What is a credit card late payment fee?

The balance on the card means that the cardholder should pay less than the minimum repayment amount in the credit card account on the due date of the credit card. Payment of arrears. It is understood that the People's Bank of China has uniformly stipulated the minimum limit for late payment fees, which is 5% of the outstanding amount. However, due to different policies of each bank, the minimum limits set by them also vary.

How to calculate credit card late payment fees

For example: Cardholder Xiao Liu spends 15,000 yuan with his card, and his current minimum repayment amount is 1,500 yuan. If the payment is due on the due date, If Xiao Liu only repays 500 yuan to the bank, the bank will charge a late payment fee for the part lower than the minimum repayment amount, that is: 1500-500 = 1000 yuan, and the late payment fee amount is: 1000 yuan * 5% = 50 yuan.