Credit card repayments do not need to be paid on the due date.
Credit cards have a billing date every month, which summarizes all transactions and expenses that occurred in the cardholder's credit card account in the current period, calculates interest, and calculates the date on which the cardholder should repay the amount in the current period. . You can make repayments within about 20 days from the bill date to the due date to settle the current period's debt.
The credit card due date is also called the final repayment date, which refers to the last date when the credit card issuing bank requires the cardholder to return the amount due. That is to say, after the card-issuing bank issues the bill, you should pay off all the expenses you have consumed before the due payment date.
The due payment date is the last day of the interest-free repayment period. Repayments before this date are interest-free. Overdue interest and late payment fees will be charged. Each bank has different policies and interest-free repayment periods.
Extended information:
If you do not choose the minimum credit card payment amount for repayment on the due date, the penalties you may face are:
1. All consumption The money no longer enjoys the interest-free repayment treatment. The bank will calculate interest on a daily basis based on the consumption amount as the principal from the day when the consumption occurs. The daily interest rate is 0.05% and compound interest is collected on a monthly basis.
2. Receive a reminder call and letter from the bank.
3. Freeze your account and feed back your debt record to the People's Bank of China to record it in your credit file, which will affect your personal credit.
If you really don’t have enough money to repay in full on the due date, please choose the minimum repayment amount on your credit card. In this way, you only need to return 10% of the total fee for each installment. , although there is no interest-free repayment period for repayment, it can avoid personal credit damage.
Reference material: Baidu Encyclopedia - Credit card repayment
Reference material: Baidu Encyclopedia - Credit card repayment due date