No, the People's Bank of China issued a notice to cancel the late payment fee for credit cards from January 1, 217. For the cardholder's overdue repayment, the card issuer should agree with the cardholder whether to collect the liquidated damages and the relevant collection methods and standards through agreement.

the card issuer shall not charge interest on the service fees such as liquidated damages, annual fees, cash withdrawal fees and currency exchange fees charged to the cardholder.

before p>217, if the cardholder fails to repay in time, a late fee will be charged, and the late fee will be charged at 5% of the unpaid part of the minimum repayment amount of the bill. The late fee for the Pacific dual currency credit card is the minimum 1 yuan or US$ 1, and the late fee for the RMB credit card is the minimum 5 yuan. Extended information

The legal basis of the credit card late payment clause is Article 22 of the Measures for the Administration of Bank Card Business, that is, the issuing bank shall charge a late payment fee of 5% of the unpaid minimum amount for the credit card holder. Logically speaking, every legal norm consists of two parts: behavior pattern and legal consequences.

It can be seen that the behavior mode regulated by this law is the behavior of not paying the minimum repayment amount, and the legal consequence is that a late fee of 5% of the unpaid part of the minimum repayment amount should be charged. Obviously, this legal consequence is the liability for breach of the credit card collection contract between the issuer and the cardholder.

In addition to the contract law, there are also anti-monopoly laws to deal with the late payment of credit cards. China People's Bank stipulates that "the overdue fine is charged at 5% of the unpaid minimum repayment amount", which is the embodiment of its duty of "formulating and implementing monetary policy according to law", that is, the act of setting monetary interest rate.

interest rate is the price of money, and the main means of competition among commercial banks is interest rate. The People's Bank of China sets the legal interest rate for collecting late fees, which excludes the competition among commercial banks, and commercial banks are also willing to enjoy high profit returns at a unified interest rate.

Baidu encyclopedia-late payment fee for credit card