The use of China Merchants Bank's credit card personal accounts is temporarily restricted. This is due to the user's long-term failure to repay in full and on time, and the bank has taken deactivation measures to reduce risks. The account will not be able to make purchases during the deactivation period. The way to lift the deactivation is to make full repayment or make normal repayments for three consecutive months. By demonstrating the user's repayment ability, the bank will re-evaluate and allow the credit card to resume normal use.

The consequences of late repayment cannot be underestimated. First of all, high penalty interest is inevitable. Except for ICBC, other banks will calculate interest on the full amount, with an interest of 0.05% per day. Secondly, if the overdue payment is so severe that no results can be obtained after three months of collection, you may face legal disputes or even commit fraud due to malicious overdraft. In this case, not only will the personal reputation be damaged, but legal costs and the full amount owed will also need to be paid.

What’s more critical is that overdue repayment records will be permanently recorded on a person’s credit report, affecting their future life. Whether you are applying for a loan, insurance, job hunting or studying abroad, a good credit record is crucial. Therefore, timely repayment and maintaining a good credit record are what every cardholder must pay attention to.