How to pay the annual fee for a credit card
Normally, the annual fee for a credit card is charged based on the time the user opens the card. For example, after the card is opened and activated in January this year, the annual fee will be charged in January of each subsequent year. When collecting, the bank will deduct it from the user's credit limit and include it in the user's bill. The user only needs to pay off the bill on the repayment date. The operation is very convenient.
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 name of the issuing bank, validity period, number, cardholder 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 appointed commercial service departments, and then the bank will make settlements with merchants and cardholders. Cardholders can overdraft within the prescribed limit.
Credit cards stipulated in the relevant laws of our country ("Interpretation of the Standing Committee of the National People's Congress on Relevant Credit Card Regulations") refer to credit cards issued by commercial banks or other financial institutions with the functions of consumption payment, credit loans, transfer settlement , cash deposit and withdrawal and other full or partial functions of the electronic payment card. On December 1, 2017, the "English Translation and Writing Standards in the Public Service Field" was officially implemented, stipulating that the standard English name of credit cards is CreditCard.
Credit card consumption is a non-cash transaction payment method. There is no need to pay cash when consumption, and repayment will be made on the billing date (BillingDate).
Credit cards are divided into credit cards and quasi-credit cards. Credit cards refer to credit cards in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card It refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, the cardholder can overdraw within the specified credit limit. The so-called credit card generally refers to a credit card only.
Starting from January 1, 2021, the credit card overdraft interest rate will be determined independently by the card issuer and the cardholder through independent negotiation, and the upper and lower limit management of credit card overdraft interest rates will be cancelled. The daily interest rate is 0.7 times 5/10,000).
Compared with ordinary bank savings cards, the most convenient way to use credit cards is that they can be used for ordinary consumption without cash in the card. In many cases, you only need to return the consumed amount on schedule.
You can use overdrafts without deposits, and you can enjoy an interest-free period of 20-56 days for on-time repayment without any interest charges (most banks will charge an interest of 50,000 cents on the day of cash withdrawal, and 2 handling fees, ICBC cash withdrawals are free of handling fees and only charge interest).
Swiping your card when shopping is not only safe and convenient, but also provides gift points.
You can enjoy discounts when you use the card at the bank's designated merchants.
Accumulate personal credit and add a record of integrity to your credit file that will benefit you throughout your life.
It is accessible nationwide and you can withdraw money or make purchases by swiping your card at ATMs and POS machines with the UnionPay logo; (Note: Credit cards are only suitable for consumption and swiping. It is best not to withdraw cash. The handling fee for cash withdrawals is very high and very inconvenient. Cost-effective)
Swipe your card for consumption, collect existing points with some credit cards, and offer a variety of discounts and lucky draws throughout the year, so you can always be surprised as long as you use your card; (most credit card online payments do not have points, but online shopping payments Very convenient and fast)
Free mailed statements every month, allowing you to transparently control every consumption expenditure; (now promoting green environmental protection, paper statements can be canceled and changed to electronic statements)
The unique supplementary card function is suitable for couples to manage finances at the same time, or to control their children's financial expenditures.
The free choice of one card and dual currencies is available all over the world. Overseas consumption can be repaid in domestic RMB.
400 or the 5-digit short number starting with 9 is available 24 hours a day. Loss reports are effective immediately and there is zero risk of losing the card.
Have validity period: It is known that the validity period of domestic credit cards is generally three or five years.
Use third-party platforms (the domestic platform that supports credit card bill management is mainly Jujindou) for business cooperation to provide cardholders with preferential services.
How to charge the annual fee for Bank of China credit card? Is there any annual fee exemption?
Standards for charging annual fee for Bank of China credit card:
(1) Bank of China/Great Wall Global Connect Series products: -Personal cards: regular card: up to RMB 100/card; theme card: up to RMB 280/card; gold/titanium card: up to RMB 360/card;
(2 ) Platinum card: up to RMB 800/card;
(3) High-end card: up to RMB 3,600/card;
(4) Business card/organization card: up to RMB 360 Yuan/card;
You can check it through the official website of Bank of China ()--Bank Card--Service Guide--Card Application Guide--Bank of China Credit Card Service Fee Price List.
During the year in which the credit card is used, if the accumulated card consumption of this account in the current year meets the following conditions, the annual fee for the current year can be reduced or exempted, except for special cards:
1. Personal Gold Card is exempt from the first year. The annual fee will be waived for the following year if you make 5 transactions; the annual fee reduction policy for supplementary cards is the same as for the main card;
2. New Platinum Card customers from 2017 to 2018 will be exempted from the first-year annual fee. Old customers and new customers will be exempted from annual fees. In the following year, the annual fee needs to be waived for 12 transactions of 20,000 yuan or more, or 100,000 transaction points can be used to redeem the annual fee; the annual fee reduction policy for supplementary cards is the same as for the main card.
3. All-currency international chip series gold, regular and platinum credit cards: annual fee is waived when applying for a card before December 31, 2018.
The above content is for your reference, please refer to actual business regulations.
Credit card annual fee
People often don’t know the concept of credit card annual fee very well. They don’t know why there is such a charging item. Here is an introduction to it.
What is a credit card annual fee?
A credit card annual fee can actually be said to be a credit card management fee. After the cardholder activates the credit card, the bank will deduct it from the limit on a fixed day. There is a certain fee.
Credit card annual fee charging standard
Almost all credit cards issued by banks have annual fees. The specific fees range from 10 yuan to several thousand yuan, mainly based on the card level. Yes, the more advanced the credit card, the higher the annual fee. For example, the annual fee for many platinum cards is between 800 yuan and 5,800 yuan.
Credit Card Annual Fee Waiver Policy
In order to encourage consumers to use credit cards, banks will implement a policy of waiving annual fees for credit card purchases based on the credit card level. For example, generally with the lowest level credit card, if you swipe the card 3 to 6 times a year, the annual fee for the next year will be waived.
However, please note that some high-level credit cards have strict annual fee exemption policies. For example, a platinum card requires 20 purchases, and the amount exceeds 80,000 yuan to be exempted from annual fees; some platinum cards even require purchases There is no annual fee, and there is nowhere to hide this fee, so you must be cautious when applying for a platinum card.
Credit card deduction time of major banks
1. Industrial and Commercial Bank of China: The number of card swipes will be calculated starting from the card activation date, and one year will be counted from the corresponding date in the following year. If it does not qualify for annual fee exemption condition. The annual fee will be charged on this day. Generally, ICBC will send you a text message reminder one month in advance for the annual fee deduction.
2. Bank of China: Like the Industrial and Commercial Bank of China, the number of card swipes will be settled from the moment the card is activated, and will be settled for one year until the corresponding date in the next year. For example, if a card is activated on August 10th, the annual fee will be charged on August 10th next year, and the cycle continues.
3. China Construction Bank: Calculation and collection will begin on the first statement day of the card year.
4. Bank of Communications: The number of card swipes will be calculated starting from the card activation date, and one year will be counted from the corresponding date in the following year.
5. China Merchants Bank: The card issuance date shall prevail. For example, if the card issuance date is November 1st, then one year will be from November 1st to October 31st of the following year, and the annual fee will begin to be charged.
6. China Guangfa Bank: The number of card swipes will be calculated starting from the card activation date, and one year will be counted from the corresponding date in the following year.
7. CITIC Bank: The number of card swipes will be calculated starting from the card activation date, and one year will be counted from the corresponding date in the following year.
8. Ping An Bank: The number of card swipes will be calculated starting from the card activation date, and one year will be counted from the corresponding date in the following year.
9. Minsheng Bank: The number of card swipes will be calculated from the card activation date, and one year will be counted from the corresponding date in the following year.
10. China Everbright Bank: The number of card swipes will be calculated from the card activation date, and one year will be counted from the corresponding date in the following year.
How is the annual fee for a credit card calculated?
No matter what credit card it is, there is an annual fee, but the annual fee for each bank’s credit card is different. Generally, The annual fee for a credit card is calculated for the entire year. For example, if your credit card is processed in July, your annual fee will be calculated in July of each year.
However, in order to attract users to apply for credit cards, some banks now generally stipulate that the annual fee is waived in the first year. At the same time, users who make 3 or 5 purchases with the card in the same year can be exempted from the annual fee in the following year. .
However, the year in the annual fee-free credit card policy is not actually calculated based on natural years. Instead, the user only needs to complete the number of transactions within one year from the date of issuance of the credit card, so cardholders do not have to worry. If the number of transactions is not completed before the end of last year, the annual fee will be deducted. That is, one year has passed since the date the credit card was issued by the system.
Credit card annual fee rules refer to some corresponding regulations for the annual payment of credit cards. Banks are not allowed to charge annual fees before the credit card is activated by the cardholder. However, in the face of the various annual fee rules for credit cards from different banks, most Most people have only a little knowledge. Most annual credit card fees are around one hundred yuan. Some banks stipulate that you can waive the annual fee by swiping three times a year.
Annual fee-free rule
If you apply for a card and don’t use it, you will have to pay the annual fee, which is certainly not cost-effective. The annual fee exemption rules vary among different banks, making it easy for cardholders to incur annual fees unintentionally.
Cardholders generally believe that credit card agencies adopt the practice of waiving the annual fee in the first year and waiving the annual fee in the following year if the card reaches a certain standard, but this is not the case for all cards. For example, ICBC credit cards are not exempt from annual fees in the first year. Instead, they need to swipe the card a total of 5 times or spend more than 5,000 yuan to be exempted from the annual fee. China CITIC Bank stipulates that only swiping the card once in the first month after the card is issued can be exempted from the annual fee in the first year. .
As for the rules for exempting the annual fee for the following year, some banks stipulate that as long as the card is swiped more than three times, it will be free, such as China Construction Bank [6.203.85] and China Everbright Bank; some banks stipulate that the number of swipes is more For example, the Shenzhen Development Bank Credit Card stipulates that the annual fee for the following year can be waived by swiping the card 18 times. Most banks, such as ICBC, Agricultural Bank of China, Bank of China, Bank of Communications, China Merchants Bank, etc., adopt the policy of waiving annual fees for 5-6 times.
Yinsu.com Financial Planner pointed out that since annual fees are not the main source of income for domestic credit card issuers, banks generally stipulate that annual fees must be waived after a certain number of card swipes, but there is no limit on the amount. However, there are some banks that impose restrictions on the amount of consumption. For example, Shanghai Pudong Development Bank stipulates that the annual fee for the next year can be waived only if the consumption reaches 2,000 yuan or more.
It is also worth noting that the bank’s annual fee exemption rules are not static. A staff member of the Credit Card Center of Bank of Communications [8.794.27] told reporters that the annual fee for a credit card is based on the collection time of the first year's annual fee, and is pushed back 12 months to the collection time of the next year's annual fee. Bank of Communications credit card annual fee exemption rules will generally be notified to cardholders by text message at the end of the year or the beginning of the next year. Cardholders need to pay attention to whether the annual fee exemption rules have changed.
●TIPS: Generally speaking, only ordinary credit cards can enjoy the annual fee exemption rule, while the annual fees for gold cards, platinum cards, diamond cards and other cards are usually unavoidable.
Lifetime no-annual-fee credit card
The annual fee stipulations of credit cards are really eye-catching. Isn’t there a free lunch?
In fact, there are not many credit cards that waive annual fees for life. For example, credit cards issued by Postal Savings Bank, whether it is the main card or the supplementary card, do not need to worry about the annual fee.
Shanghai Bank’s credit cards also have free lunches, such as Star Card, Hong Kong Travel Card, Global Pass Card and other cards, all of which are free of annual fees for life. However, Shanghai Bank’s outlets only cover the Shanghai area. It is more difficult to apply in other areas.
There are also credit cards from other banks that waive annual fees for life. Since there are so many types of credit cards, if you want to apply for them, you need to search carefully. For example, China Guangfa Bank’s China Southern Airlines Sky Pearl Credit Card Extra Edition and QQ Car Card, Shanghai Pudong Development Bank’s McDull Credit Card and the 60th Anniversary Credit Card of the Founding of the People’s Republic of China, Agricultural Bank of China’s Golden Harvest Ruyi Card, and Bank of Beijing’s [18.825.67] Daai Credit Card are all available. There is no annual fee for life.
In addition, reporters noticed that since July 2013, various banks have issued a large number of business credit cards to enterprises and institutions, all of which have lifetime annual fee exemptions. Official credit cards are credit cards held by individuals working in budget units. They can be used for daily official expenditures and financial reimbursements, as well as for personal consumption and cash withdrawals, and can enjoy various card-holding preferential treatment.
●TIPS: The lifetime annual fee exemption is not the lifetime of the cardholder, but the "lifetime" of the card, that is, the validity period of the credit card, which is generally three to five years.
How do you charge the annual fee for Bank of China's credit card?
The annual fee for Bank of China's credit card is charged as follows:
(1) BOC/Great Wall Global Connect Series Products: -Personal Cards: Regular card: up to RMB 100/card; theme card: up to RMB 280/card; gold/titanium card: up to RMB 300/card;
(2) Platinum card: up to RMB 280/card; RMB 800/card;
(3) High-end card: up to RMB 8,800/card;
(4) Business card/unit card: up to RMB 360/card;
Among them, annual fees for credit cards such as wages, pensions, subsistence allowances, medical insurance, unemployment insurance, and housing provident funds are waived; annual fees for credit cards such as official cards of central and local budget units are waived.
You can make inquiries through the official website of Bank of China ()--Bank Card--Service Guide--Card Application Guide--Bank of China Credit Card Service Fee Price List.
The above content is for your reference, please refer to actual business regulations.
This ends the introduction on how to collect the annual fee for credit cards and how to collect the annual fee for Sunshine Business Travel Credit Card. I wonder if you found the information you need?