What should I do if my credit card is overdue? Summary of Credit Card Repayment Notes How to calculate interest and late fees on overdue credit card payments? 20,000 is fined NT$700 per day for overdue payments. 1. Forgiveness policy for credit card repayments The "China Banking Industry Self-Discipline Convention" requires banks to provide "time tolerance" services to cardholders. 1. Time: The card issuer provides cardholders with a certain repayment grace period, which is at least 3 days from the due date of repayment; when cardholders repay within the repayment grace period, they shall be deemed to have repaid on time. Saturdays, Sundays and holidays are also grace periods. 2. Tolerance: If the cardholder fails to repay the amount in the current period, and the unpaid portion of the account after the due payment date is less than or equal to 10 yuan, it shall be deemed to have been repaid in full, and this portion of the outstanding amount will be automatically transferred to the next period. bill. Interpretation of the grace policies for overdue repayment of credit cards of major banks in 2015 2. Calculation of credit card interest and handling fees 1. Overdue credit card repayments and installment repayments will generate interest. The longer the installment repayment period, the more interest will be incurred. If it is not funds, If you are nervous, it is best not to choose an installment payment that is too long, as it is not cost-effective. 2. Many banks will generate compound interest on overdue balances, including some state-owned banks and some joint-stock banks. The banks have stated that they will charge certain late fees and interest on overdue balances after the interest-free period. 3. If you fail to repay the minimum repayment amount on the due date, you will need to pay a late payment fee for the unpaid portion of the minimum repayment amount. The late payment fee is usually 5% of the unpaid portion of the minimum repayment amount. 3. How to pay off your credit card most cost-effectively 1. Use reminder tools such as WeChat, Alipay, and SMS to avoid overdue credit card repayments due to forgetting the repayment date. 2. For some items that are not urgently needed or are valuable, delaying the purchase to a more cost-effective date can extend the interest-free period. 3. If you hold more than two credit cards, it is best to separate the billing dates of different credit cards. The billing period of the credit card can be changed, but there is a limit on the number of modifications. When making purchases, you can choose the card with a longer interest-free period. Try to extend your interest-free period as much as possible. 4. There are pitfalls in credit card installment repayment. Not all installments are cost-effective. It is important to calculate the bill clearly before choosing whether to pay in installments. 4. What to do if your credit card repayment is overdue. Whether it is an actual credit card from a bank or a virtual credit card such as Huabei and Jingdong Baitiao, overdue repayment will result in a bad credit record (What are the consequences of late repayment on Huabei? Do you dare not to repay it?), then What should you do if your credit card is overdue? 1. If the repayment is only short-term, repay it in full as soon as possible and apply to the bank to eliminate the overdue record. You can call or go to the bank. 2. If it is overdue for a long time, the credit card will be charged full penalty interest and have high late payment fees. You must repay the card as soon as possible and continue to use the card to create a new good credit record. Do not choose to cancel the card. 3. If you are unable to repay on time due to personal abilities, you can apply for deferred repayment and interest discounts before the final repayment deadline, and it is best to consume moderately and avoid this situation.