What does overpayment on China Merchants Bank’s credit card mean?

Many banks have the concept of overpayment, and so does China Merchants Bank. However, many cardholders do not understand this overpayment. I don't know how it was produced and what its uses are. In this case, let’s introduce to you the matters related to overpayment.

1. What is the meaning of overpayment

Overpayment refers to the amount that exceeds the fixed credit limit of a credit card. Generally, the cardholder pays too much when repaying, or You use your credit card as a debit card and deposit money into it.

Generally speaking, overpayment can increase the available limit of a credit card or be used directly for consumption repayment. If there is an overpayment on the credit card, the overpayment will be deducted first and then the credit limit. If the overpayment is greater than the consumption amount, there will be no overdraft.

2. Is there interest on overpayment?

Many cardholders will say that since it is the money I deposited into the credit card, the bank will naturally have to pay me interest. Is this really the case? If you have this idea, I can only say that you are too naive.

Different from a debit card, although the China Merchants Bank credit card can provide a deposit function, it is only used for overdraft, so no matter how much money you put in it, it can only go in but not out. , if you want interest, you can only dream about it.

3. Can the overpayment be withdrawn?

Yes, the money deposited into the China Merchants Bank credit card can be withdrawn, but it is easy to deposit it in, but not so easy to withdraw it. Otherwise, the bank will ask you for handling fees in the name of occupying business resources.

The overpayment cash withdrawal fee of China Merchants Bank’s credit card is charged based on the overpayment ratio of 5‰, with a minimum of 5 yuan and a maximum of 50 yuan; if the amount is withdrawn, the fee is a minimum of 1 USD and a maximum of 10 USD.

So, everyone must not deposit money into the China Merchants Bank credit card. When repaying the loan, you only need to pay the sufficient amount, otherwise it will be very uneconomical.

If there is an overpayment on the China Merchants Bank credit card, is there any handling fee for withdrawing cash?

When the amount deposited into a credit card exceeds all outstanding balances in the account, the excess amount is called "overpayment" and will be automatically deducted from subsequent credit card purchases.

The overpayment recovery handling fee is 0.5 of the amount recovered, with a minimum of RMB 5 or US$1 per transaction; currently our bank has launched a discount, with a maximum charge of RMB 50 or US$10 per transaction.

If the overpayment is withdrawn through cash advance channels, a cash advance fee will be charged;

Business card holders can receive their bank's all-in-one card for free;

Note: There is no charge for overpayment redemption through the Palm Life channel.

Mobile Life Operation Channel: After logging in, select "My" - "Account Check. Repayment" - "Overpayment" operation. Real-time arrival;

Collection time: 05:00-19:00;

Quota limit: limited to 3 times a day, with a single limit of RMB 50,000 (USD 5,000) yuan), with a single-day limit of RMB 50,000 (USD 5,000).

Supported currencies: RMB and U.S. dollars. U.S. dollars can only be withdrawn to our bank’s debit card. Currently, Palm Life only supports cash withdrawals, and cash remittance needs to be withdrawn manually through a credit card.