How to calculate late payment fees for credit cards

The late payment fees for credit cards are charged at 5% of the unpaid portion of the minimum repayment amount, with a minimum of 10 yuan or 1 US dollar.

1. Regulations on credit card late payment fees

As an investment and financial management term, late payment fees were originally a type of execution penalty in administrative enforcement, but in practice it is not limited to the field of administrative law. . Academic circles generally believe that credit card late payment fees are essentially a type of "liquidated damages." Numerous judgments have also shown that late payment fees in civil contracts are regarded as agreements on liquidated damages.

Credit card default penalties are not charges set by commercial banks themselves. The People's Bank of China promulgated the "Bank Card Business Management Measures" in 1999, Article 22 stipulates: "The card-issuing bank shall treat the credit card holder's failure to repay the minimum repayment amount and the use of the card in excess of the credit limit according to the minimum repayment amount respectively. Late payment fees and over-limit fees will be charged for the unpaid portion and the portion exceeding the credit limit.”

That is to say, the proportion of late payment fees is uniformly stipulated by the People’s Bank of China and is 5% of the unpaid portion of the minimum repayment amount. However, due to different policies of each bank, the minimum amount set is also different.

Let me introduce the calculation method of late payment penalty: (minimum repayment amount - repayment amount) 0.05 = late payment penalty.

For example, last month I overdrafted 10,000 yuan on my credit card, and the minimum repayment amount was 1,000 yuan. On the final repayment day, only 200 yuan was paid, so the late payment fee was (1000-200)0.05=40 yuan.

Although each bank adheres to the five percent charging standard, the starting price is different. For example, Bank of Communications and China Merchants Bank charge a minimum of 10 yuan or 1 US dollar.

2. What circumstances constitute a credit card crime

According to the relevant provisions of Article 196 of the current Criminal Law, the following four circumstances constitute a credit card crime:

1. Use Forged credit cards, or using credit cards fraudulently obtained with false identification;

2. Using invalid credit cards;

3. Pretending to use other people’s credit cards;

4. Malicious overdraft. (The malicious overdraft mentioned here refers to the cardholder’s overdraft exceeding the prescribed limit or prescribed period for the purpose of illegal possession, and the card-issuing bank still fails to return the card for more than 3 months after two calls.)

Third, there are general provisions for "illegal possession for the purpose":

(1) Knowing that one has no ability to repay and making a large overdraft that cannot be returned;

(2) Wantlessly squandering overdraft funds that cannot be returned;

(3) Escape after overdraft, change contact information, and avoid bank collection; (4) Escape and transfer funds, hide property, and avoid repayment;

(5) Using overdraft funds to carry out illegal and criminal activities;

(6) Other behaviors of illegally possessing funds and refusing to return them.

Fourth, the specific sentencing also needs to be determined according to the amount:

Using forged credit cards, credit cards fraudulently obtained with fake identity certificates, invalid credit cards, or fraudulently using other people’s credit cards to commit crimes. Credit card:

1. For larger amounts (5,000 yuan to 50,000 yuan): a sentence of not more than five years or criminal detention, and a fine of not less than 20,000 yuan but not more than 200,000 yuan;

2. If the amount is huge (50,000 yuan to 500,000 yuan) or there are other serious circumstances, the sentence shall be not less than five years but not more than ten years, and a fine of not less than 50,000 yuan but not more than 500,000 yuan;

3 , where the amount is extremely huge (500,000 yuan) or there are other particularly serious circumstances, the offender shall be sentenced to not less than 10 years in prison or, in addition, a fine of not less than 50,000 yuan but not more than 500,000 yuan, or property confiscation.

What are the interest rates and late fees for overdue credit cards?

If the credit card consumption is not repaid when it is due, a late payment fee (5% of the minimum repayment amount, minimum RMB20 yuan or USD3 yuan) will be charged, and interest will be charged at a rate of 50,000 per day; if If you repay the minimum repayment amount, no late payment fees will be charged, and interest will be charged at 0.5% per day.

Example:

_Mr. Li’s bill date is the 18th of each month, and the repayment due date is the 7th of each month;

_April 18 The current bill printed by the Japanese bank for Mr. Li includes all his transaction accounts from March 19 to April 18;

_Mr. Li only made one purchase in this billing cycle—— On April 15, the consumption amount was RMB 1,000;

_The "repayable amount for this period" of Mr. Li's current bill was RMB 1,000, and the "minimum repayment amount" was RMB 100;

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_Under different repayment situations, Mr. Li’s revolving interest is:

_If Mr. Li repays 1,000 yuan in full before May 7, then on May 7 The recurring interest in the daily statement is 0 yuan, and the bill balance is 0 yuan.

_If Mr. Li only repays the minimum repayment amount of 100 yuan before May 7, the recurring interest on the statement on May 18 = 16.40 yuan, and the bill balance will be 916.4 yuan.

The specific calculation is as follows:

1,000 yuan × 0.05 × 22 days (April 15-May 7)

(1,000 yuan-100 yuan) ×0.05×12 days (May 7-May 18)

Cyclic interest = 16.40 yuan

_If Mr. Li fails to repay any amount, then the The late payment fee and recurring interest on the statement = 37 yuan, and the bill balance is 1,037 yuan.

The specific calculation is as follows:

Late fee: 1000105=5 yuan 20 yuan

Interest: 1000 yuan × 0.05 × 34 days (April 15-May 18th) = 17 yuan

How to calculate the late payment fee for Bank of China credit card?

If your Bank of China credit card fails to repay the minimum payment amount before the due payment date (inclusive) , the bank will charge a repayment penalty based on 5% of the unpaid portion of the minimum repayment amount. The specific calculation method of repayment penalty (i.e. late payment penalty) is: repayment penalty (i.e. late payment penalty) = (minimum payment amount - repaid amount) × 5.

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

That’s it for the introduction to credit card late payment fees.