What is the difference between the optimal repayment and the minimum repayment of ICBC's credit card?

The difference between the optimal repayment and the minimum repayment of ICBC's credit card:

1. Repayment The amount of the payment is different: the optimal repayment is to repay the current bill in full, and the minimum repayment is to repay 10% of the current bill.

2. The interest paid is different: the optimal repayment will not incur late fees and interest, while the minimum repayment will incur consumer interest.

3. The repayment time is different: the optimal repayment is to repay before the due date, while the minimum repayment is to repay according to the minimum repayment amount, and the remaining repayment will be paid back slowly in the future.

The optimal repayment is the full repayment of the current bill. There is no need to repay the rest because they are all within the interest-free period.

Minimum repayment means that if the cardholder has difficulty repaying all the amount payable before the due repayment date (inclusive), he can repay according to the minimum repayment amount stipulated by the card issuer, but he will not be able to enjoy Interest-free repayment period, the minimum repayment amount is 10% of the consumption amount plus other various payables. The minimum payment is listed on the current bill.

Extended information

Consequences of overdue credit card repayment 1

After a credit card default with high penalty interest, the penalty interest fees usually involved are recurring interest fees and Late payment fees. Revolving credit is essentially a small, unsecured loan that accrues interest on a daily basis. If the full amount is not repaid on the final payment date, revolving credit interest will accrue on the next statement, and it will start from the date the consumption is recorded. Calculate interest.

Consequences of overdue credit card repayment II

Legal + Violent credit card collection has become a hot topic. Many bank credit card centers outsource credit card repayment collection to some so-called "debt collection companies" , these companies are mixed, and their debt collection methods are relatively rough, causing great trouble to customers.

Three Consequences of Overdue Credit Card Repayment

Leaving "credit stains" in the national credit reporting system. In 2006, the central bank established a national unified basic database of corporate and personal credit information. If you apply for a card or get a loan at a bank, your own "credit report" will be automatically generated in the system. The "stains" in this report cannot be ignored. It will affect your application for various loans, insurance, and job hunting. , studying abroad, etc. Bad records are generally kept abroad for 7 years.

Reference Materials

ICBC Home Page-Credit Card-Articles and Agreement

ICBC Credit Card Minimum Repayment

If it is a credit card, Please log in to mobile banking and click on the "Credit Card-Repay Immediately" function to check the minimum repayment amount of your credit card. If the minimum repayment amount is displayed as 0, it means that the minimum amount has been paid. If you have a ++ account, please inquire separately. Minimum repayment data is updated the next day.

Warm reminder:

1. If only the minimum amount is repaid, ICBC will charge the unpaid portion (excluding service fees) at a rate of 50,000 per day in the bank's accounting Overdraft interest from the date of repayment to the repayment date, and the overdraft interest is compounded on a monthly basis.

2. Some products implement time tolerance and full penalty interest: If the amount repayable in the current period is not repaid in full, all overdrafts repayable in the current period will no longer enjoy the interest-free repayment period, and will be Overdraft interest (excluding service fees) will be charged on all repayable overdrafts in the current period from the bank accounting date to the repayment date.

(Answer time: April 21, 2022. In case of business changes, please refer to the actual situation.)

How to pay the minimum repayment of ICBC credit card

The minimum repayment amount of an ICBC credit card is generally shown in the monthly mailed statement. However, if the minimum repayment amount is used, all purchases will not enjoy the interest-free period. The minimum repayment amount for an ICBC credit card includes the sum of the unpaid portion of the minimum repayment amount in the previous statement and 10% of the account overdraft balance on the current statement date.

Interest will not be charged on the repaid minimum repayment of ICBC credit card, but interest will be charged on the unreturned portion starting from the entry date (specific entry time after consumption) until the cardholder pays off the debt. The interest is calculated at 50,000 per day.

Using the minimum repayment amount is very detrimental to the cardholder. The bank will think that the cardholder has a problem with repayment. There will be no benefit in increasing the credit card fixed limit in the future, and using the minimum repayment will also occupy The credit limit will only be partially restored every month if you repay it month by month, which will affect normal consumption.

In fact, when you are unable to repay your credit card, you can borrow money from relatives and friends, and then repay them when you have sufficient funds. In order to prevent yourself from not being able to repay on time on the repayment date, you must exercise restraint when using credit cards and do not exceed your tolerance.

Consumption should be based on your own ability

Is there a minimum repayment for ICBC credit cards?

Yes. ICBC minimum repayment amount: refers to the minimum amount that cardholders should repay before the due payment date (inclusive). Calculation method: Minimum repayment amount for each period = 10% of the amount of outstanding general transactions (installments, overdraft cash withdrawals, overdraft consumption other than overdraft transfers and related interest, fees, etc.) in the statement + all outstanding amounts that have been recorded and outstanding 100% of the installment payment, overdraft cash withdrawal, and overdraft transfer amount + the unpaid portion of the minimum repayment amount of the previous period's bill.

The credit cards issued by the Industrial and Commercial Bank of China are uniformly named Peony Cards. According to ICBC's credit cards, there are the following types:

"Peony Credit Card": Deposit interest-bearing and small cash overdraft. (There is no interest-free period for consumption. Mainly used for deposits and cash overdrafts. The credit limit is 5,000 yuan for ordinary cards. Gold Card 10,000 yuan)

"Peony Credit Card": no interest on deposits (with an interest-free repayment period for consumption ranging from 25 to 56 days, depending on the date of your consumption, and you can have a cash overdraft) The credit limit is 3,000 yuan-20,000 yuan for regular cards and 10,000 yuan-50,000 yuan for gold cards

"Peony International Card": has all the same functions as "Peony Credit Card", except that the Peony International Card is available in both RMB and US dollars. account.

"Peony Platinum Card": has all the functions of the Peony International Card, and enjoys various VIP services and airport boarding services. The credit limit is 500 million-100,000 yuan

If It is recommended not to apply for a credit card when opening the online payment function, but to apply for an ordinary ICBC Peony E-era card and open online banking. The categories according to specific purposes are:

1. According to the brand, it is divided into Peony UnionPay card, Peony Visa Card, Peony MasterCard, Peony Express Card, Peony JCB Card and other brand cards.

2. According to the issuance objects, it is divided into corporate (business) cards and personal cards. Personal cards are divided into primary cards, secondary cards, and supplementary cards attached to the primary card (secondary card).

3. According to the repayment responsibility, it can also be divided into corporate responsibility business cards, company responsibility personal cards, and personal responsibility personal cards.

4. According to the credit level, it is divided into platinum card, gold card and ordinary card.

5. According to the account currency, it is divided into RMB card, dual currency card and multi-currency card.

6. According to whether they are co-branded (identified), they are divided into co-branded (identified) cards and non-joint-branded (identified) cards.

7. According to the information carrier, they are divided into magnetic stripe cards, chip cards and magnetic stripe chip composite cards. Peony International Credit Card

Peony International Credit Card is an international-level credit card product launched by the Industrial and Commercial Bank of China. International cards are accepted domestically and abroad, and are settled in RMB and a designated ++. The Peony International Card uses a revolving credit transaction method. For consumption overdrafts within the credit limit, if you repay in full before the due repayment date, you can enjoy the interest-free repayment discount. The card is universally accepted.

How to calculate the minimum repayment amount of ICBC credit card

The minimum repayment amount of ICBC credit card = the unpaid portion of the minimum repayment amount in the previous statement and the account consumption overdraft on the current statement day The sum of 10% of the balance.

In other words, your minimum payment this month is 10% of the total amount of your latest credit card payment, plus the unpaid portion of the minimum payment last month (if the minimum payment last month was If the entire amount is not repaid), interest will be added at the end.

Note: The minimum repayment of ICBC credit card is calculated from the consumption date, not from the final repayment date. Please pay special attention to this. The minimum repayment amount of ICBC credit card is not interest-free, and the interest is calculated based on the daily interest rate of 0.5%.

According to the "2013-2017 China Credit Card Industry In-depth Research and Investment Strategic Planning Analysis Report", since 2010, in order to curb the rapid rise in asset prices and control inflation, the Chinese government has implemented a sound monetary policy. And a series of moderate tightening measures have been adopted, indicating that macro-prudential and strengthened capital supervision have become the core of China's banking industry supervision.

Various tightening money supply operations and capital constraint policies have had a profound impact on the liquidity level, credit granting rhythm and structure of Chinese commercial banks.

The analysis believes that the evolution of the industry structure is that the product portfolio is further optimized and diversified, research and development of new industry standards and mobile payments are intensified; credit penetration is deepened; and the installment business is developed in depth.

China’s credit card market is still one of the fastest-growing product lines in China’s personal financial services market. Although the economic benefits of the industry are full of challenges, driven by economies of scale and growth in consumer spending, China’s credit card market will continue to grow in the next 10 years. The average annual growth rate of credit card issuance will remain at around 14%, and profitability will also tend to improve. Qianzhan.com predicts that by 2020, the cumulative number of credit cards issued in China will exceed 800 million.

Credit card installment payment means that when the cardholder uses a credit card to make large purchases, the card-issuing bank pays the merchant a one-time payment for the goods (or services) purchased by the cardholder. After application, consumption funds will be deducted from the cardholder's credit card account in installments, and the cardholder will repay according to the monthly credit amount.

Most banks in China have credit card installment services. Installments are generally divided into shopping mall (POS) installments, "mail order installments" and bill installments through the Internet, mail, etc. depending on the occasion. .

How to calculate the minimum repayment amount of ICBC credit card?

The minimum repayment amount of ICBC credit card = "10% of the outstanding overdraft consumption amount in the statement" 100% of the outstanding installment payment, overdraft cash withdrawal, and overdraft transfer amount" + "the outstanding amount after paying the minimum repayment amount on the previous period's bill."

If there are no latter two charges, you only need to repay 10% of the overdraft amount of the current bill. Generally, after the minimum repayment amount of an ICBC credit card is returned, interest will not be calculated on the portion returned before the repayment date. The unpaid portion will accrue overdraft interest at a daily interest rate of 0.05% from the credit card billing date to the repayment date. It should be noted that the specific minimum repayment amount for an ICBC credit card must be based on the electronic statement or paper statement sent by ICBC.

Conditions for ICBC credit card application:

1. Be 18 years of age or older (inclusive);

2. Have full capacity for civil conduct.

3. The workplace or fixed residence is in the location of the card issuer; 4. The income is stable and above the local average level.

Consumers who meet the above conditions can apply for a Peony Credit Card at any of your local ICBC branches. In addition, after the credit card application is successful, you can also apply for a non-refundable credit card for your spouse, parents or children over 13 years old. More than two supplementary cards.

Materials required for ICBC credit card application:

1. Valid personal identification documents, such as resident ID card, military officer ID card, soldier ID card, armed police officer ID card, etc.:

< p>2. Certification materials that can confirm or support the solvency, income level, and credit status, such as personal income tax certificate, social security fund account payment certificate, credit certificate from other banks, employment certificate or income certificate issued by the unit where you work, Industrial and Commercial Bank of China Qualification certificate issued by the cooperative unit, etc.

Industrial and Commercial Bank of China Credit Card Application Process You can apply for Industrial and Commercial Bank of China credit card through various methods such as online, income banks, and business outlets. The application process is:

Operating environment:

Brand model: iPhone13

System version: iOS15.0

App version: v7.0.1.2.1

1. Portal: Log in to ICBC On the official website, select "Credit Card - I want to apply for a card" to proceed.

2. Online banking: Operate through online banking "Credit Card Service-Apply for Credit Card".

3. Mobile banking: Log in to mobile banking and select "Favorites-Credit Card-Apply for Credit Card" to operate.

4. Ronglian: Download Ronglian App, log in to Ronglian and click "ICBC Credit Card - I want to apply for a card - Apply for a card" to proceed.

5. Business outlets: Just go to your local business outlet to fill in the information and apply for a credit card with valid ID and proof of financial resources.

How long does it take to apply for an ICBC credit card?

Under normal circumstances, ICBC will issue a new credit card within 15 calendar days. Five working days after the account is successfully opened, you can go to the agreed business outlet with a valid ID to collect it; if the card is collected by mail, it will be sent in 7-15 working days, so please pay attention to check it.

To apply for a card online, please go to the agreed card collection outlet with your valid ID after receiving the card collection SMS notification. If you have not received a card collection notification or received a card for a long time, it is recommended that you call 95588 to contact human service for consultation.

How much does it cost to apply for an ICBC credit card?

Currently, there is no handling fee for applying for an ICBC credit card. The cost of issuing a new standard chip card is RMB 5 per card. If you apply for a chip card, whether the cost of the card is charged depends on the actual processing at the local outlet.

This ends the introduction about the minimum repayment of ICBC credit card and where to check the minimum repayment amount of ICBC credit card. I wonder if you found the information you need?