ICBC’s overdraft interest is the overdraft interest and other fees incurred by consumers after they are overdrafted in full and unable to repay on time.

After a consumer is overdrafted in full and unable to repay on time, he or she will incur overdraft interest and other fees, causing the amount of debt to exceed the limit, because the overdraft is due to the fees of the credit card itself

The maximum overdraft period for credit cards is 60 days. If the amount owed by ICBC exceeds the credit card limit, an over-limit fee of 5% will be charged for the excess amount. However, it will only be charged once in an over-limit period. However, CITIC Bank stated that the over-limit fee will be calculated with monthly compound interest.

Credit card overdraft interest is calculated at a daily interest rate of 5/10,000 within 15 days from the date of signature or bank accounting (including the current day), and a daily interest rate of 10/10,000% for more than 15 days, and a daily interest rate of 10% for more than 30 days. Or if the overdraft amount exceeds the prescribed limit, the daily interest rate will be calculated at 15%. Overdraft interest is not calculated in stages, but is calculated based on the highest interest rate bracket for the final term or the maximum overdraft amount.

Extended information

The interest calculation regulations for ICBC Peony Credit Card (excluding quasi-credit cards) are as follows:

1. Transactions involving cash withdrawals and transfers using the credit limit , pay overdraft interest at 0.05% per day from the bank accounting date to the repayment date;

2. In addition to cash withdrawals and transfer overdraft transactions, other overdraft transactions such as consumption can enjoy 25- There is a 56-day interest-free repayment period. If you repay in full before the due repayment date, you do not need to pay overdraft interest;

3. Overdraft interest will be calculated from the bank accounting date for transactions that do not meet the interest-free conditions. The interest rate is 0.05% daily, and compound interest is calculated monthly;

4. No interest is paid on the deposits in the account.

Warm reminder: For specific interest calculation, please refer to the "Peony Credit Card Use Agreement (Personal Card)" and the actual bill.

Baidu Encyclopedia - Credit Card Overdraft

Industrial and Commercial Bank of China China Website - Introduction to Credit Card Interest Calculation