For non-cash transactions with credit cards, the period from the bank accounting date to the due repayment date is the interest-free repayment period. The interest-free repayment period varies according to the regulations of each bank. The shortest is from the bill date to the last repayment date, and the longest is from the day after the bill date to the last repayment day of the next month. If the bill date is the 1st and the final payment date is the 20th, the minimum is 20 days and the maximum is 50 days.
During this period, as long as you repay in full the amount due on the current period's statement, you will not have to pay any interest on the funds advanced by the bank to the store for non-cash transactions (cash advances do not) Enjoy interest-free discounts).
The Bank Card Professional Committee of the China Banking Association released the revised "China Bank Card Industry Self-Discipline Convention" on the 7th. The new convention clarifies that member units should provide "tolerance and time tolerance" services. That is to say, the cardholder is provided with a grace period of at least 3 days for repayment, and when the unpaid portion of the account after the due repayment date is less than RMB 10, the cardholder will be deemed to have repaid the amount in full. The relevant requirements will be implemented from July 1, 2013.
It is understood that in order to strive to improve the quality of credit card services and provide cardholders with more humane card services, the new convention requires card issuers to establish credit card repayment "tolerances" under the premise of complying with regulatory policy requirements. time" mechanism.
In addition, the new convention also requires member companies to provide repayment reminders to cardholders at least 3 days before the due date of credit cards through bills, text messages, emails, phone calls or letters. In addition, member units should also provide multiple billing dates for cardholders to choose and change, and the number of changes can be limited.