Three must-have items for credit card repayment
First, how is the credit card overdue?
4 concepts:
Trading day, which refers to the day after the credit card is consumed.
Billing day, the day the bank bills
Repayment date, the “last repayment date†written on the bill
The minimum repayment amount is calculated as 10% of the consumer amount in the credit line (5% of individual banks) + 100% of the cash advance transaction amount + 100% of the previous minimum repayment amount + more than the credit amount consumption 100% of the money + 100% of the fee and interest
How to count "overdue"
In theory, after the last repayment date, the bank has not received your minimum repayment amount as overdue.
In practice, based on the industry self-discipline convention, in order to improve the level of humanized service, the customer is “tolerant of time toleranceâ€, so basically all banks have given a grace period of several days to this “last repayment dateâ€. . This grace period is theoretically not less than 3 days. Consult the bank for details.
Second, how to calculate the interest, how to calculate the late payment after the overdue?
2 concepts:
Interest: It is caused by the withdrawal or the full repayment on the repayment date. If the repayment is made on or before the repayment date, no interest will be generated. The algorithm for credit card interest is 0.05%/day.
Most banks now impose full penalties, that is, if there is no full repayment, then the part you have already paid back will also receive interest. For example, brushing 30,000 still has 2,9, don't think that as long as you don't pay back 1 thousand yuan to pay interest, in fact, it is based on 30,000.
Late payment fee: It is caused by overdue. The popular algorithm is charged at 5% of the minimum repayment amount, and is calculated on a monthly basis.
Also note the following 3 points:
1. Although most banks are fully charged in this way, there are also a few conscience banks, such as ICBC, which are only part of the collection.
2. The banking industry is now also humanized. It not only gives a credit smear on overdue, but also gives a certain "time tolerance" for late payment fees and high interest rates. For example, one or two days later, it is difficult to be confused for a while. It’s a good mistake to pay a few bucks (each bank has a different tolerance, in short, a small fraction of the money), and they all send a message to remind you that it’s gone.
3. In some sensational cases, there will be tens of dollars owed, and thousands of dollars will be paid after many years. In fact, this apparently unreasonable situation (estimated may also include the above-mentioned hypothetical case), the cardholder can call the bank to apply for a fee reduction, as long as the cardholder is not malicious and is a "first criminal", the system is ruthless. Banks have considerable authority to adjust. There is a consensus in the industry that even if the late payment fee is calculated, it should not exceed the principal in principle.
3. Will it be credited once it is overdue?
The current system of the People's Bank of China, the request is to be reported on T+1, that is, "time tolerance" day +1 day. However, in practice, because the progress of each line is different, the reporting period is different, and some can achieve T+1, some T+2, and some T+30.
Then, during this time, if the cardholder has been overdue due to some non-subjective reasons, then he will pay the full amount to explain or prove the bank with the bank, and the general credit will not be tainted.
If you are unfortunate, you have already gone to the central bank's credit information system. Don't sell cards or stop using them. Continue to swipe your cards and keep a good record. The stains can be slowly eliminated.
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