How to calculate the credit card swiping fee
Credit card swiping fee = the card swiping amount handling fee rate. Different industries have different rates. The rate standard ranges from 0.5% to 4%. No wait.
The first category of merchants includes catering, hotels, entertainment, jewelry and gold ornaments, and arts and crafts. The general discount rate is 2%-2.5%.
The second category of merchants includes real estate, car sales, and wholesale. The general discount rate is 1%, and you can apply for a single transaction cap.
The general discount rate for third-category merchants including gas stations and supermarkets is 0.5%-1%.
General discount rates for the fourth category of merchants, including public hospitals and public schools, vary depending on the region.
The fifth category of merchants includes general discount rates of 1%-3%.
It should be noted that the credit card swiping fee is charged by the bank to the card swiping merchant, and the cardholder does not need to pay it.
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1. Credit card cash withdrawals do not enjoy the interest-free period. Interest will be calculated at a daily interest rate of 5/10,000 from the date of cash withdrawal until it is paid off. Taking repayment after 20 days as an example, the interest to be borne by withdrawing 10,000 yuan in cash is: 100,000.05%20=100 yuan, which is an interest of 5 yuan per day, totaling 100 yuan for 20 days.
In addition, there are handling fees for credit card cash withdrawals. Each bank has different handling fee standards, which are generally around 1%-3%. Taking the Bank of Communications as an example, the handling fee for credit card cash withdrawals is 1%, and the handling fee for withdrawing 10,000 yuan is 100 yuan. The total *** adds up to a fee of 200 yuan. Everbright and Ping An have relatively high cash withdrawal fees, both of which are 2.5%. Then, the handling fee for withdrawing 10,000 yuan is 250 yuan, and the total fee is 350 yuan.
Cardholders are advised not to use credit cards to withdraw cash without special needs. Even if you need to withdraw cash, you should choose some special cards with cheaper cash withdrawal fees. For example, Bank of Communications' Y-POWER credit card has a handling fee of RMB 5 for domestic RMB cash withdrawals. However, you must repay as soon as possible after withdrawing cash.
How to collect credit card consumption fees
How to collect credit card consumption fees are as follows:
1. The cardholder uses the credit card in his or her name to make purchases. If so, cardholders do not need to pay any handling fees.
2. If the card swiping user is a merchant, a 0.38% handling fee will be charged for consumption through Cloud Quick Pass, mobile APP, and third-party channels.
3. If users use credit cards to make purchases in places such as shopping malls, supermarkets, etc., they will need to pay a 0.5% handling fee.
4. Generally speaking, credit card consumption procedures are only charged to merchants, and different industries have different charging standards. There is no handling fee when swiping a card for consumption. No matter whether you use a debit card or a credit card, you do not need to pay a handling fee. If the user uses a credit card to withdraw cash or transfer funds overdraft, certain fees will be charged accordingly.
Credit Card Use Management Regulations
1. In April 2016, the People's Bank of China issued the "Notice of the People's Bank of China on Matters Concerning the Credit Card Business", which came into effect on January 1, 2017. . The "Notice" requires the implementation of upper and lower limit management on credit card overdraft interest rates. The upper limit of overdraft interest rates is 5/10,000 daily interest rates, and the lower limit of overdraft interest rates is 0.7 times the daily interest rate of 5/10,000 points.
2. Mainly based on the following considerations: First, implementing step-by-step and gradual reforms will help card issuers further accumulate pricing data and experience during the transition period, and guide them to improve the credit card interest rate pricing mechanism. Second, the credit card risk control and pricing capabilities of each card issuer are uneven. The introduction of upper and lower interest rate guidance will help prevent individual card issuers from blindly cutting prices and engaging in price wars, leading to unfair competition and excessive debt borrowing by high-risk customers, thereby increasing credit risks. , causing partial chaos in the market. Third, while the information disclosure mechanism needs to be strengthened, setting an upper limit on overdraft interest rates will help prevent individual card issuers from unreasonably charging excessive interest and protect the legitimate rights and interests of cardholders.
3. On May 25, 2021, the Supreme People’s Court issued and implemented the “Regulations of the Supreme People’s Court on Several Issues Concerning the Trial of Bank Card Civil Cases”, clarifying that: the people support cardholders based on debit card and credit card contracts. The legal relationship requires the card issuer to return the principal and interest of the deposit or overdraft, liquidated damages and compensation for losses caused by the fraudulent deduction; at the same time, it does not support the card issuer's request to the credit card holder to repay the principal and interest of the overdraft, liquidated damages, etc.
Operating environment: mobile phone vivoS6, UnionPay v9.0.3
How to calculate credit card processing fees
Credit card processing fees are generally divided into cash withdrawal fees and card swiping fees There are two fees. Cash withdrawal fees: Different banks have different regulations on credit card cash withdrawal fees. Generally, the cash withdrawal fee is about 1% of the cash withdrawal amount. At the same time, the minimum and maximum amount of charges will be limited. In order to prevent the credit card cash withdrawal function from being used for cash out, most credit cards will charge a cash withdrawal fee, and some special card types will waive the fee within a certain number and amount of cash withdrawals. Card swiping fee: When using a POS machine to swipe a card, merchants need to pay varying fees to UnionPay depending on the industry. According to regulations, this fee is paid by the merchant to UnionPay and does not need to be borne by the consumer. The POS machine card swiping fee is the operating cost of the merchant. This fee should be borne by the merchant, and the consumer can refuse to pay. The first category of merchants includes catering, hotels, entertainment, jewelry, and arts and crafts categories (general discount rates are 2%-2.5%); the second category of merchants includes real estate, car sales, and wholesale categories (general discount rates are 1%, You can apply for a single transaction cap); the third category of merchants includes restaurants, gas stations, and supermarkets (general discount rates are 0.5%-1%); the fourth category of merchants includes public hospitals and public schools (general discount rates vary depending on the region) ); the fifth category of merchants includes general categories (general discount rate is 1%-3%). According to the new standards for credit card swiping fees, the service fee rate level of the card-issuing bank is reduced to no more than 0.35% of the transaction amount for debit card transactions and no more than 0.45% for credit card transactions. In addition, the network service fee rate charged by bank card clearing institutions has been reduced to no more than 0.065% of the transaction amount, with the card issuer and acquirer each bearing 50%.
: 1. A credit card, also called a credit card, is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. It takes the form of a card with the issuing bank's name, validity period, number, cardholder's 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 designated commercial service departments, and then the bank will settle the accounts with merchants and cardholders. Cardholders can overdraft within the prescribed limit.
2. Credit cards stipulated in the relevant laws of our country ("Interpretations 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, An electronic payment card with full or partial functions such as transfer settlement, cash deposit and withdrawal? 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.
3. 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. A credit card refers to a credit card in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; a quasi-credit card refers to a credit card in which the cardholder can A quasi-credit card that deposits a certain amount of reserve fund and can be overdrafted within the specified credit limit when the reserve account balance is insufficient for payment. The so-called credit card generally refers to a credit card only.
How to calculate the credit card processing fee?
The handling fee for credit card payments is a handling fee ranging from 1% to 2.5% paid by the merchant to UnionPay, and does not need to be borne by the individual. It is illegal for merchants to ask consumers to bear handling fees. If a merchant requires consumers to pay the handling fee themselves, consumers can refuse and complain to the UnionPay customer service center.
If it is a POS merchant, the UnionPay card transaction fee for each transaction will be deducted. General supermarket merchants will deduct a handling fee of 0.38%, general merchants will deduct a handling fee of 0.78%, and jewelry, catering and entertainment merchants will deduct a handling fee of 0.38%. 1.25% handling fee, wholesale market merchants deduct 0.78% up to a capped handling fee of 26 yuan, regardless of credit card and debit card, it is the same standard.
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Notes on using credit cards:
Don’t be too early: Try not to swipe your card before 9 a.m., because according to common sense, most stores have not yet Open the door.
Don’t be too late: Try not to swipe your card after 11 p.m., because according to common sense, most stores are closed and online transactions are not affected by time.
Don’t swipe integers: Don’t swipe integers such as 10,000 or 5,000. It is recommended that you don’t use decimal points every time you swipe your card, and the amount you swipe should not be repeated or regular.