1. Adjustments to Minsheng Bank’s credit card service items: 1. The “over-limit fee” and “late payment fee” items will be cancelled, and over-limit services will not be provided. 2. "Liquidated damages" will be charged to customers who fail to pay off the minimum payment of the current period or delay repayment in their final monthly payment.
2. Minsheng Bank Credit Card Liquidated Penalty Charge Standard: Minsheng Credit Card Liquidated Penalty Charge Standard is the same as the earlier late payment fee standard. Both are charged based on 5% of the unpaid portion of the minimum repayment amount, with a minimum of RMB 10 Yuan/1 US dollar/1 Euro/1 British pound/1 Australian dollar/1 Canadian dollar/150 yen (the currency is the same as the corresponding minimum repayment amount). For example, assume that Mr. Li's bill date is the 3rd of each month and the final payment date is the 21st of each month. In Mr. Zhang’s October bill, the current bill amount is 1,000 yuan, and the minimum repayment amount is 100 yuan. Mr. Zhang only repaid 90 yuan on October 21, so he will be charged liquidated damages. The total liquidated damages will be 10 yuan. The specific calculation method is as follows: (100-90)*5=yuan, the minimum is 10 yuan. If the payment is RMB 10, a penalty of RMB 10 will be included in the bill on November 3. Although the charging standards for liquidated damages and late payment fines are the same, their interest calculation methods are different. The previous late payment fees, handling fees and other fees were charged with monthly compound interest, while the fees for liquidated damages were charged in one go. In this way, It avoids the situation of debts getting bigger and bigger, which is a big benefit to cardholders.