In this article, we will explain terms related to late repayments, which are interest, minimum payment, and late charge. We will also include our fees, calculation method, and some examples for your team to understand the financial charges better.
If these financial charges are incurred, admins of the team will be able to view them on the Reap Card statement. Please refer to the guide on how to find the statements.
Interest Rate for Late Payments
If you have any outstanding balance after the statement due date, an additional charge (interest) will incur.
Our Annualised Percentage Rate (APR) is 25%. The interest will be charged on a daily basis until we receive a full repayment.
Minimum Payment
You have the option to repay the smallest amount of money to Reap each month to keep your account in good standing. The minimum payment amount depends on the total outstanding amount of your monthly balance.
If your outstanding balance is less than HKD 2,000 / USD 250, the minimum payment is the full outstanding balance.
If your outstanding balance is more than HKD 2,000 / USD 250, the minimum payment is 1% of the outstanding balance or HKD 2,000 / USD 250, whichever is higher.
For example, if -
The outstanding balance is HKD 1,500, the minimum payment is HKD 1,500.
The outstanding balance is HKD 25,000, the minimum payment is HKD 2,000.
The outstanding balance is HKD 300,000, the minimum payment is HKD 3,000.
The outstanding balance is USD 100, the minimum payment is USD 100.
The outstanding balance is USD 300, the minimum payment is USD 300.
The outstanding balance is USD 4,000, the minimum payment is USD 400.
Late Charge
Late Charge is a fee imposed when the company fails to make the minimum payment by the due date.
Our Late Charge fee is set at HKD230 / USD 30 or the minimum payment, whichever is lower.
Have Questions?
Please refer to our Card fee schedule for details, or reach out to our Customer Success Team for further queries or assistance.