The policy of inability to repay credit cards is as follows:
1. Liquidated damages replace late fees: After the implementation of the new credit card regulations, overdue late fees will be replaced by liquidated damages. Although both charges are less than 5% of the unpaid part of the minimum repayment amount, the liquidated damages will prevent the profits from rolling.
2. Improve the sentencing standard for credit cards: If the credit card is overdue, you may be investigated for criminal responsibility, especially if you maliciously overdraw the credit card, which constitutes credit card fraud, and then you may be arrested and imprisoned. The new credit card overdue regulations will raise this sentencing standard from 1 thousand yuan to 5 thousand yuan.
3. Minimum repayment amount or less than 1%: After the introduction of the new credit card regulations, the minimum repayment amount of banks is not necessarily 1%, and the specific amount is determined by the banks themselves. At present, most banks still set the minimum repayment amount at 1%, some at 5% or even lower.
4. set the upper and lower limits of overdraft interest rate: in the past, the daily interest rate of credit cards exceeded the interest-free period by .5%, while the new regulations set the upper and lower limits of overdraft interest rate, with the upper limit being .5% and the lower limit being .7 times, generally between .35% and .5%.
5. Interest-free period or more than 6 days: In the past, the interest-free period of credit cards was at least 2 days and the longest was no more than 56 days. However, after the implementation of the new regulations, the interest-free period of some banks can reach 6 days, which is equivalent to two months of free use of credit cards, which is a good thing for cardholders.
6. the minimum repayment amount is included in the credit card for direct withdrawal: in the past, credit card withdrawal did not require one-time repayment, but the new regulations stipulate that the withdrawal amount of the current month will enter the minimum repayment amount of the current month and must be repaid in one time, otherwise it will be overdue. This increases the repayment pressure of cardholders, so don't withdraw cash easily.
Legal basis:
Article 667 of the Civil Code, a loan contract is a contract in which the borrower borrows money from the lender, returns the loan at maturity and pays interest.
according to article 668 of the civil code, a loan contract shall be in written form, unless it is 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 of the civil code stipulates that when concluding a loan contract, the borrower shall provide the true information about the business activities and financial status related to the loan according to the requirements of the lender.
article 67 of the civil code stipulates that the 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 shall be returned according to the actual loan amount and the interest shall be calculated.
article 671 of the civil code stipulates that if the lender fails to provide the loan according to the agreed date and amount, thus causing losses to the borrower, it shall compensate for the losses. If the borrower fails to collect the loan according to the agreed date and amount, it shall pay interest according to the agreed date and amount.
according to article 672 of the civil code, the lender may inspect and supervise the use of the loan as agreed. The borrower shall provide the lender with relevant financial and accounting statements or other materials on a regular basis in accordance with the agreement.
article 673 of the civil code stipulates that if the borrower fails to use the loan according to the agreed purpose, the lender may stop issuing the loan, recover the loan in advance or terminate the contract.