1. How to calculate the penalty for credit card debt of 20,000 yuan?

Credit card penalty is charged once a month. There are two calculations: Method:

1. If you have an industrial and commercial credit card, the penalty is calculated based on 10% of the unpaid portion of the minimum repayment amount. The minimum repayment amount for a 20,000 credit card is generally about 2,000 yuan, and the penalty for breach of contract is 200 yuan.

2. Most banks’ liquidated damages are calculated based on 5% of the minimum repayment. In other words, if the bill is 20,000 yuan and one part of the money is overdue before being repaid, then the liquidated damages are: 20,000 × 10% × 5% = 100 yuan. If it is overdue after paying 500 yuan, then the liquidated damages are: (2000-500) × 5% = 75 yuan.

2. Will a 20,000 credit card being overdue for one day affect your credit?

Currently, in addition to ICBC, most credit cards can delay repayment for one day. If you have an industrial and commercial credit card, then if you pay the penalty interest of more than 1,000, it will also affect your credit.

If you are not officially overdue at all, it will not be on your credit report and there will be no interest. Generally speaking, as long as your credit card has a grace period of more than one day, you will not be credited. For example, the Agricultural Bank of China credit card stipulates a grace period of 2 days, so it will definitely not affect you if you are one day overdue.

But if you have a credit card from China Guangfa Bank, the grace period is usually 1 day most of the time. If your repayment date is on the 6th, then you have to pay it off on the 7th. If you delay it until the 8th, you will exceed the grace period of this day. When your credit report is updated, an overdue record will be left.

3. How much interest will be charged if a credit card worth RMB 20,000 is overdue for one day?

When your credit card is overdue for one day and the principal is RMB 20,000, the interest rate may vary in several ways, depending on your interest-free period. Enjoyed for many days.

Overdue interest is calculated based on daily interest rate of 5/10,000, and compound interest is generated every month. For your principal of 20,000 yuan, your daily interest is: 20,000 × 0.05% = 100 yuan. What is certain is that you will not pay interest for more than one day.

Although you are only one day overdue, since the bank has taken back the previous interest-free period, the correct starting point for calculating interest is when the amount of your consumption is recorded in your account. If your billing date is the 10th of every month, and you make a purchase on May 11th, and the payment is made on June 10th, the principal amount is 20,000 per month.

If a credit card is unexpectedly overdue, there will be liquidated damages and penalty interest. Liquidated damages are calculated based on the billing period, and penalty interest is calculated on a daily basis and charged upon repayment. Overdue penalties, formerly known as "late fees." Interest on late fees is high. In the past, many banks calculated interest on a monthly basis based on 5% of the unpaid amount of the bill, and it was compound interest. The calculated annual interest rate is at least 60%, far exceeding the 24% legal red line for private lending stipulated by the Supreme Law.