1. How to calculate interest on overdue credit card payments

Compound interest will be charged monthly until the cardholder pays off all the interest. Currently, if a credit card is overdue, the bank will issue agreed interest for 5 months based on the cardholder's failure to repay the minimum repayment amount for more than 3 months.

(1) Generally speaking, if a credit card is overdue for 3 days, a credit report will be filed. Most banks have a time tolerance service, which is usually 2 to 3 days. That is to say, users are allowed to complete the repayment within 2 to 3 days after the final repayment deadline. This situation is not allowed. Credit will be checked at the meeting.

(2) It should be noted that if a user has a credit report due to an overdue credit card, it will have an impact on subsequent loans, borrowings and other needs, so it is recommended that the debtor pay off the debt as soon as possible , if you don’t have that much amount at the moment, you can call Bank of Communications to apply for installment.

If the credit card is overdue, there are two types of interest: the overdue interest on bank credit cards is generally 0.05% per day, and the interest is calculated based on the interest rate of 0.5%, and then the compound interest is calculated based on the interest rate of 0.5%. Until the cardholder pays off all the money. For the overdue portion, interest will be charged on the full amount and compound interest will be calculated on a monthly basis until the cardholder pays off the balance in full. If the credit card is currently overdue and the cardholder has not paid the minimum payment for more than three months, the bank will issue five months of agreed interest.

2. Solutions for overdue credit cards

1. If the cardholder forgets to repay the card and finds that it is overdue, he must repay it as soon as possible, preferably in full. Call the bank's credit card center and declare that the debt is not malicious. If the overdue time is short, the bank may not count the bad record;

2. When the credit card is overdue and unable to repay due to unemployment, illness, etc., the cardholder should proactively contact the bank's credit card center before the repayment period. Explain your financial situation, declare that you do not owe money maliciously, and apply for deferred repayment or installment repayment;

3. The cardholder actively applies for deferred repayment, and the bank will often agree to the extension. The bank and the cardholder People agree on a mutually acceptable repayment plan. In this way, the bank will not record bad records, but you must repay on time after applying for an extension;

4. Credit card repayment information is rolled over by the central bank's credit reporting system for 24 months, and records of overdue credit card repayments will be included in the credit reporting system. It is stored in the system for two years. If you find that you have paid off the card overdue and then cancel the card directly, the information will not be rolled over, but will be saved for a long time. Therefore, after a cardholder has an overdue credit card, it is best not to cancel the credit card immediately. It is best to continue to use it for more than 2 years and maintain a good credit record thereafter.

Interest on overdue credit cards is calculated at 50,000 per day. Keep in mind that overdue penalty interest and liquidated damages are different. Overdue penalty interest is calculated based on the number of days, while liquidated damages are charged in one lump sum. When it is overdue, a person's credit record will have a negative impact, which will affect future loans, cars and houses.