1. The bank credit card penalty fee is 5% of the unpaid portion of the minimum repayment amount, and the fee is a one-time charge. For example, calculate the credit card default penalty: If the cardholder overdrafts 10,000 yuan with a credit card, he must repay a minimum of 1,000 yuan on the repayment date. The cardholder only repays 300 yuan when due, and 700 yuan will be charged at 5% 35 Yuan liquidated damages.
2. If a China Merchants Bank credit card fails to pay off the minimum repayment amount of the previous bill before the payment due date, our bank will calculate and charge corresponding liquidated damages in accordance with the "China Merchants Bank Credit Card Regulations".
3. Liquidated damages are calculated based on 5% of the unpaid portion of the minimum credit card payment, with a minimum charge of RMB 10 yuan or USD 1 yuan. At the same time, all consumption in the current period will be charged interest starting from the accounting date, with a daily interest rate of 0.05%.
Extended information:
According to the provisions of Article 22 of the "Bank Card Business Management Measures", the card-issuing bank shall punish the credit card holder's failure to repay the minimum repayment amount. A late payment fee of 5% of the unpaid minimum payment amount will be charged.
It can be seen that the calculation basis for credit card late payment fees is the minimum repayment amount. The minimum repayment amount refers to the minimum amount stipulated by the card issuer that the cardholder should repay, including a certain proportion of the accumulated unpaid principal of consumer transactions, the principal of cash withdrawal transactions, all fees, interest, and the amount owed in excess of the credit limit, as well as The total of the outstanding portion of the minimum payment from previous months.
The formula is expressed as follows: Minimum repayment amount = 10% of the consumption amount (within the credit limit) + 100% cash withdrawal amount + 100% of the unpaid portion of the previous minimum repayment amount + 100% over the credit limit The amount of consumption amount + 100% of fees and interest + installment repayment of the current period (divided into interest-bearing and interest-free).
Reference material: People's Daily Online - Three reasons for overdue credit card repayments