How to repay credit card repayments

How to repay credit card repayments? There are two main repayment methods for this issue. For credit card purchases, you can choose to go to the bank counter to return the corresponding amount directly, or return the RMB equivalent to the exchange rate on the day. Another situation is dual-standard credit cards. These credit cards are recorded separately, with RMB settlement in the UnionPay channel and settlement in the channel. If there is consumption in the bill, you need to call the bank's customer service and request to turn on the RMB foreign exchange repayment function. Once turned on, the outstanding balance can be repaid in RMB. Common channels include VISA, MASTERCARD, JCB and other channels.

Double-label credit cards are credit cards with RMB and two accounts. They are roughly divided into two categories, one is a dual-label credit card, and the other is a dual-label debit card. Debit cards also have two accounts, but do not have an overdraft function. When you see the word "UnionPay" on the upper right corner of a bank card and "VISA or other channel logo" on the lower right corner, then this type of card is a dual-standard credit card. To a certain extent, dual-channel credit cards will bring great benefits to people. Great convenience, if you go on a business trip abroad and don’t bring enough, you can freely use RMB exchange within a certain limit.

General dual-label credit cards do not have chips, only magnetic strips. The difference between a chip and a magnetic stripe lies in security and information storage. In order to reduce the risk of being hacked by criminals, the credit card department has introduced a chip card. The chip card is equivalent to a miniature hard drive and has a larger memory capacity than a magnetic stripe card and can be stored. The most important thing is that the user's fingerprints, keys, digital certificates and other information are anti-theft. Theoretically, the chip card can be used for about 30 years. There is also a card that is stored with a chip and magnetic stripe. This kind of credit card is safer. The coefficient is higher. While verifying the chip, it also performs magnetic stripe reading and writing, achieving a two-way authentication, which greatly increases the difficulty of illegal operations and ensures the safety of users' personal property. This type of credit card has high security and safety. Multifunctionality is becoming a global development trend

Bank of China credit card automatic repayment method

For balances, you can choose "Repay all balances in RMB" or "Repay in RMB." If you select "All balances will be repaid in RMB", you can easily enjoy the automatic foreign exchange purchase and repayment service. If your associated repayment transfer account For Great Wall Credit Cards, the exchange rate is the foreign exchange rate published by our bank on the day of deduction; if the associated repayment transfer account is another account, the exchange rate is the foreign exchange rate published by our bank on the day before the deduction date.

If you do not need to purchase foreign exchange for repayment, select "Repay the balance in RMB and the balance in the corresponding currencies" (if the repayment account is a current account, the RMB and debit accounts can be the same account). Check the balance of the repayment account in the order of payment and remittance, and debit the account with sufficient balance first. When none of your associated repayment accounts can repay the agreed amount in full, we will select the repayment account or remittance account first. The account with the larger balance will be debited.

The above content is for your reference. Please refer to the actual business regulations.

If you have any questions, please consult Bank of China’s online customer service.

We sincerely invite you to download and use Bank of China Mobile Banking APP or Bank of China Cross-border GOAPP to handle related services.

How to repay US dollars to a credit card account?

Get an ID card. Go to the counter and apply directly in RMB. After your consumption has generated a US dollar bill, you can choose to activate the "US dollar bill purchase and repayment" function.

After activation, your RMB repayment will be automatically converted into foreign exchange purchase. In U.S. dollars, your U.S. dollar bills will be repaid first (the conversion exchange rate is the exchange rate on the day of payment), and the repayment after the U.S. dollar bills are paid will continue to repay your RMB bills.

China Merchants Bank. There are three ways to repay a credit card in U.S. dollars for reference:

1. Go to the counter to activate the self-service transfer function with the All-in-One Card and credit card, directly purchase foreign exchange in U.S. dollars with the All-in-One Card, and repay directly through online banking.

2. If it is inconvenient to go to the counter, after purchasing foreign exchange and US dollars with one card, automatic deduction will be activated with your credit card.

3. Activate the function of purchasing foreign exchange with your credit card and repay RMB with one card.

Extended information:

Notes on using RMB to pay U.S. dollar bills:

1. If it is a non-U.S. dollar transaction, it will be converted into U.S. dollars by the international credit card organization. Enter the bill in US dollars. (During the above process, VISA, MasterCard and other international organizations will charge a foreign exchange fee of 1.5)

2. The amount of foreign exchange purchased in the current period cannot exceed the amount of the current U.S. dollar bill. The exchange rate for foreign exchange purchased is announced at 10:00 on the day of repayment. China Merchants Bank US dollar selling price.

3. If you set up the function of purchasing foreign exchange for repayment of U.S. dollar bills and the "automatic repayment" function of the U.S. dollar account at the same time, then your RMB repayment will have priority in purchasing foreign exchange to repay your U.S. dollar bills. The difference between the self-deduction amount (full or minimum) set for the current period of the bill and the agreed foreign exchange purchase amount will be deducted from your designated US dollar automatic repayment account.

4. After the automatic foreign exchange purchase is successfully set up, if the cardholder fails to repay the US dollar bill in full on the due payment date, if there is an overpayment in RMB in your credit card, our bank will automatically The corresponding amount will be deducted from your RMB overpayment to purchase foreign exchange to repay your US dollar bill.

Reference materials: China Merchants Bank_Transaction Repayment

Analysis of Credit Card Purchase of Foreign Exchange and Repayment

RMB exchange is called "Foreign Exchange Purchase". The credit card or other type of bank card held by the cardholder has the function of overseas use (i.e. supported cards). When making purchases abroad (mainly overdraft consumption), the cardholder can use RMB to repay the debt after returning to the country. This process is called purchasing. Send repayment.

The difference between buying foreign exchange and repaying money

Repaying means that you have US dollars in your hand or in your card, and you use US dollars to repay the loan directly; Say you don’t have U.S. dollars but have RMB, and you need to exchange RMB for U.S. dollars before repaying the loan. In fact, it’s just one more exchange procedure.

Are there any handling fees for credit card purchases and repayments?

Credit card fees for automatic foreign exchange purchase and repayment by credit card vary from bank to bank. Some banks charge a handling fee, while others only charge RMB based on the exchange rate on the day of repayment. Let’s take China Merchants Bank as an example. Overseas consumption with China Merchants Bank’s credit card through international lines will be settled in US dollars. If the consumption amount is non-US dollars, there will be an exchange fee between the two currencies. If the consumption amount is US dollars, there will be no exchange fee. There will be a foreign exchange settlement fee.

USD bills incurred for overseas consumption or cash withdrawals can be repaid by purchasing foreign exchange in RMB. For the amount of foreign exchange purchased, you can choose to purchase foreign exchange in full or with the minimum repayment amount. According to foreign exchange management regulations, the amount of foreign exchange purchased cannot be higher than the current US dollar bill amount.

What are the repayment methods for Bank of China credit card automatic repayment?

Our bank provides automatic foreign exchange purchase and repayment service for dual-currency credit card holders. You can choose "repay all outstanding balances in RMB" or "repay in RMB and corresponding currencies respectively", the details are as follows:

1. The balance can be repaid in RMB. That is, through the Great Wall credit card, ordinary current savings account, current all-in-one account or debit card in your name, you can automatically purchase foreign exchange to repay the credit card bill balance. If the associated repayment account is Great Wall Credit Card, the exchange rate will be the foreign exchange rate published by our bank on the day of deduction. For other repayment accounts, the exchange rate will be the foreign exchange rate published by our bank the day before the deduction date.

2. The balance can also be repaid in the same way (including US dollars and Japanese yen). For debit cards or Yitong accounts, polling deductions will be adopted, which means that when Yitong has different types of accounts under the designation, the bank will check the balance of the repayment account in the order of first debit and then remittance, and then check the balance of the repayment account. The account with sufficient balance will be debited first. When none of the associated repayment accounts is able to repay the agreed amount in full, the account with the larger balance in the cash account or remittance account will be first selected for deduction.

Warm reminder: Deposits cannot repay the credit card debt in RMB. Please ensure in advance that the repayment account associated with the credit card has sufficient funds and is in normal condition so that automatic repayment can be successful. If you have any questions, please call the credit card customer service hotline 4006695566 for further consultation. I wish you a happy card use!

The above content is for your reference, please refer to actual business regulations.

If you have any questions, please feel free to consult Bank of China’s online customer service.

You are sincerely invited to download and use Bank of China Mobile Banking APP or Bank of China Cross-border GOAPP to handle related businesses.

That’s it for the introduction of credit card foreign exchange repayment.