As 2019 approaches, various new regulations and new policies have been implemented one after another. Among this series of new regulations, credit cards that are closely related to us are naturally indispensable. Let’s find out below.
1
The maximum interest-free period may exceed 60 days
For credit card holders, the interest-free repayment period and minimum repayment amount Benefits are the two core services.
According to the current "Bank Card Business Management Measures", the interest-free repayment period for credit cards is up to 60 days, and the minimum repayment amount in the first month must not be less than 10% of the overdraft balance of the month.
The new regulations relax the above restrictions, and the specific operation methods are decided by the card issuing bank.
2
The minimum repayment limit is determined by the bank independently
After crazy overdraft consumption, I was shocked by the bill and I was unable to repay the full amount. What should I do? ?
Don’t worry, minimum payments can save your personal credit. Before the new regulations, the minimum credit card repayment limit was 10% of the overdraft consumption limit; after the new regulations, the minimum credit card repayment limit in the first month was determined by the bank.
3
Liquidated damages replace late payment fees
After the implementation of the new regulations, credit card late payment fees were cancelled. But this does not mean that there is no penalty for not paying the debt, but that the bank will charge "liquidated damages" instead.
No interest shall be accrued on the liquidated damages, annual fees, cash withdrawal fees, currency exchange fees and other service fees collected from cardholders. This new regulation is regarded by industry insiders as the one with the greatest impact among the new regulations.
4
The overdraft interest rate can fluctuate up and down
From a single rate to an upper and lower limit. In the past, overdraft interest was charged at 0.05% per day beyond the interest-free period.
The new rules impose upper and lower limits on credit card overdraft interest rates. The upper limit of overdraft interest rates is 0.5% of the daily interest rate, and the lower limit is 0.7 times the daily interest rate of 0.5%.
It is understood that currently all banks have generally adjusted their overdraft interest rates to a range of 0.035-0.05. A joint-stock bank said that from next year, if cardholders encounter overdraft interest rates, they will be subject to new regulations.
Cardholders with different credit backgrounds will also enjoy differentiated overdraft interest rates.
5
The daily limit for ATM cash withdrawals reaches 10,000 yuan
Specifically, cash withdrawal means that cardholders can withdraw cash through counters and automatic teller machines (ATMs). Self-service machine to obtain funds within the credit card's cash advance limit in the form of cash.
Cash transfer means that the cardholder transfers the funds within the credit card's cash advance limit to his or her bank settlement account.
Cash recharge means that the cardholder transfers the funds within the credit card's cash advance limit to his or her payment account opened at a non-bank payment institution.
So far, 7 banks have made some new changes to credit card installment and cash withdrawal rules. The following are the latest regulations of the 7 banks:
1. China Merchants Bank
Starting from March 1, 2019, the UnionPay Premium Platinum Installment Card only accepts applications for customers’ primary cards and no longer accepts applications for supplementary cards. The application channels will be adjusted and applications will only be processed through China Merchants Bank’s online special invitation. In addition, China Merchants Bank stipulates that you need to call the bank's credit card customer service hotline to apply for early repayment of installments. After the application is approved, you must repay the unpaid installments and remaining handling fees in one go, and the installment handling fees collected will not be refunded.
2. Shanghai Pudong Development Bank
Starting from January 1, 2019, Shanghai Pudong Development Bank will no longer charge credit cards for foreign exchange conversion fees. It will be purely overpaid at our bank's ATMs or other UnionPay ATMs. Cash withdrawals will also be free of charge. Starting from February 15, online transactions with a transaction amount of 1,000 yuan and above can enjoy online transaction SMS services.
3. China Guangfa Bank
Starting from January 15, 2019, credit card offline withdrawals, overdraft transfers, and inquiry procedures will all be charged according to a proportion, ranging from 1 to 2.5. wait. If the handling fee is less than 10 yuan, it will be charged 10 yuan. Customers make overdraft transfers through telephone channels and transfer them to other banks' savings accounts, and an additional 10 yuan is charged.
4. China CITIC Bank
The fuel rebate and car wash services of China CITIC Bank’s UnionPay Standard Car Owners Credit Card will be extended to June 30, 2019, and the exclusive health services of UnionPay Standard Platinum Credit Card will be extended to June 30, 2019. Renewed until December 31, 2019. The original service content and detailed terms of the two remain unchanged.
5. Ping An Bank
Ping An Bank stipulates that cardholders can apply to pay off the outstanding installment amount in advance, but they must pay the outstanding handling fee and the outstanding installment balance in one go. .
6. Agricultural Bank of China
Starting from February 1, 2019, credit card overdraft transfer fees through online banking, mobile banking and other electronic channels will resume, and the standard rate will be waived for overpayment transfers. Handling fee; the overdraft transfer fee is 1 per transaction amount, with a minimum of 1 yuan and a maximum of 100 yuan. Overdraft transfer funds do not enjoy interest-free repayment treatment, and interest will be charged on the overdraft amount from the bank accounting date.
7. Bank of Communications
Bank of Communications stipulates that you can apply for early termination of installment payment business through online banking, mobile banking, Bank of Communications Credit Card APP, or by calling the 24-hour customer service hotline shown on the back of the card. All remaining principal and handling fees must be paid in one lump sum.