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What are the provisions of the Civil Code on overdue credit cards?
Legal analysis

The provisions on overdue credit cards in the Civil Code are as follows:

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2. Improvement of credit card sentencing standards: If a credit card fails to be returned within the time limit, it may be investigated for criminal responsibility, especially for malicious overdraft, which constitutes the crime of credit card fraud, and then it will be arrested and sent to prison. The new regulations on overdue credit cards raise this sentencing standard from the previous 1 10,000 yuan to 50,000 yuan.

3. The minimum repayment amount may be lower than 10%: after the new credit card regulations, the minimum repayment amount of the bank may not be 10%, and the specific amount shall be determined by the bank. At present, most banks still set the minimum repayment amount at 10%, and some are 5% or even lower.

4. Set the upper and lower limits of overdraft interest rate: In the past, credit cards used to bear interest at the daily interest rate of five ten thousandths after the interest-free period, but the new regulations set the upper and lower limits of overdraft interest rate, with the upper limit being five ten thousandths of the daily interest rate and the lower limit being 0.7 times of the daily interest rate, generally in the range of 0.035% to 0.05%.

5. Interest-free period or more than 60 days: In the past, the interest-free period of credit cards was as short as 20 days and as long as 56 days. However, after the implementation of the new regulations, the interest-free period of some banks can be as long as 60 days, equivalent to two months, which is a good thing for cardholders.

6. Credit card cash withdrawal is included in the minimum repayment amount: In the past, credit card cash withdrawal did not require one-time repayment, but the new regulations stipulate that the current month's cash withdrawal amount enters the minimum repayment amount of this month's bill and must be paid off in one lump sum, otherwise it will be overdue. This will increase the repayment pressure of cardholders, so it is still not easy to withdraw cash.

legal ground

People's Republic of China (PRC) Civil Code

Article 667 A loan contract is a contract in which the borrower borrows money from the lender, repays the loan at maturity and pays interest.

Article 668 A loan contract shall be in written form, unless otherwise agreed between natural persons.

The contents of a loan contract generally include terms such as loan type, currency, purpose, amount, interest rate, term and repayment method.

Article 669 When concluding a loan contract, the borrower shall, at the request of the lender, provide the true information about the business activities and financial status related to the loan.

Article 670 Interest on a loan shall not be deducted from the principal in advance. If the interest is deducted from the principal in advance, the loan will be repaid according to the actual loan amount and the interest will be calculated.