There are late payment fees and retail interest on Guangfa Credit Card. What are they? Why is the interest rate so high?

In the case of Guangfa Credit Card, the charging standards for liquidated damages and retail interest are as follows:

1. Liquidated damages: If the minimum repayment amount of the current bill is not paid before the repayment due date, the minimum repayment amount of the current bill will be charged according to the payment due date. If the customer is overdue, the corresponding liquidated damages will be charged in groups:

1. If the minimum repayment amount is not repaid on time for more than 2 consecutive months (inclusive), 6% of the unpaid portion of the minimum repayment amount will be charged. Liquidated damages, the minimum is ￥30/?5/HKD40 for personal single-currency cards (including business cards), the minimum is ￥30/?2 for personal dual-currency cards, and the minimum is ￥10/?1 for corporate cards;

2. In other cases, a one-time charge of 5% of the unpaid minimum repayment amount of the current bill will be charged. The minimum charge standard is determined based on the customer's comprehensive card usage.

2. Retail interest: refers to the fees charged if the bill is not paid off in full on time. Each consumption in the bill is subject to a recurring daily interest rate of 5/10,000 from the date of transaction entry, and the annualized interest rate is 18.25%, compound interest is calculated on a monthly basis until the principal is paid off, with a minimum of 1 yuan/1 US dollar. No interest will be charged on overdue service fees such as liquidated damages, annual fees, cash withdrawal fees and foreign exchange transaction service fees.

Example: The customer bill date is the 5th, the repayment due date is the 25th, the consumption of 1,000 yuan is credited to the account on January 1st, the repayment of 100 yuan is credited to the account on January 25th, and the repayment is due on January 30th If the account is 900 yuan, the interest will be charged: 10000.05% for 24 days (No. 1-24) 9000.05% for 5 days (No. 25-29) = 14.25 yuan.

The number of days for interest accrual and collection is also different depending on the transaction entry date. If the interest rate changes, please refer to our bank's notice.