The People's Bank of China issued a notice to cancel the late payment fee for credit cards from 20 17 10, and the card issuer should agree with the cardholder whether to charge the cardholder a penalty for overdue repayment and the related collection methods and standards. Card issuers shall not charge interest on the service fees such as liquidated damages, annual fees, cash withdrawal fees and currency exchange fees charged to cardholders.
Extended data:
The legal basis of the credit card late payment clause is Article 22 of the Measures for the Administration of Bank Card Business, that is, the issuing bank shall charge the credit card holder a late payment fee of 5% of the outstanding minimum repayment amount.
Logically speaking, every legal norm consists of two parts: behavior mode and legal consequences. It can be seen that the behavior stipulated in this law is the behavior of not repaying the minimum repayment amount.
The legal consequence is to charge a late fee of 5% of the minimum repayment amount. Obviously, this legal consequence is the liability for breach of the credit card collection contract between the issuing bank and the cardholder.
Baidu encyclopedia-credit card late payment fee