Detailed description:

1. First of all, the credit card contract of China Industrial and Commercial Bank generally stipulates the obligation of customers to repay on time. Once overdue, the bank has the right to charge customers late fees and interest as liquidated damages.

2. Secondly, overdue repayment will lead to bad records in credit card accounts, which may affect personal credit rating. Therefore, banks levy late fees and interest according to relevant regulations to strengthen the binding force of repayment and compensate for potential risks.

3. In addition, the cost of more than 700 yuan is calculated according to the late payment fee and interest rate agreed in the credit card contract, which is a reasonable amount according to the contract execution.

Summary: It is reasonable to pay more than 700 yuan in overdue payment and interest, which is in line with the credit card contract of China Industrial and Commercial Bank and relevant interest rates.

Extended data:

Overdue repayment may further increase the amount owed and have a long-term impact on personal credit records. Therefore, timely repayment is one of the important ways to establish and maintain good credit. If the repayment cannot be made on time, it is suggested to contact the bank as soon as possible and explain the reasons, so as to seek a reasonable solution and avoid further late payment fees and interest.