% monthly late fee for the part with insufficient minimum repayment amount. Usually, different banks have different methods for calculating the minimum repayment amount, but they are all similar. The reporter noticed that the bank's late payment standard only stipulated the minimum amount, but did not set the maximum amount, which many consumers said was unacceptable.
Legal experts believe that late payment is a kind of liquidated damages, which has the function of urging cardholders to repay in full and on time. However, if the overdue fine exceeds the principal, it obviously violates the principles of fairness and good faith in the general principles of civil law. Liu Junhai, a professor at the Law School of Renmin University of China, said: Although the late payment clause was written into the card-issuing treaty of the issuing bank, it was unilaterally drafted by the bank, so consumers could not bargain with the bank, and it should be a "overlord clause".