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

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

the above contents are for your reference. please refer to the actual business regulations.

whether to repay the principal first or the late payment fee

to pay the late payment fee first

The repayment order of the credit card is as follows:

1. Those who have paid the bill first, and then have not paid the bill.

2. On the same bill, the repayment order of normal account is: interest, installment fee, expenses, cash, easy loan, installment consumption and general consumption. (quasi-credit card is not applicable to the above repayment order) Fees include: late payment fee, over-limit fee and overpayment.

the notice on matters related to credit card business (hereinafter referred to as the "notice") is decided to be implemented on January 1, 217. There are two points in the Notice that have attracted much attention from the society:

First, the upper and lower limits of credit card overdraft interest rate are managed, and the lower limit of overdraft interest rate is .5 ‰ of the daily interest rate. 7 times, that is, the minimum overdraft interest can be 3% off.

Second, the "penalty" is introduced to replace the "late payment fee", and the card issuer should agree with the cardholder whether to collect the penalty, and the related collection methods and standards.

Take China Merchants Bank as an example. At present, overdue repayment does require a certain late payment fee. The late payment fee is 5% of the outstanding part of the minimum repayment amount, and 1 yuan starts. That is to say, if the minimum repayment amount of the cardholder in that month is 1 yuan, but only 5 yuan is repaid, and the minimum repayment amount is not enough, then the bank will charge 25 yuan a late fee.

although banks will no longer be forced to collect late payment fees, they still have to collect a certain amount of liquidated damages from overdue cardholders, and the amount of liquidated damages will be "negotiable". Therefore, the cardholder should still abide by the credit agreement and make repayment on time.

Extended information:

Consequences of overdue repayment:

1. After the credit card with high penalty interest defaults, the penalty interest fees usually involved are revolving interest fees and late fees. The essence of revolving credit is a small, unsecured loan with daily interest. If it is not fully repaid on the last repayment date, it will generate revolving credit interest on the next statement, and the interest needs to be calculated from the date when the consumption is recorded.

2. The violent collection of legal credit cards has become a hot topic. Many bank credit card centers outsource the collection of credit card repayment to some so-called "debt collection companies". These companies are mixed in quality, and the means of debt collection are rough, which brings great troubles to customers.

according to the provisions of the criminal law, if the bank fails to repay the credit card with a malicious overdraft of more than 5, yuan after three months' collection, if the circumstances are serious, it may be investigated for criminal responsibility for the crime. For defaulting customers, after entering the judicial process, it will not only affect their reputation, but also lose more costs. In addition to paying off the arrears, they will also bear the litigation costs, which is even worse.

3. Leave a "credit stain" in the national credit information system. In 26, the central bank set up a national unified basic database of enterprise and individual credit information. As long as you have applied for a card or made a loan in a bank, you will automatically generate your own "credit report" in the system.

The "stain" in this report can't be ignored. It will affect the application for various loans, insurance, job hunting, overseas study, etc. Bad records are generally kept abroad for seven years.

in November, 212, the new personal credit report of the central bank was launched, and the credit cards and loans overdue before October, 29 were no longer displayed, and the overdue records were kept for five years thereafter. This move means that the public's overdue negative record is no longer accompanied by life. If it can be repaid in full and on time for five years, the credit can be returned to innocence.