Notes on using credit cards
1. The interest-free period is determined according to different situations. Previously, the interest-free period for credit cards was 25-60 days, and most of them were around 50 days. Now the new regulations state that the interest-free period is determined by each card issuer based on its own situation and the credit situation of the credit card holder.
2. When withdrawing cash, you cannot only pay the minimum repayment amount. This means that the amount of cash withdrawal this month needs to be paid off in full in the next bill. However, only three banks, Hua Xia Bank, Industrial and Commercial Bank of China, and Agricultural Bank of China, have implemented this. One provision. Therefore, cardholders using these credit cards should be careful.
3. The overdraft interest rate can fluctuate up or down. Previously, overdraft interest was charged at 50,000 per day after the interest-free period. After the new regulations, the dynamic range of from to to will be implemented. Each bank can decide on its own how to calculate interest and payments after a credit card overdraft.
4. Liquidated damages replace late payment fees. After the new regulations are implemented, late payment fees are cancelled, and banks will instead charge "liquidated penalties". Banks are not allowed to charge interest when charging cardholders for liquidated damages, annual fees, cash withdrawal fees, currency exchange fees and other service fees.
5. The minimum repayment amount is determined by one’s own discretion. In the past, the minimum repayment amount was generally 10% of the bill amount, but this is no longer the case. After the new regulations, the bank will determine the minimum repayment amount based on the cardholder’s comprehensive situation. Proportion. The above is a sharing of precautions for using credit cards. I hope it will be helpful to everyone.