How to calculate overdue interest on credit cards?

The overdue interest on a credit card is calculated as the principal multiplied by five ten thousandths. The overdue interest is calculated from the day the credit card is debited until it is paid off. Moreover, after the credit card is overdue, the interest is compounded on a monthly basis. If the credit card is not repaid, the interest will increase. If you still don’t know how to calculate overdue interest on credit cards, you can choose to continue reading this article.

How to calculate overdue interest on credit cards?

1. Calculation of overdue interest on credit cards The method is to multiply the principal by five ten thousandths.

Overdue credit cards will incur interest, which is charged at 50,000 per day, and will not affect personal credit. However, you need to pay a certain percentage of repayment penalty and do not enjoy the interest-free period. Interest will be calculated from the bill date. If the payment is not repaid in full by the repayment due date, interest will be accrued from the date the transaction was recorded, and compound interest will be accrued on a monthly basis. When the repayment amount is less than the minimum repayment amount, a repayment penalty will be paid based on a certain proportion of the unpaid portion of the minimum repayment amount.

2. The card-issuing bank shall charge 5% of the unpaid portion of the minimum repayment amount if the credit card holder fails to repay the minimum repayment amount. Late payment fees.

For cardholders who default on overdue repayments, the card issuer shall agree with the cardholder through an agreement whether to charge liquidated damages and the relevant collection methods and standards. Card issuers are not allowed to charge interest on the liquidated damages and annual fees, cash withdrawal fees, currency conversion fees and other service fees collected from cardholders.

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