If the cardholder can't repay all the overdrafts, the bank stipulates the "minimum repayment amount" link, that is, the minimum amount that the cardholder needs to repay during the repayment period, which is 10% of the total overdraft.

Once you enter the "minimum repayment amount" link, overdraft interest also appears randomly. It is reported that at present, banks calculate interest in different ways, and most banks adopt the full interest-bearing method. That is to say, if the cardholder can't repay in full within the interest-free repayment period, even if the minimum repayment amount is returned, the bank will calculate the full interest according to the full overdraft amount, and compound interest on a monthly basis.

The Notice of the People's Bank of China on Credit Card Business issued by the People's Bank of China made new adjustments to the overdraft interest rate standard, interest-free repayment period and late payment fee, and the notice came into effect on 20 17 1.

Overdue consequences:

1. If the issuing bank intends to compound interest and collect late fees, the cardholder will inevitably increase its economic burden.

2. Leave a "credit stain" on the credit record of the People's Bank of China.

3. Cardholders will receive continuous reminders from the issuing bank or its agency, and may be sued to the court or even face jail.

References:

Baidu Encyclopedia Entry Late Fee (Financial Term) _