The Supreme People's Court's reply on whether credit card overdraft interest can be calculated as compound interest

Reply of the Supreme People's Court on whether compound interest can be calculated on credit card overdraft interest

On November 29, 1996, the Supreme People's Court

The Higher People's Court of Guangdong Province:

Your Court’s (1996) Guangdong and Gao Judicial Court’s Request No. 5 has been received. Regarding the question of whether the overdraft interest of the Great Wall MasterCard credit card can be calculated as compound interest, after research, the answer is as follows:

Regarding the calculation method of credit card overdraft interest, the People's Bank of China Yinfa (1992) No. 298 "Interim Measures for the Management of Credit Card Business" If stipulated, it shall be calculated according to the method stipulated in the Measures. The provisions of the Measures on overdraft interest rates already contain a punitive nature. Therefore, credit card overdraft interest should not be calculated as compound interest.

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