The biggest change in the new Articles of Association is that it is the first in China to cancel the full penalty interest. The new "Articles of Association" stipulates that cardholders can repay according to the minimum repayment amount indicated in the statement. If repayment is made according to the minimum repayment amount, the card issuer will only charge overdraft interest for the unpaid part from the bank bookkeeping date to the repayment date. If the minimum repayment amount cannot be repaid before the due repayment date (inclusive), the overdraft interest of the money used from the bank bookkeeping date to the repayment date shall be paid, and the overdue fine shall be paid according to a certain proportion of the unpaid minimum repayment amount. In addition, the new Articles of Association has also added provisions to prevent credit card cashing. According to the new articles of association, Peony Credit Card shall not be used for fraudulent activities such as false transactions to obtain funds, points, prizes or value-added services.
Previously, the bank imposed a full penalty interest system on peony cards, including international credit cards, that is, as long as 1 cent was not paid back, it would charge five ten thousandths of daily interest on all consumption funds from the date of consumption.
Dr Cao Honghui, director of the Financial Market Research Office of the Institute of Finance, China Academy of Social Sciences, said that the cancellation of full penalty interest on ICBC's credit cards is a tangible benefit to customers from a business perspective, indicating that it has responded to the government's call to expand domestic demand and encouraged consumer credit.
In addition, some insiders said that ICBC's new interest-bearing method is more reasonable and humanized, and banks will gradually follow suit in the future. If other banks still use the original interest-bearing method, their customers may flow into ICBC on a large scale. Spending 5000 yuan can also save half of 70 yuan.
Suppose a customer used Peony Credit Card 65438+ 10/month to spend 5000 yuan, and repaid 2500 yuan on February 25th. According to the original interest calculation method, he should pay 5,000 yuan of interest every day from June 65438+1 October1day to February 25, and continue to pay 2,500 yuan of interest after February 25.
According to the new articles of association, of the 5,000 yuan spent, 2,500 yuan enjoys interest-free repayment, and the unpaid 2,500 yuan has interest, that is, from 1, the interest is calculated according to the principal of 2,500 yuan, and the new scheme saves 68.75 yuan.