Originally Posted by
kchika
Guess I'll better stick with PremierMiles!!!!
Citibank is also very very strict with late payment from my experience...
late charge is a fixed charge, usually HKD 100-150 or so, just a penalty, for paying nothing or below the minimum payment required , by the due date.
while finance charge is what the actual interest is, once your payment is late (or as long as you didn't settle the whole outstanding balance), all the charges outstanding will be charged interest rate starting from the day the charges were actually incurred (and not starting from the payment due date)...
so whenever there's a late charge, there must be a corresponding finance charge. while finance charge might occur on its own (i.e. you pay at least the minimum by the due date, but not the full balance).
(at least these are what my understanding has been)