1. What is a credit card penalty?

Credit card default penalty is a punishment method adopted by the bank if you fail to repay the loan on the specified date. The fee is generally set at the minimum unpaid portion of 5, and it is charged in one go. This liquidated penalty is charged once a month based on the bill, and it is charged every month. As long as the minimum payment is paid off after the repayment date, it will be charged. Whether it is 1 day or 30 days is different from credit card interest. Credit card interest is calculated based on time.

2. Calculation formula of credit card liquidated damages

How is the liquidated damages calculated? From the above explanation, liquidated damages = minimum repayment amount * 5.

How to calculate the minimum repayment amount?

Minimum repayment amount = 10% of the consumption amount within the credit limit (5 for some banks) 100% of the cash advance transaction amount 100% of the consumption amount exceeding the credit limit 100% of the unpaid portion of the previous minimum payment amount Early period 100 for monthly installment fee and 100 for interest.