Feel uneasy

Today I received my credit card statement. I found that I forgot to pay the RM159.48 in my master card last month. In this month, the bank charge me RM5 for late payment.

Let's say, the interest calculated is y* (i/12) = RM 5.00 (late charge)

In my case, the interest that charge to calculate to Rm5.00 base on my remaining is 5*12/y. The calculated interest is 37.62 % p.a

In another case, I forgot to pay RM 10.00 in one month. Then they charge me RM5.0 on the late charge. The interest for this is 600% p.a.

They purposely have the late payment charge on it. To me, who is always forget, I think the bank can get more money from it. Just imagine, the late payment is higher that the 18%p.a interest rate if the due amount is less than RM333.33. Hence, minimum late payment of RM5.00 seems unfair to consumer and will be fair if calculated base on the daily rest interest.

If only the daily rest interest is apply on the late payment amount, the recalculated late payment charge will be:

a. If RM 159.58, then the late payment charge is RM 2.361 (If late 30 days)
b. If RM 10.00, then the late payment charge is RM 0.148 (If late 30 days)

See the different?