When using a credit card on a daily basis, if the credit card exceeds the limit, do we have to pay it back immediately? Many people are curious about this question, so let the editor answer it. The credit card has exceeded the limit. Do I need to pay it back immediately?
Do I need to pay it back immediately if my credit card exceeds my limit?
No. Under normal circumstances, if you have a credit card overage, you only need to repay it on time on the credit card repayment date. Each bank has different rules regarding credit card overpayments. Please refer to the regulations of each bank for details.
Take the Industrial and Commercial Bank of China and China Construction Bank as examples. ICBC and China Construction Bank stipulate that as long as users repay on time on the repayment date, they do not need to repay in advance. And for consumption that exceeds the limit, users will not be charged any interest if they repay on time before the repayment date.
Of course, you can swipe out a credit card and pay it back immediately, but you can only repay it after the bill is generated. For example, if you wipe out the 500 limit while shopping, and the bill is generated that day, you can repay it immediately. Yes, the advantage of this approach is to control your shopping desires to avoid having too many bills and being unable to repay on the repayment date. The disadvantage of this is that it is not conducive to increasing the limit of your personal credit card.
In the case of a credit card that has exceeded the limit, if you want to restore the normal use of the credit card, it is recommended to pay off the entire credit card bill. If you only pay off the over-used part, then the normal credit limit of the credit card If it is still not restored, then the credit card will have no credit limit until all the outstanding balances are paid off, so the cardholder will not be able to use the credit card for consumption. Another reminder is that there is no limit to over-using your credit card. In terms of credit limit, the maximum credit limit limit for a credit card is 10% of the credit limit. That is, when the credit limit of a credit card is 10,000 yuan, the cardholder can only spend up to 11,000 yuan.
Will the credit card be affected if the credit card exceeds the limit?
The credit card will not affect the credit record of the cardholder, but if the cardholder fails to repay the loan in time on the repayment date, If so, it will have an impact on the cardholder's credit record. Not all banks' credit cards support credit card over-limits. At present, only some banks' credit cards will provide cardholders with the service of over-limit credit card swiping. They can swipe the card beyond the original limit by a certain percentage, but fees will be charged. According to the regulations of the Central Bank, the maximum amount of credit card consumption can be controlled at 110% of the verified standard.