How to calculate the overdue interest of credit cards

I. How to calculate the overdue interest of credit cards

If a credit card is overdue, the interest will be divided into two situations:

1. The overdue interest of bank credit cards is generally five ten thousandths per day, and the interest will be charged at the rate of five ten thousandths, and then the interest will be compounded at the rate of five thousandths until the cardholder pays it off completely.

2. For the overdue part, interest will be charged in full, with compound interest on a monthly basis until the cardholder pays it off in full. At present, if the credit card is overdue, the bank will issue the agreed interest according to the fact that the cardholder has not paid the minimum repayment amount for 5 months for more than 3 months.

2. How to deal with overdue credit cards

1. Quick remedy for overdue credit cards

(1) In case of overdue credit cards, you should immediately call the banking service number to explain that it is not malicious arrears and make up the arrears in time.

(2) Under normal circumstances, banks will have a grace period of three days. Once cardholders find that their credit cards are overdue, please deal with them immediately to avoid leaving bad records.

2. How to deal with bad records

(1) If the cardholder has left a bad record in the bank, don't cancel the card in a hurry after paying the arrears and explaining the situation. Once the card is cancelled, the personal credit record cannot be updated, so the bad record will always be recorded in the bank, causing serious consequences.

(2) The correct way is to continue to use this credit card, and maintain a good credit record for at least 2 years, which will basically not affect personal mortgage, loan, credit card application and other businesses.

what are the charges for overdue credit cards? Pay attention to the order of posting

Many cardholders' credit cards are overdue, not only their credit information is damaged, but also their debts are still unclear, mainly because other expenses are incurred besides the principal. The longer the overdue period, the more expenses will roll up. Pay attention to the posting order when repaying. Let's take a look.

what are the charges for overdue credit cards?

there are two main kinds of expenses incurred by overdue credit cards, one is liquidated damages, and the other is penalty interest. Different expenses are calculated and charged in different ways.

1. liquidated damages:

failure to repay on the final repayment date is considered as breach of contract, and it is necessary to pay liquidated damages. This is set by each bank independently. Most banks charge 5% of the unpaid part of the minimum repayment, but the upper and lower limits are different, so it will be charged at one time according to the billing cycle, which will not lead to interest accrual.

2. Penalty interest:

After the credit card is overdue, it can no longer enjoy the interest-free period. Interest will be calculated at the daily interest rate of .5 ‰. According to different banks, there are two calculation methods, one is full interest, and the other is partial interest. Until the debt is paid off, the interest will keep rolling.

most banks, such as China Merchants, Communications, etc., bear interest in full, that is, every consumption will bear interest at the daily floating interest rate from the date when the consumption is recorded, until the transaction is repaid; Citic is partial interest-bearing. If there is repayment before the deadline, but the repayment amount is the lowest, interest will only be calculated on the outstanding amount, with a daily interest rate of five ten thousandths.

how to account for overdue credit card repayment?

If interest and liquidated damages are incurred due to overdue credit card, they must be calculated separately, and then the repayment amount will be determined according to the repayment time.

if you have the ability to pay it back in full, just pay off all the debts. You can't repay all the money, but you plan to repay it gradually. If the overdue time is less than 3 months, the repayment will be deducted with interest first and then with principal. If the overdue time is more than 9 days, the repayment amount will be deducted with principal and then with interest.

how to calculate the overdue fee of credit card

1. A credit card is a credit certificate issued by a commercial bank or a credit card company to qualified consumers.

second, the credit card is a card with the name of the issuing bank, expiration date, number and cardholder's name printed on the front. Consumers with credit cards can shop or spend money in specialized commercial service departments, and then the bank will settle accounts with merchants and cardholders, and cardholders can overdraw within the prescribed limit.

thirdly, the earliest credit cards appeared at the end of 19th century. In the 198s, the British clothing industry developed the so-called credit card, followed by the tourism and business sectors. However, at that time, the card could only be borrowed for short-term commercial credit, and the money had to be repaid as needed, so there was no long-term default and no credit line. In 195s, McNamara, a credit expert in Manhattan, USA, ate in a restaurant. Because he didn't bring enough money, he had to ask his wife to send it. This made him feel embarrassed, so he organized "DinersClub". Members bring a meal card to the designated 27 restaurants, and they can charge their fees without paying cash. This is the earliest credit card. Franklin National Bank was the first bank to issue credit cards, and other American banks followed suit.

It is said that one day, Frank McNamara, an American businessman, entertained guests in a hotel in new york. After dinner, he found that he had forgotten his wallet. He was deeply embarrassed and had to call his wife to bring cash to the hotel to settle the bill. So McNamara came up with the idea of creating a credit card company. In the spring of 195, McNamara and his friend Schneider invested $1, to set up DinersClub in new york, the predecessor of Diners Credit Card Company. Come to the club to provide members with a card that can prove their identity and ability to pay, and members can keep accounts and spend money with the card. This kind of credit card that does not need to be handled by a bank is still a commercial credit card.

4. Another way of saying credit card is that credit card is a non-cash transaction payment method and a simple credit service. Credit cards are generally plastic cards with a length of 85.6mm, a width of 53.98mm and a thickness of 1mm, which are issued to cardholders by banks or credit card companies according to the credit and financial resources of users. Cardholders use credit cards without paying cash, and make repayment on the checkout date. Except for some credit cards combined with financial cards, credit cards are different from debit cards and ATM cards, and credit cards will not directly deduct money from users' accounts. In February 212, the bank confirmed that the credit card is safer without password, and if it is stolen, it will bear the responsibility with the bank. Enjoy an interest-free period of 25-56 days (or 2-5 days). Credit card consumption enjoys an interest-free period, and the bill amount is paid off before the due repayment date, without any cost. There is no interest-free repayment period for withdrawal. From the date of cash withdrawal, the bank will charge five thousandths of interest every day, and the bank will also charge a certain percentage of cash withdrawal fees.

how to calculate the credit card penalty after the credit card is overdue?

minimum repayment amount = 1% of the consumption within the credit line (5% in some banks), 1% of the cash advance transaction amount exceeds 1% of the consumption within the credit line, 1% of the unpaid minimum amount in the early stage, 1% of the expenses and interest in the early stage of the month

Credit card penalty is a punishment for your failure to repay on the specified date, and the charge is generally stipulated as the minimum repayment. This penalty is charged once a month according to the bill, but not every month. As long as the minimum repayment is paid off after the repayment date, it will be charged. Whether one day or 3 days is different from credit card interest, credit card interest is calculated according to time.

calculation formula of the minimum repayment date:

minimum repayment amount = 1% of the consumption within the credit line (5% in some banks), 1% of the cash advance transaction amount exceeds 1% of the consumption within the credit line, 1% of the unpaid minimum repayment amount in the previous period, 1% of the expenses and interest in the previous installment month

Explanation: 1% of the consumption within the credit line.

1% of the advance cash transaction amount, which is withdrawn by some banks or directly deducted by some bank apps to the savings card.

if you exceed 1% of the credit limit, this is commonly known as overrun. For example, if you spend 15, on your 1, card, this 5, is the overrun limit.

1% of the outstanding portion of the minimum repayment in the previous period, which is the outstanding portion of the minimum repayment before this bill, such as the outstanding portion in mid-August and July in the above figure.

1% of the previous installment month is the previous bill installment or other installments. For example, the previous 12, installments were 12 installments, and now the bill has to pay back 1, principal and 9 handling fees.

among them, the expenses include annual fee, late payment fee, courier fee, loss reporting fee, business card printing fee, production fee, cash withdrawal fee, extra money recovery fee, etc.

For example, the bill amount of China Merchants Bank A this month is 1, yuan, including 5, yuan for the transaction in that month, 1, yuan for the installment bill, 3, yuan for cash withdrawal, 9, yuan for the minimum repayment of the bill last month, and 1, yuan for other interests and expenses. Then, the minimum repayment amount this month is 51% 1391 = 55 yuan, and the minimum repayment amount is 55 yuan. At last, only 5 yuan was paid back on the repayment date, and the remaining 5 yuan will be charged as liquidated damages according to regulations. Then the amount of liquidated damages is 55%=25 yuan.

how much is the credit card overdue for one day? Will it affect credit?

Credit card overdue is a situation that many people will encounter when using credit cards. Sometimes it is overdue due to excessive overdraft, and sometimes it is overdue due to temporary forgetting. There are people who are overdue because of carelessness and ask: How much is the credit card overdue for one day? Also, will a credit card overdue for one day affect credit? I will answer your questions today.

how much is the credit card overdue for one day?

if the credit card is overdue for one day, the accountant will charge you a penalty of .5% for the overdue part, and you will have to pay a 5% late fee for the unpaid part of your minimum repayment amount. Therefore, the exact amount of credit card overdue for one day depends on the amount you have not paid back.

For example, your current bill, 1 yuan, and the minimum repayment amount, 1 yuan, are overdue by one day and only paid back to 8 yuan, so you need to pay a penalty of RMB 1,× and a late payment fee from 1 yuan.

it should be noted here that if you hold an ICBC credit card, the penalty interest you have to pay for one day overdue is not calculated according to the full amount of the bill, but only according to the unpaid part. That is: (1-1)× RMB penalty interest.

will one-day overdue credit card affect credit?

overdue credit cards will definitely affect the personal credit of cardholders. However, except for ICBC credit cards, other credit cards generally have a repayment grace period, and as long as you pay the minimum repayment amount within the repayment grace period, your credit will not be affected.

the above is about "how much is the credit card overdue for one day? Will it affect credit? " The answer. How much the credit card is deducted for one day overdue depends on the total amount you should pay back or the amount you have not paid back. The overdue credit card will definitely affect personal credit, but as long as it is returned within the grace period, the problem is not big.

Let's stop here for the introduction of how to charge for overdue credit cards.