How long is the grace period for Minsheng Bank credit card repayment? How much are the late fees and interest?
Minsheng Bank is one of the banks that people like very much. Many people choose Minsheng Bank credit cards when applying for cards. For example, when people use credit cards, sometimes they don't pay attention to restraint, resulting in the credit card bill being too high and unable to pay off, and they worry about overdue payments. In fact, banks have a certain grace period for repayment. So, how long is the grace period for Minsheng Bank credit card repayment? What are the late fees and interest?
How long is the grace period for Minsheng Bank credit card repayment?
The repayment grace period of Minsheng Bank is three days. According to the "Self-Discipline Convention of China's Bank Card Industry", Minsheng Bank provides "time tolerance services" and "tolerance services" to cardholders.
If a Minsheng Bank credit card holder repays within the three-day repayment grace period, Minsheng Bank will regard the cardholder as repaying on time. If the cardholder repays the balance in full for the current period, and after the due repayment date, the unpaid portion of the account does not exceed 10 yuan, Minsheng Bank will also treat the cardholder as repaying the card in full, and the unpaid amount will automatically be deducted from the account. Transfer to next bill.
How much are the late fees and interest for late payment of Minsheng Bank credit card?
1. Late payment fee
If you repay your Minsheng Bank credit card overdue, you will need to pay a late payment fee of 5% of the overdue amount.
2. Interest
The overdue interest on Minsheng Bank's credit card is 0.05% per day, compounded on a monthly basis, and the interest is charged until you pay it off.
The above is the answer to "How many days is the grace period for repayment of Minsheng Bank's credit card? How much are the late fees and interest?" Although Minsheng Bank's credit card has a three-day grace period for repayment, it is best to repay it on time. It's better to make the payment, but once it's overdue, you'll have to pay late fees and interest, which is not worth it.
How to pay interest on Minsheng Credit Card
Minsheng Credit Card interest is directly included in the credit card bill, and is repaid together with the principal during repayment. Minsheng Credit Card does not require interest when used normally and repaid on time. Generally, only overdue repayments, credit card cash withdrawals, and minimum repayment require interest. Interest is calculated on a daily basis and compound interest is calculated on a monthly basis. The daily interest rate is 0.05%. The interest calculation formula is as follows:
1. Overdue credit card:
Interest = overdue amount of credit card × daily interest rate × number of days from the day of transaction to the day before the debt is paid off.
2. Credit card cash withdrawal:
Interest = credit card cash withdrawal amount × daily interest rate × number of days from the day of cash withdrawal to the day before the debt is paid off.
3. Minimum repayment amount repayment:
(1) First-stage interest = card consumption amount × daily interest rate × number of days from the day of transaction to the day before the minimum repayment amount;
(2) Second-stage interest = remaining unpaid amount × daily interest rate × number of days from the minimum payment day to the day before the debt is paid off;
(3) Total interest = Interest on the first stage and interest on the second stage.
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When will Minsheng Credit Card be repaid? Is there any interest for overdue payments?
The repayment date of Minsheng Credit Card is a matter of concern to many cardholders. After all, if you fail to repay on the final repayment date, it will be overdue, and overdue interest will be charged. So, when is the repayment date for Minsheng Credit Card? When will the repayment be due? Let me introduce it to you below.
1. When is the repayment date for Minsheng Credit Card?
The billing dates for Minsheng Credit Card are the 1st, 3rd, 6th, 9th, 13th, and 16th of each month. On the 21st, 26th and 28th, the bill date is the 20th day of the repayment date.
For example: the 10th of each month is the billing day, consumption is made on March 11th, the settlement is on the bill on April 10th, and the full payment is made on the last payment day of April 30th, that is, you enjoy the maximum benefits. Long 51-day interest-free period (March 11-April 30).
2. Will Minsheng Credit Card charge interest for overdue repayment?
Minsheng Credit Card has a three-day grace period for repayment. Repayment within the grace period is deemed to be repayment on time and full repayment. No fees will be incurred, and any repayment beyond the grace period will be considered overdue. Minsheng Bank's credit card overdue repayments generally use the calculation of recurring interest.
The calculation of recurring interest is based on the interest principal of each amount on the bill (including consumption principal that does not enjoy the interest-free repayment period, cash advance principal, and interest paid). The recording date of an account is the starting date of interest accrual, and the daily interest will be summarized until the date the account is paid off. The consequences of an overdue Minsheng credit card are very serious. If you are really unable to repay, you can change the billing date. The billing date of Minsheng Credit Card can be changed once every calendar year; you can also change it by calling the customer service number or logging in to online banking.
That’s it for the introduction of overdue interest on Minsheng Credit Card.