How to overdraft a credit card

As long as your credit card is in normal condition and there is an available cash withdrawal limit, you can withdraw it through ATM, counter, etc.

In terms of charging standards, they are divided into cash withdrawal handling fees and cash withdrawal interest.

The charging standards for cash withdrawal handling fees will be different for each bank. You can check the details on the bank’s website. The cash withdrawal interest is basically from Starting from that day, it is calculated as 0.05% per day, and it is stipulated that the daily overdraft withdrawal of each card shall not exceed 2,000-10,000 yuan (depending on the bank's policy).

Credit limit:

Credit limit It refers to the maximum overdraft limit that the bank gives you when approving your credit card. You can only use the card to make purchases within this limit. If you exceed this limit, you cannot use the card to make purchases.

The credit limit is determined based on a comprehensive evaluation based on the information you filled in when applying for a credit card and the relevant supporting documents provided. The principal card and supplementary card*** share the same limit. Under normal circumstances, the RMB limit and the USD limit in a dual-currency credit card can be converted to each other. For example, if your limit is 30,000 RMB, when you use the card overseas, your credit limit is approximately equivalent to 5 ,000 USD.

The credit limit will be adjusted regularly by the bank, but you can proactively provide relevant proof of financial resources to request adjustment of the credit limit. In addition, when you need a higher limit within a certain period of time when traveling abroad, moving to a new home, etc., you can request to increase the temporary credit limit.

The limit of China Merchants Bank personal ordinary card is generally between 1,000 yuan and 50,000 yuan. Students generally earn less than 5,000 yuan.

For those with fixed incomes, civil servants or those employed in financial institutions such as large banks have the highest quotas. The size of the company where the individual works and his or her job level also have a great impact. The type of household registration will also have an impact. The biggest impact is usually personal income (i.e. ability to repay debt, including asset status, historical credit record, etc.).

The limit of a regular card can range from 1,000 to 10,000. The limit depends on many factors. Each bank has different standards and it depends on your personal creditworthiness.

Notes on using credit cards:

1. Pay attention to consumption

In addition to enriching the types of daily card consumption, credit cards must also ensure the consumption limit. Occasionally, I made several large purchases. In addition, you should also pay attention to avoid frequent consumption at the same place. After some friends made several large purchases, the bank not only refused to approve the limit increase, but also froze the credit card because of the risk of cashing out.

2. Pay attention to the limit

Friends who want to increase the limit of their credit cards must pay more attention to the changes in the limit of active credit cards, especially the usage limit and available limit. The higher the ratio of your credit card's used limit to your credit limit, the higher the chance of your application for a limit increase being approved.

3. Check credit report

If the cardholder has met the conditions for credit card limit increase, it is best to check your personal credit report first. Credit investigation has a great impact on credit card limit increase. Only a good credit record can ensure the success rate of credit card limit increase.

Can I still overdraw if my credit card has no limit?

If my credit card has no limit, I can continue to overdraft, but the amount that can be overdrafted is very small. At most, I can only overdraft 10% of the total limit. %, for example, your credit card limit is 5,000 yuan. After it is used up, the cardholder can overdraft up to 500 yuan. But whether you can overdraft most credit cards is based on whether you have a limit.

Credit cards, also called credit cards, are credit certificates issued by commercial banks or credit card companies to consumers with qualified credit. It takes the form of a card with the issuing bank's name, validity period, number, cardholder's name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially designated commercial service departments, and then the bank will settle the accounts with merchants and cardholders. Cardholders can overdraft within the prescribed limit.

The methods within the card-issuing bank include: card-issuing bank counter, ATM, online banking, automatic transfer, telephone banking repayment, etc. After repayment, the credit card limit will be restored immediately, and the payment will generally be credited to the account after the system processes it on the same day.

WeiBank POS mobile phone and WeiBank Tong POS mobile phone are a mobile financial system personal payment terminals that can be used to directly repay by swiping cards, as well as perform transfers and other services. Instant payment!

Transfer/remittance repayment is mainly divided into two methods: inter-bank inter-bank in the same city and inter-bank inter-bank in different places. Regardless of the method of transfer or remittance, the remittance bank will charge a certain fee. At the same time, the time it takes for the money to arrive and the convenience of repayment are not as good as intra-peer repayment, online repayment, convenience store repayment and other methods.

The more common domestic online platforms for online repayment include: UnionPay Online, Kuaiqian, Shengfutong, Alipay, Tenpay, etc. Depending on the platform and bank you choose, the charging standards and specific payment arrival time will be different.

This method of convenience store repayment is mainly completed through the "Lakala" smart payment terminal installed in the convenience store. Generally, the payment time takes 2 to 3 working days. At the same time, using this There is no handling fee for repayment.

Counter repayment counter refers to bank cards issued by various networked financial institutions, which can be used to conduct RMB current deposit and withdrawal transactions through the counters of other bank branches registered in the UnionPay exchange center host system.

The "Xinpaytong" smart credit card phone for repayment is an innovative electronic product independently developed by China UnionPay, certified by the Bank Card Testing Center, and supported by financial services provided by China UnionPay's inter-bank information exchange network.

Use "Repayment Tong" to make repayments, and the fees are generally charged according to the fee standards for intra-city inter-bank transfers and long-distance inter-bank remittances stipulated by the local People's Bank of China.

Other methods In addition to the methods mentioned above, card issuers have also opened their own unique repayment methods in order to facilitate cardholders' repayment.

Can I use my credit card if I have no money?

You can continue to use your credit card if there is no money in it, but not all banks support this "over-limit" service.

Some banks have strict risk control and do not allow cardholders to swipe their cards beyond the limit. For example, Bank of Communications and China Merchants Bank cannot use credit cards beyond the limit; credit cards from ICBC, Agricultural Bank of China, Bank of China and Ping An Bank can use credit cards in excess of the limit, but the over-limit proportion is not clear; credit cards from China Guangfa Bank can use credit cards beyond the limit by 10% of the floating limit.

All initial customers of Minsheng Bank will not activate the over-limit function by default. If you need to activate the over-limit function, you need to use the reserved mobile phone to edit the SMS application. After a customer activates the over-limit function, the specific amount that can be exceeded is determined based on the customer's comprehensive card usage.

In fact, many banks will give cardholders a consumption limit that exceeds the credit card overdraft limit. For example, the credit limit of a credit card is 10,000 yuan, but usually the amount of consumption that can be swiped by this credit card is 11,000 yuan, that is There is an overage limit of 10%. To put it bluntly, many credit cards can still be used after they are maxed out.

Before 2017, many banks allowed cardholders to swipe their cards over the limit. At the same time, they levied an "over-limit handling fee" on transactions that exceeded the limit, which was generally about 5% of the over-limit amount.

However, the "Notice of the People's Bank of China on Matters Related to Credit Card Business" issued by the Central Bank in 2016 requires commercial banks to make corresponding adjustments to various credit card charging standards. Therefore, various commercial banks have issued announcements successively. , around 2017, began to cancel credit card “over-limit handling fees”.

That’s it for the introduction on how to overdraft when your credit card runs out of money.