Major banks have canceled late payment fees on credit cards and replaced them with liquidated damages, and CITIC Bank is no exception. However, many cardholders are not very familiar with CITIC Credit Card’s liquidated damages charges and do not know its charging standards. Let’s introduce them to you below.

1. Introduction to CITIC Bank credit card default penalties If credit card holders fail to repay on time and violate the credit card application contract, they will be punished. This penalty used to be called late payment fees, but now it is changed to default. Gold. In other words, CITIC Bank will charge liquidated damages according to certain standards from cardholders who fail to repay the minimum payment amount of the current credit card when the credit card is due.

2. The central bank stipulates that the credit card default penalty of CITIC Bank shall be stipulated by each bank and the cardholder in an agreement, that is, the credit card default penalty of each bank will be independently determined; however, the credit card default penalty will be changed to one time Collect on a regular basis and no longer compound interest on a monthly basis. Industrial Bank's credit card penalty fee is 5% of the unpaid portion of the minimum repayment amount, with a minimum of 20 yuan. 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 20 yuan. The specific calculation method is as follows: (100-90)*5%=yuan, the minimum is RMB. If you charge 10 yuan, a penalty of 20 yuan will be incurred in the bill on November 3.

3. Notes on liquidated damages for China CITIC Bank credit cards: 1. The charging standards for liquidated damages for Industrial Bank credit cards are the same as late payment fines, but the collection method is different. The difference from late payment fines is that monthly compound interest is canceled for liquidated damages. Collect it in one lump sum to avoid interest from snowballing over time. 2. Liquidated damages are generally incurred when the cardholder is overdue, so once you incur liquidated damages, it means that you already have bad credit. When your overdue record accumulates 6 times, it will affect your future credit. Apply for a card again, or handle bank-related business such as loans.