1. What is full penalty interest? There are two ways to calculate interest on credit cards in my country, one is full penalty interest, and the other is interest on the unpaid portion. Full penalty interest means that after the repayment date, regardless of whether the credit card has made partial repayments that month, as long as the full payment is not made, the card issuer will calculate interest on the cardholder based on the total consumption amount. According to the full interest calculation method, if the cardholder fails to repay the full amount on the due date, even if the difference is only 1 cent, a daily interest rate of 0.05% will be calculated on the full amount of the current bill, and monthly interest will be calculated. Calculate compound interest. If interest is calculated based on the unpaid portion, you only need to pay the interest on the unpaid portion, which is a lot less than calculating interest on the full amount. If the cardholder fails to repay the minimum repayment amount before the due repayment date (inclusive), he shall pay the overdraft interest on the amount used from the accounting date to the repayment date, as well as the unpaid portion of the minimum repayment amount. There is a certain proportion of liquidated damages, and the proportion is negotiated and agreed upon by each bank and the cardholder. Most banks' liquidated damages are 5% of the unpaid portion of the minimum repayment amount, and the charging method is a one-time charge.
2. Full penalty interest calculation method: If the cardholder spends 8,000 yuan on March 8, the bill received on April 7, the bill date, will show the "amount due for the current period" as 8,000 yuan, the "minimum repayment amount" is 800 yuan. If the cardholder repays 800 yuan according to the minimum repayment amount on April 25, the repayment date, then the recurring interest in the next statement on May 7 will be: 8,000 yuan × × 48 days (March 8th - April 25th) 7200 yuan × × 12 days (April 25th - May 7th) = 192 yuan yuan = yuan. If you only repaid 7,999 yuan on the repayment date, which is 1 yuan less, then the recurring interest in the statement on May 7th is: 8,000 yuan × × 48 days 1 yuan × × 12 days = yuan. It is not difficult to see that even if we pay back 1 yuan less, we still have to pay so much interest. However, fortunately, many banks have launched time tolerance services, which can provide cardholders with a grace period of 1 to 3 days for repayment. That is, when the cardholder has insufficient repayment in the current period, and the unpaid portion of the account after the due payment date is less than or equal to a certain amount (at least the equivalent of RMB 10), the bank will treat the cardholder as repaying the card in full. , and this part of the arrears will be automatically transferred to the next bill, and no interest or late payment fees will be charged.