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.
Before 20 17, if the cardholder fails to repay in time, a late fee will be charged, and the late fee will be charged at 5% of the minimum unpaid amount of the bill. Pacific dual currency credit card has the lowest late payment fee of 10 yuan or 1 USD, while RMB credit card has the lowest late payment fee of 5 yuan.
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 of this legal norm is not to repay the minimum repayment amount, and the legal consequence is that a late fee should be charged at 5% of the unpaid part of the minimum repayment amount. Obviously, this legal consequence is that the credit card collection contract between the issuing bank and the cardholder is in breach.
In addition to contract law, there are also anti-monopoly laws to deal with overdue payment of credit cards. The People's Bank of China stipulates that "the overdue fine is charged at 5% of the outstanding minimum repayment amount", which is the embodiment of its responsibility of "formulating and implementing monetary policy according to law", that is, the act of setting monetary interest rates.
Interest rate is the price of money, and the main means of competition for commercial banks is interest rate. The People's Bank of China sets the legal interest rate for collecting late fees, which excludes the competition among commercial banks, and commercial banks are also willing to enjoy high profit returns at a unified interest rate.
Baidu encyclopedia-credit card late payment fee