1. If I can’t pay off my credit card, can I negotiate with the bank to reduce the interest on the repayment?

Card holders can negotiate with the bank to reduce or reduce liquidated damages, interest, penalty interest, etc. caused by overdue credit cards. However, there is no fixed standard for how much and how to reduce it. It depends on the bank. To deal with this matter, that is to say, you can negotiate with the bank, but the result may not meet your expectations. It depends on how you communicate.

2. I would like to ask if we can negotiate with the bank to waive the penalty interest. Are there any successful cases?

Not possible

3. Credit card is overdue Can I apply for exemption of penalty interest?

No.

Overdue penalty interest cannot be calculated as compound interest. Penalty interest is not only the interest that accrues on the principal after overdue payment, but it is also a breach of contract sanction against the borrower's overdue repayment. Accumulating compound interest on this basis is tantamount to a double penalty and violates the principles of fairness and compensation. Therefore, it is This penalty interest compounding should not be supported.

It is recommended that when borrowing in daily life, you should pay more attention to whether the lending institution/platform is formal. You should try your best to apply for a loan from a lending institution/platform that holds a financial license. Do not borrow from irregular small loan companies to avoid encountering problems. .

If you don’t know the big data of your own network fraud, you only need to search: Xiaoqixincha, click Query, and enter the information to query your own Baixin credit data. However, with the establishment of Baihang Credit Bureau, almost all overdue online loans will affect personal credit in the future. When borrowing money, everyone must pay attention to their ability.

Extended information:

What is the national overdue penalty rate?

The penalty interest rate standard for overdue loans is an additional 30% to 50% higher than the loan interest rate specified in the loan contract. The penalty interest rate will be charged if the borrower fails to use the loan for the purpose specified in the contract. , an additional 50% to 100% will be charged on the loan interest rate stated in the loan contract.

If the penalty interest accumulated after the loan is overdue is higher than the principal, you need to pay attention. The penalty interest rate charged by the lending institution/platform is likely to be illegal. Such high interest may have already standards reached. Expenses beyond the reasonable range may not be repaid.

4. How to negotiate with the bank to reduce or exempt interest and penalties on repayment?

If you want to apply for a reduction in interest on your credit card from the bank, you can negotiate with the bank's credit manager.

Under normal circumstances, when cardholders go to the bank to negotiate for suspension of interest payments or personalized installment services, it is difficult for the bank to agree, which means that the bank has to reduce its own income.

However, cardholders can negotiate with the credit manager. They must first express their willingness to repay, and then show proof that they have a certain ability to repay.

When the credit card is overdue for more than 3 months and the credit card bill exceeds the cardholder's ability to bear, there is room for negotiation.