How to calculate the repayment penalty for Bank of China credit card

If you fail to repay the minimum repayment amount before the due payment date (inclusive), the bank will charge you the minimum repayment amount. A repayment penalty of 5% of the unpaid portion will be charged. The specific calculation method of repayment liquidated damages is: repayment liquidated damages = (minimum repayment amount - repaid amount) × 5%.

If the minimum repayment amount is less than 10 yuan (inclusive), no liquidated damages will be charged; after 6 periods of overdue payment, no penalty will be charged; the amount collected will not exceed the principal.

The above content is for your reference, please refer to actual business regulations.

How to calculate the penalty of 50,000 credit card (debit card)?

Credit card (debit card) liquidated damages are generally charged at 5% of the unpaid portion of the minimum repayment amount of a credit card (debit card). The minimum repayment amount of a credit card (debit card) bill of 50,000 is 5,000 yuan, the liquidated damages are 50005% = 250 yuan. Credit card (debit card) penalty fees are collected once and are non-refundable once collected.

In addition, if a credit card (debit card) is overdue, in addition to penalty fees, interest will also be charged. After the overdue date, you will no longer enjoy the interest exemption treatment. The system will charge an interest rate of 0.05% per day from the date of overdraft consumption. Penalty interest will be charged and compound interest will be charged monthly until it is paid off.

How will the penalty be calculated if the credit card is overdue?

With the implementation of the new credit card policy in 2017, liquidated damages replaced late payment fees, but there is no difference between the two in terminology. Credit card liquidated damages refer to the liquidated damages charged by the central bank for the unpaid portion of the minimum repayment amount when the cardholder's actual repayment amount on the due date of the credit card is lower than the minimum repayment amount. The charging standard is the unpaid portion. 5%.

If card friend Xiaobai holds an Agricultural Bank of China credit card, the current bill amount is 2,000 yuan, and only 100 yuan is repaid on the final repayment day. Then, the minimum repayment amount is 200 yuan, and there is 100 yuan. If it is not repaid, the liquidated damages will be 1005% = 5 yuan.

If you really don’t have enough repayment ability and can’t even repay the minimum repayment amount, then, in order to prevent your personal credit score from being damaged, you can consider repaying it in 36 installments, although you will have to bear a lot of it. There is a handling fee, but it is more cost-effective than charging liquidated damages every month.

You may also consider negotiating with the bank for installment plans now. After all, the bank’s ultimate goal is to get the money back.

How to calculate the credit card penalty after the credit card is overdue?

Minimum repayment amount = 10% of the consumption amount within the credit limit (5% for some banks) 100% of the cash advance transaction amount exceeding 100% of the consumption amount within the credit limit. The minimum repayment amount in the previous period has not been repaid 100% of the partial pre-installment fee and 100% of the interest for the current month

Credit card default penalty is a penalty method adopted by the bank for failure to repay the loan on the specified date. The charge is generally the minimum repayment. 5% of the unpaid portion, and it is a one-time charge. 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.

Minimum repayment date calculation formula:

Minimum repayment amount = 10% of the consumption within the credit limit (some banks are 5%) and 100% of the cash advance transaction amount exceeds 100% of the initial minimum payment amount of the credit limit, 100% of the unpaid portion of the early installment, 100% of the fees and interest of the current month

Explanation: 10% of the consumption amount within the credit limit (some banks (5%): Some banks charge 10%, and some banks charge 5%, so when calculating, check the specific regulations of that bank!

100% of the cash transaction amount is advanced. Some banks withdraw cash or some bank APPs directly deduct it to the savings card.

Consumption exceeding 100% of the credit limit is commonly known as over-limit. For example, if you have a card worth RMB 10,000 and spend RMB 15,000, the RMB 5,000 is the over-limit.

100% of the unpaid portion of the previous minimum repayment amount. This is the unpaid portion of the minimum repayment before this bill, such as the unpaid portion in July in August in the picture above.

100% of the previous installment in the current month is the previous bill installment or other installments. For example, the previous 12,000 installments were 12 installments, and the current bill requires repayment of 1,000 principal and 90 handling fees.

Among them: fees include annual fees, late payment fees, express fees, loss reporting fees, card production fees, production costs, cash withdrawal fees, excess payment recovery fees, etc.

For example: The bill amount of China Merchants Bank A this month is 100,000, of which, the monthly transaction is 50,000, the installment bill is 10,000, the cash withdrawal is 30,000, the minimum repayment of last month's bill is 9,000, and other interest And the cost is 0.1 million. Then, the minimum repayment amount this month is 5000010%100003000090001000=55,000 yuan, and the minimum repayment is 55,000. In the end, only 5,000 was repaid on the repayment day, and the remaining 50,000 will be charged liquidated damages according to regulations. The amount of liquidated damages is 500005% = 2,500 yuan.

How to calculate overdue credit card penalties

With the continuous development of social economy, credit cards have already entered thousands of households. In big cities, almost young people have a credit card. Although credit cards are convenient to use, if the cardholder accidentally expires, the consequences are still serious. But how are overdue credit card penalties calculated? Just know this number!

How to calculate overdue credit card penalty?

According to the provisions on overdue credit cards in the Civil Code, you can understand that when the cardholder's credit card becomes overdue, the late payment fees incurred by the overdue payment become liquidated damages. In the past, when cardholders were overdue on their credit card bills, the longer the overdue period was, the more late fees were incurred.

The new law clearly stipulates that banks are no longer allowed to charge late fees, but can only charge liquidated damages. The standard for charging liquidated damages is 5% of the overdue amount, calculated from the next day after the overdue amount. The purpose of this measure is simple, which is to prevent the occurrence of interest compounding and reduce the repayment pressure of cardholders to the point where they are ultimately unable to repay their bills.

Suppose A owes a credit card bill of 50,000 yuan, and it is one month overdue if A chooses not to make installments. Then the overdue penalty that A needs to bear is 2,500 yuan. Of course, this is just a theoretical calculation method, and it depends on the card-issuing bank's regulations.

In addition to the provisions on overdue penalties for credit cards, the "New Civil Code" also stipulates that if cardholders are unable to repay their bills, they can negotiate with the bank for repayment. You can apply for a maximum period of 60, which is 5 months.

This concludes the introduction to the calculation of credit card default penalties and the legal provisions on how to calculate credit card default penalties. Have you found the information you need?