How to calculate the credit card penalty and interest?
At present, there are two kinds of fees that need to be paid after the credit card is overdue, one is liquidated damages, and the other is penalty interest. The liquidated damages are calculated according to the cycle of the bill, and the penalty interest is calculated on a daily basis, which will be collected when repayment is made. The specific regulations of each bank are different. Most banks set the standard of liquidated damages as 5% of the unpaid part of the minimum repayment amount, and have different regulations on the maximum or minimum charges.
Calculated according to the formula: the minimum repayment amount = principal and interest of cash advance transaction+service miscellaneous fees +65438+ 00% of the remaining amount of the bill (or other proportion)+the minimum repayment amount outstanding in the previous period.
In addition to overdue liquidated damages, there are also penalty interests, which are divided into full penalty interests and unpaid penalty interests. To put it simply, the full penalty interest means that if you don't repay within the time limit of the last repayment date, then all the consumption amount in your current bill will be charged with interest at the rate of 5% every day from the second day of swiping the card until it is paid off.
According to the current law, if the sum of interest, liquidated damages, handling fees and other expenses of some banks cannot exceed 24% of the annual interest rate, the court will not support the part that exceeds 24% of the annual interest rate.