Cardholders who have paid attention to the new credit card regulations in 2017 know that starting next year, the central bank will cancel late payment fees on credit cards and charge liquidated damages for customers who fail to repay on time. Each bank can set liquidated damages charging standards according to its own situation. Although 2017 has not yet arrived, many banks have already formulated liquidated damages charging standards. Let’s take a look. 1. Bank of China: Bank of China/Great Wall Global Connect series products and Great Wall International Card are charged 5% of the outstanding portion of the minimum repayment amount. 2. Industrial and Commercial Bank of China: 5% of the unpaid portion of the minimum repayment amount is charged, with a maximum of 500 yuan or 500 Hong Kong dollars or 500 Macau patacas or 100 U.S. dollars or 100 euros per period (the remaining foreign currency accounts are charged at the maximum equivalent foreign currency of 100 U.S. dollars) Or charged according to the agreement. 3. China Construction Bank: As of the repayment date, if the customer fails to repay or the repayment amount is less than the minimum repayment amount, 5% of the unpaid portion of the minimum repayment amount will be charged per time, with a minimum of 5 yuan or 1 US dollar or 1 euro. The currency is the same as the corresponding minimum repayment amount or priced as agreed. 4. Postal Bank: Liquidated damages charged because the customer fails to repay the minimum repayment amount in full by the due repayment date, which is 5% of the unpaid portion of the minimum repayment amount. 5. Bank of Communications: Dual-currency credit card, US dollar credit card: 5% of the unpaid portion of the minimum repayment amount, with a minimum of RMB 10 or 1 US dollar; RMB credit card: 5% of the unpaid portion of the minimum repayment amount 5% of the fee, with a minimum of RMB 10. 6. China Merchants Bank: The minimum repayment amount is 5% of the unpaid portion, with a minimum of RMB10 yuan or USD1 yuan. 7. China CITIC Bank: 5% of the unpaid minimum repayment amount of each period, the minimum charge is 20 yuan or 2 US dollars or 20 Hong Kong dollars or 2 euros; it is charged monthly according to the account. 8. China Guangfa Bank: Liquidated damages will be charged to customers who fail to repay the minimum repayment amount on time. Liquidated damages are charged at 5% of the unpaid portion of the minimum repayment amount of each bill. The minimum for personal single currency cards (including business cards) is RMB20/ USD5/HKD40, minimum RMB20/USD2 for personal dual-currency cards, minimum RMB10/USD1 for corporate cards, or as agreed upon in the agreement. 9. Industrial Bank: The minimum repayment amount is 5% of the unpaid portion, with a minimum of 20 yuan or 3 US dollars. 10. Hua Xia Bank: 5% of the unpaid portion of the minimum repayment amount, up to RMB 2,000 or US$250.

Summary: According to the liquidated damages charging standards of the above banks, we can see that they all charge 5% of the unpaid portion of the minimum repayment amount, which is different from the previous late payment charging standards. They are the same, but the way they calculate interest is completely different. Charges such as liquidated damages will be charged in one go, while previous late payment fees, handling fees and other fees were charged with monthly compound interest. Therefore, liquidated damages will avoid the situation where the debt is getting bigger and bigger, which is a big benefit to cardholders. What I would like to remind everyone here is that although the central bank announced the cancellation of credit card late payment fees, it certainly does not mean that credit card consumers will be able to overdue payments at will. First, credit card defaults and overdue repayments will accrue corresponding interest; second, the card-issuing bank can charge liquidated damages for this agreement; third, if the credit card consumer fails to repay the credit card for a long time, the card-issuing bank can also pursue legal means to collect and defend the rights. Therefore, cardholders still have to repay the loan in full and on time, otherwise it will not only incur additional fees, but may also affect their personal credit record. If there is a short-term shortage of funds, you must insist on paying the minimum repayment amount to avoid unnecessary trouble and losses.