Credit card repayment date has passed, that is, credit card repayment default, and the penalty interest fees usually involved are revolving interest fees and late fees. Interest expenses are usually calculated at five ten thousandths of the daily interest rate. In addition, some banks stipulate that interest shall be calculated at five ten thousandths within 15 days from the bookkeeping date, ten thousandths after 15 days, and fifteen thousandths after 30 days or when the overdraft amount exceeds the specified limit. The longer the default time, the higher the penalty interest.

The essence of revolving credit is a small, unsecured loan with daily interest. If the repayment is not made in full on the last repayment date, revolving credit interest will be generated on the next statement, and the interest needs to be calculated from the date when the consumption is recorded.

For example, suppose Miss Li's billing date is 10 every month, and the last repayment date is 28th. On June 1 1 day, she spent 1000 yuan. On July 28th, when Miss Li was short of money, she paid the minimum repayment amount 1000 yuan first. Then the recurring interest expense on the bill on August 10 is: 10000 yuan ×0.5 ‰× (July 28th to June11)+(10000 yuan ~10000).

If the cardholder fails to pay off the minimum repayment amount, in addition to the circulating interest charges, there will also be a late payment fee, which is calculated at 5% of the unpaid minimum repayment amount. If Miss Li only pays 500 yuan back, the late payment fee is (1000 yuan ~500 yuan) ×5%=25 yuan. In this case, the circulation interest expense will rise to 296.75 yuan, and Miss Li's total penalty interest this month is 3,265,438 yuan +0.75 yuan.

Expanding knowledge: the influence of credit card overdue repayment

The consequences of overdue repayment of credit cards are serious, and overdraft consumption should be moderate. Although the biggest feature of credit card is overdraft function, it actually constitutes the loan relationship between customers and banks. Failure to repay at maturity may not only cause legal disputes, but also bear high penalty interest. The most important thing is to form a bad credit record, which will adversely affect future work and life.