How to calculate overdue interest on overdue credit card repayments

1. If the payment is not made within the last payment date: Overdue, a late payment fee of 5% of the bill amount will be charged, with a minimum of 20 yuan per day. 5. The number of days that the interest is overdue; 2. The minimum repayment amount has been paid, but the debt is less than 10. If it is overdue, a late fee of 5.0 yuan will be charged for the unpaid amount, and a minimum interest of 20.00 yuan per day will be charged for the number of days overdue; 3. If the repayment amount exceeds RMB 10 but has not been repaid in full: Overdue payments will not be included, but the interest will increase every day, and the unpaid amount will increase at the rate of 0.05% per day until all the outstanding debt is paid off. In addition to late fees and interest, overdue records will also seriously affect your future credit life. For example, when applying for a credit card from another bank, the bank will investigate the applicant's credit record. If it is overdue, it will be difficult to apply for a credit card. Not only will it be difficult to apply for a credit card, but even loans will be affected.

How is interest calculated on the unpaid portion of a credit card?

If you pay the minimum repayment amount on a credit card, you cannot enjoy the interest-free period. The unpaid portion will be charged at 50,000 per day. Interest is charged and compounded monthly.

Example of interest calculation: Mr. Chen spent 10,000 yuan on March 31 and received the statement in early April. The statement showed that the balance of the previous period's bill was 0. There was only one overdraft consumption of 10,000 yuan in this period and it was due in this period. The repayment date is April 25. The repayment amount for this period is 10,000 yuan, and the minimum repayment amount is 1,000 yuan.

If Mr. Chen repays 10,000 yuan in full before April 25, there will be no overdraft interest in the statement received in May.

If Mr. Chen fails to repay in full before April 25 but the repayment amount is higher than the minimum repayment amount: For example, if the repayment is 9,900 yuan on April 20, the amount received in May will The overdraft interest on the statement is 1.55 yuan.

Overdraft interest: (10,000-9,900) yuan × 0.05 × 31 days (March 31 to April 30) = 1.55 yuan.

If Mr. Chen fails to repay in full before April 25 but the repayment amount is lower than the minimum repayment amount: If the repayment is 900 yuan on April 20, in addition to overdraft interest, You will also need to pay a late payment fee, which is 5% of the unpaid portion of the minimum repayment amount. In addition to overdraft interest, the statement Mr. Chen received in May also included a late payment fee of 5 yuan.

Late payment fee: (1000-900) × 5 = 5 yuan.

Credit cards, also called credit cards, are credit certificates issued by commercial banks or credit card companies to consumers with qualified credit. It takes the form of a card with the issuing bank's name, validity period, number, cardholder's name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially designated commercial service departments, and then the bank will settle the accounts with merchants and cardholders. Cardholders can overdraft within the prescribed limit.

Credit cards stipulated in the relevant laws of our country ("Interpretations of the Standing Committee of the National People's Congress on Relevant Credit Card Regulations") refer to credit cards issued by commercial banks or other financial institutions with the functions of consumption payment, credit loans, transfer settlement , cash deposit and withdrawal and other full or partial functions of the electronic payment card. On December 1, 2017, the "English Translation and Writing Standards in the Public Service Field" was officially implemented, stipulating that the standard English name of credit cards is CreditCard.

Credit card consumption is a non-cash transaction payment method. There is no need to pay cash when consumption, and repayment will be made on the billing date (BillingDate).

Credit cards are divided into credit cards and quasi-credit cards. Credit cards refer to credit cards in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card It refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, the cardholder can overdraw within the prescribed credit limit. The so-called credit card generally refers to a credit card only.

How to calculate unpaid credit card interest?

Interest of 5/10,000 per day is calculated daily and compounded monthly.

If you pay off the entire bill amount on the final payment date, you do not need to pay any interest or late fees, and you can enjoy the interest-free period given by the bank; if the bill for the month is not paid off in full, there is no exemption. During the interest period, all purchases will be subject to interest of 0.5% per day starting from the day you make the purchase, and interest will be calculated on a daily basis and compounded monthly.

According to the "Notice on Issuing the "Credit Card Business Management Measures"":

Article 19 Credit card overdraft interest shall be charged daily within 15 days from the date of signing or bank accounting date Calculated at 0.5%, the daily interest will be calculated at 10.00% if it exceeds 15 days. If the overdraft exceeds 30 days or the overdraft amount exceeds the prescribed limit, the daily interest will be calculated at 15.00%. 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 Issuing the "Credit Card Business Management Measures"":

Article 37: Cardholders must pay off the principal and interest of overdrafts Afterwards, the account can be canceled if one of the following circumstances applies:

(1) The cardholder does not replace the card 45 days after the validity period of the credit card;

(2) Report the loss of the credit card After 45 days, there is no supplementary card and no replacement of a new card;

(3) The credit card is not good and is included in the stop payment list, and the issuing bank has withdrawn the credit card for 45 days;

(4) The cardholder dies for some reason, and the card-issuing bank has withdrawn the credit card for 45 days;

(5) The cardholder requests to cancel the account or the guarantor revokes the guarantee, and all credit cards have been returned 45 days;

(6) No transactions have occurred in the credit card account for more than two years (inclusive);

(7) The cardholder violates other regulations and the card-issuing bank believes that the card-issuing bank should be disqualified of.

Article 38 The card-issuing bank shall take back the credit card when canceling the account. If a valid card cannot be recovered, payment should be stopped.

When canceling the account, the balance of the corporate card account will be transferred to the basic deposit account, and no cash withdrawal is allowed.

Article 39 If a credit card is lost or stolen, the cardholder should immediately apply for a loss report to the nearest card-issuing bank or agency bank with his or her ID card or other valid certificate, and provide relevant information as required. Loss reporting procedures.

Article 40 If the cardholder finds his or her credit card after applying for a loss report, he or she may apply to cancel the loss report and stop payment.

Article 41 Cardholders can use their credit cards to make purchases at specially appointed units. The corporate card shall not be used for the settlement of commodity transactions and labor supply payments exceeding 100,000 yuan.

Article 42 When cardholders use their cards to make purchases, they must submit their credit cards and ID cards to the person in charge of the special agency. IC cards and photo cards are exempt from ID verification.

Article 43 When accepting a credit card, the handling personnel of the special unit shall review the following contents:

(1) It is indeed a credit card that the unit can accept;

(2) The credit card is not included in the "stop payment list" within the validity period;

(3) There is no "Sample Card" or "Special Card" on the signature strip;

(4) The credit card has no traces of holes, corners, damage or alteration;

(5) The cardholder’s ID card or photo on the card matches the cardholder;

(6) The pinyin name on the front of the card is consistent with the signature on the back of the card and the name on the ID card.

Article 44 If the credit card accepted by the special agency is correct, the card should be pressed on the purchase form and the actual settlement amount, purpose, cardholder ID number, name and number of the special agency should be filled in. If the payment limit is exceeded, you should request the card-issuing bank and fill in the authorization number, submit the cardholder's signature for confirmation, and check whether his signature is consistent with the signature on the back of the card. Return it to the cardholder.

If problems are found during the review, the contracted bank should be contacted promptly to seek handling opinions. Credit cards with stopped payment should be recovered and returned to the card-issuing bank.

Article 45: At the end of each day's business, the special contract unit shall summarize the credit card purchase orders accepted on that day, calculate the handling fees and net amount, and fill in the summary (total) bill and credit receipt The order, together with the purchase order, is sent to the acquiring bank for credit.

Article 46 If the cardholder requests a return, the special unit shall use the return order to press (swipe) the card, and the amount of the return order shall be deducted from the accumulated amount of the purchase order signed on the day. The return order shall be followed by the cardholder. Sign the purchase order and send it to the acquiring bank.

Article 47: The acquiring bank receives various documents submitted by the special contract unit, and after examining them to be correct, it handles the payment process for the special contract unit and clears the funds with the card-issuing bank.

Article 48 The card-issuing bank (or agent bank) handles the payment procedures for the cardholder after receiving various documents from the acquiring bank through intra-city bill exchange or inter-bank transfer in this system.

Article 49 When a cardholder transfers money to the payee through a bank in a different place with the card, the bank shall handle it in accordance with the relevant handling regulations of the special agency.