What does the overdraft interest of ICBC credit card mean?

The overdraft interest of ICBC credit card refers to the interest charged by the bank after the cardholder uses the credit card to spend, that is, overdraft interest. ICBC credit card is the credit card with the highest circulation in China. The main types of ICBC credit cards are: Peony International Credit Card, Peony Credit Card and Peony Credit Card; ICBC credit cards are divided into: Peony Visa Card, Peony MasterCard and Peony American Express Card by brand; According to the credit rating, it is divided into: platinum card, gold card and ordinary card; According to the issuing object, it is divided into business cards and personal cards, in which personal cards are divided into main cards and auxiliary cards. After consumers overdraw in full, they can't repay on time, which will lead to overdraft interest and other expenses, resulting in the amount of arrears exceeding the limit. Because the overdraft limit is caused by the cost of the credit card itself, the longest overdraft period of the credit card is 60 days. If ICBC owes more than the credit card limit, it will charge an overrun fee of 5%, but only once in an overrun period, and CITIC Bank said that the overrun fee will be calculated at compound interest every month. Credit card overdraft interest shall be charged at the rate of five ten thousandths of daily interest from the date of signing the contract or the date of bank entry (inclusive) 15 days, and at the rate of five ten thousandths of daily interest after 15 days. If the overdraft amount exceeds the prescribed limit for more than 30 days, it shall be charged at the rate of fifteen thousandths of daily interest. The overdraft interest is not divided into sections, and the interest is calculated according to the highest interest rate grade or the highest overdraft amount.