Many people are confused about the difference between the payment due date and the bill date. When you spend a certain amount, your consumption will be paid in your next bill. You can pay back the money when the repayment date arrives, but generally credit card interest-free periods are relatively long. You still have ten or even twenty days before the final repayment date, but if you don't pay it back by the due date, it may not be considered overdue.
Today, this article will answer your credit card overdue questions in detail:
How many days can the credit card repayment date be extended?
What are the consequences of an overdue credit card?
What fees will be incurred if your credit card is overdue?
The number of days you can extend depends on which bank's credit card you have. Those with rules, like ICBC, cannot extend their period at all. The rest of the banks have more or less hours of service, and the hours vary. The most common delayed service is 3 days.
Such as China Merchants Bank, Ping An Bank, Industrial Bank, Minsheng Bank, etc. There is a three-day grace period. If your credit card repayment date is the 20th, you can repay it on the 23rd. But don't wait until 12 o'clock in the middle of the night. You'd better pay it off before 6pm.
For example, Agricultural Bank of China and Bank of East Asia have a 2-day grace period, and you can delay it for up to 2 days. If the grace period is exceeded, you will get credit information. Furthermore, China Guangfa Bank can defer payment for 3 days once a year, and you have to apply for it yourself, otherwise there is generally only a 1-day grace period. The Platinum Card of Bank of China is very generous, with 8 days.
If you take advantage of your bank’s grace period, you won’t be late. If the control is not good, the impact will be greater.
After the grace period, it is officially overdue, but there is a big difference between one day overdue and one hundred days overdue. It can be said that the longer it is delayed, the more serious the impact will be.
1. Affect credit reporting.
Your expired records must be sent to the central bank system. There are stains on your credit report and personal credit damage, which means your credit card and loan business will be affected. When you are 3 months overdue, your overdue credit card cannot be used or replaced with a new one, let alone repay the loan.
2. Collection receipt
You will receive collection text messages and phone calls from the bank, but you may not answer them, and then you will find that your parents and spouse also received calls. However, there is no problem with internal bank collection. If you owe a lot of money, it's possible that outsourced collections will take care of you. Frequency and means, the storm is coming!
3. Facing prosecution
In addition to waiting for Blackpool to come to the bank for 3 months overdue, you may also be sued. The patience of banks is limited, and the enthusiasm for prosecution like Agricultural Bank of China is very high. For cardholders who owe a lot and have failed to pay for it many times, it will be hell to pay, and prosecution is out of the question.
In addition, there will be a lot of penalty interest if it is overdue, so don’t underestimate it. If you don't repay the money, the interest will increase throughout your life.
The overdue fee will have two parts, one part is interest, and everyone should know that interest is compound interest. The other is liquidated damages, formerly called late payment fees. It follows the interest, but the liquidated damages will not be collected once a month.
1. Revolving interest
Judging from the source of your current bill, when the first consumption is recorded, interest will be calculated at 0.05% of the daily principal. It doesn't look like much. If you owe 10,000 yuan, your daily interest is 5 yuan, which is 150 yuan a month, but it is not 1,500 yuan in 10 months, because the monthly interest is accumulated cyclically.
2. Liquidated damages
If your debt is 10,000 yuan, regardless of the installment amount, it is considered current consumption, and your minimum repayment amount is 1,000 yuan. If you don’t pay, your first month’s liquidated damages are: 1,000 * 5% = 50 yuan. If you pay 800, then your liquidated damages will be calculated as 200. Related questions and answers: