New rules for overdue credit cards in 2021

1. Changes in the interest-free period. The interest-free period used to be a minimum of 25 days and a maximum of 60 days. After the new regulations, banks can formulate flexible interest-free periods based on their own policy changes and cardholder conditions. The corresponding user's repayment status and whether it is overdue may also be Hence the impact.

2. Changes in penalty interest. In the past, when cardholders were overdue, banks would charge late fees. However, after the new regulations, banks will no longer charge late fees for overdue users, but will charge liquidated damages, of which interest will not be calculated separately.

3. Changes in minimum repayment. If users have difficulty repaying credit cards, they can choose the minimum repayment method to reduce the pressure. The minimum repayment amount is generally set at 10% of the bill amount. However, the minimum repayment amount now is mainly determined by the cardholder bank. It can be flexibly set according to the user's situation.

4. Changes in overdraft interest rates. In the past, the interest generated by overdrafts was generally charged at 0.05 per day, but now it is not fixed. Instead, a range is given between 0.035-0.05.

Legal Basis

Article 55 of the "Credit Card Business Management Measures" If a card-issuing bank has any of the following circumstances, the People's Bank of China will order it to make corrections, confiscate its illegal gains, and impose a fine of 5 A fine of 10,000 yuan to 100,000 yuan may be imposed; if the circumstances are serious or the company fails to make corrections within the time limit, its business institution may be ordered to suspend operations for rectification.

(1) Failure to implement the technical standards stipulated in these Measures;

(2) Arbitrary reduction of handling fee standards;

(3) Failure to implement these Measures The overdraft interest rate and interest calculation method stipulated in the regulations.

Article 56 of the "Credit Card Business Management Measures" If a card-issuing bank violates the provisions of these Measures and fails to submit credit card articles of association, filing materials and business statements to the People's Bank of China for approval, the People's Bank of China shall order it to make corrections; Failure to make changes within the time limit will result in a fine of RMB 10,000 to RMB 100,000.

New Credit Card Regulations in 2020

With the continuous development of society, people’s quality of life has been greatly improved, and many people’s consumption concepts have also undergone major changes. More and more people are accustomed to spending in advance, and credit cards are overdraft tools that many people use. For friends who often use credit cards, it is necessary for everyone to understand the rules of credit cards. In 2020, there are new rules for credit cards. Let’s take a look at the new credit card regulations in 2020.

1. The daily limit for ATM cash withdrawal is 10,000 yuan. In addition to overdraft consumption, credit cards also have the function of withdrawing cash. In the past, the maximum limit for cash withdrawals through counters and ATM machines was 2,000 yuan, but under the new regulations, the maximum limit for cash withdrawals has reached 10,000 yuan.

2. The minimum repayment amount is not fixed. After using a credit card for consumption, if the user cannot repay the full amount within the specified time, he or she can choose to repay the minimum amount. In the past, the minimum repayment amount of the credit card was 10% of the bill amount. However, according to the new credit card regulations, the minimum repayment amount of the bank is no longer fixed. 10. The specific minimum repayment amount is determined by the bank.

3. Credit card late payment fees become liquidated damages. After using a credit card for consumption, users need to repay on time within the specified time, otherwise overdue behavior will occur. Once overdue, the bank will charge overdue interest from the cardholder. Overdue interest includes penalty interest and late payment fees. According to the new credit card regulations, banks no longer charge late payment fees for overdue credit card users, but instead charge "liquidated penalties". In the past, late payment fees were charged with monthly compound interest, while liquidated penalties were charged in one lump sum.

4. When withdrawing cash, you cannot only pay the minimum repayment amount. After using a credit card to withdraw cash, the cardholder cannot only repay the minimum payment amount. The cardholder must repay all the cash withdrawn this month in the account in the next period. This is not very friendly to some users, but not all banks cannot repay the minimum repayment amount when withdrawing cash with credit cards. Currently, only three banks, Industrial and Commercial Bank of China, Agricultural Bank of China and Huaxia Bank, have implemented this rule.

5. Changes in credit card overdraft interest rates.

In the past, credit card overdraft interest rates were fixed, and overdraft interest fees were charged based on the daily interest rate of 0.05. However, after the implementation of the new regulations, credit card overdraft interest rates will be floating, with the lowest interest rate being 0.035 and the highest interest rate being 0.05. The specific interest rate is determined by the bank. It is determined based on the overall personal situation assessment of the cardholder. The better the personal qualifications and credit are, the lower the credit card overdraft interest rate will be.

New provisions on overdue credit cards in the Civil Code in 2022

1. Personalized credit card installments: According to the latest provisions of the Civil Code, credit card holders are unable to repay their bills but maintain good repayment status. If you are willing to pay, you can negotiate an interest-free installment repayment agreement with the card-issuing bank, which is a personalized credit card installment. Among them, you can choose to reduce or reduce interest, extend the repayment period, or directly choose to suspend interest and suspend debt. The interest-free period can be up to 60 months, which is a full 5 years, which can greatly reduce financial pressure for everyone.

2. Raise the sentencing standard for credit cards: The previous sentencing standard for overdue credit cards was 10,000 yuan. As long as the cardholder’s outstanding principal amount reaches 10,000 yuan, the bank can file criminal proceedings against the cardholder. If the judgment is successful, the debtor faces jail time. But now the standard for credit card sentencing has been raised to 50,000 yuan. If the overdue amount of the debtor does not exceed 50,000 yuan, the bank can only file a civil lawsuit against the debtor.

3. Liquidated damages and minimum repayment amount: Everyone knows that after a credit card is overdue, the bank will charge the cardholder certain default fees, such as late payment fees. However, the new overdue credit card regulations stipulate that late payment fees have been canceled and replaced by liquidated damages. The charging standard is 5% of the unpaid portion below the minimum repayment amount, which greatly reduces the amount that everyone needs to pay after overdue payment. interest.

The country’s new policy on credit card repayments

The overdue credit card policy is as follows:

1. Liquidated damages will replace late payment fees. After the new credit card regulations are implemented, late fees incurred for overdue payments will be changed to liquidated damages. Although both charging standards are charged at 5% of the unpaid portion below the minimum repayment amount, liquidated damages will prevent compound interest;

2. Credit card sentencing standards have been increased, and overdue credit cards may be prosecuted criminally responsibility. In particular, malicious overdrafts constitute a credit card and will be caught and sent to jail. The new overdue credit card regulations will increase the sentencing standard from the previous 10,000 yuan to 50,000 yuan;

3. The minimum repayment amount is less than 10. After the new credit card regulations, the minimum repayment amount of the bank is not necessarily 10. The specific amount is determined by the bank itself. At present, most banks still set the minimum repayment rate at 10, and some are 5 or even lower;

4. Set upper and lower limits on overdraft interest rates. In the past, credit card interest was calculated based on the daily interest rate of 5‰ after the interest-free period. However, the new regulations set an upper and lower limit for the overdraft interest rate. The upper limit is 5‰ of the daily interest rate, and the lower limit is 0.7 times the daily interest rate of 5‰, which is generally between 0.035-0.05. .

Legal basis: Article 196 of the "Criminal Law of the People's Republic of China"

The crime of credit card falls under one of the following circumstances. If a credit card is used and the amount is relatively large, If the amount is huge or there are other serious circumstances, the sentence shall be not less than five years but not more than ten years, and a fine of not less than 50,000 yuan but not more than 500,000 yuan; If the amount is particularly huge or there are other particularly serious circumstances, the penalty shall be not less than ten years or more, and a fine of not less than 50,000 yuan but not more than 500,000 yuan, or property confiscated:

(1) Using a counterfeit credit card, or using Credit cards obtained by using false identity certificates;

(2) Using invalid credit cards;

(3) Pretending to use other people’s credit cards;

(4 ) malicious overdraft.

The term "malicious overdraft" as mentioned in the preceding paragraph refers to the cardholder's behavior of overdrafting beyond the prescribed limit or time limit for the purpose of illegal possession and still not returning the card after being called by the card-issuing bank.

Anyone who uses credit cards concurrently shall be convicted and punished in accordance with the provisions of Article 264 of this Law.

New policy for credit card insolvency in 2022

1. How are the overdue credit card regulations stipulated?

1. Liquidated damages instead of late payment fees:

After the implementation of the new credit card regulations, late payment fees arising from overdue payments will be replaced by liquidated damages. Although both charge a fee of 5% of the unpaid portion below the minimum repayment amount, liquidated damages will prevent profits from rolling over.

2. Raise the credit card sentencing standards:

If the credit card is overdue, you may be held criminally responsible, especially if you maliciously overdraft the credit card, constitute a credit card, and then be arrested and jailed. The new overdue credit card regulations increase this sentencing standard from 10,000 yuan to 50,000 yuan.

3. The minimum repayment amount may be lower than 10:

After the new credit card regulations are introduced, the minimum repayment amount of the bank is not necessarily 10, and the specific amount is determined by the bank itself. At present, most banks still set the minimum repayment amount at 10, and some are 5 or even lower.

4. Set upper and lower limits for overdraft interest rates:

In the past, the daily interest rate of credit cards beyond the interest-free period was 0.05, but the new rules set upper and lower limits for overdraft interest rates, with the upper limit being 0.05. The daily interest rate is 0.05, and the lower limit is 0.7 times, generally between 0.035-0.05.

5. Interest-free period or more than 60 days:

In the past, the interest-free period of credit cards was at least 20 days and no longer than 56 days. However, after the implementation of the new regulations, the interest-free period of some banks can reach 60 days, which is equivalent to two months of credit cards, which is a good thing for cardholders.

6. The minimum repayment amount is included in:

In the past, credit card withdrawals did not require one-time repayment, but the new regulations stipulate that the withdrawal amount of the month will be included in the minimum repayment of the month. The amount must be repaid in one go, otherwise it will be overdue. This increases the repayment pressure on cardholders, so do not withdraw cash easily.

2. Credit card for sentencing standards.

According to the provisions of Article 196 of the "Criminal Law", anyone who engages in credit cards under one of the following circumstances, and if the amount is relatively large, shall be sentenced to not more than five years or criminal detention, and shall also be fined not less than 20,000 yuan and not less than 20,000 yuan. A fine of not more than 100,000 yuan; if the amount is huge or there are other serious circumstances, the penalty shall be not less than five years but not more than 10 years, and a fine of not less than 50,000 yuan but not more than 500,000 yuan; if the amount is particularly huge or there are other particularly serious circumstances, the fine shall be not less than five years but not more than 10 years; Above or above, a fine of not less than RMB 50,000 but not more than RMB 500,000 or property confiscation shall be imposed:

(1) Using a forged credit card, or a credit card fraudulently obtained by using false identity certificate;

(2) Using invalid credit cards;

(3) Pretending to use other people’s credit cards;

(4) Malicious overdrafts.

The term "malicious overdraft" as mentioned in the preceding paragraph refers to the act of the cardholder not refunding the overdraft that exceeds the prescribed limit or prescribed period for the purpose of illegal possession after the card issuer calls for collection. Anyone who steals a credit card and uses it shall be convicted and punished in accordance with the provisions of Article 264 of this Law.

If the party violates the law due to overdue credit card, he can be punished according to the above-mentioned procedures. In particular, it is necessary to determine the reason for the overdue credit card. If there is fraud, it is obviously necessary to pursue relevant criminal liability. The specific situation will depend on the amount involved.

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The new credit card (debit card) regulations will affect you throughout the year, so you must be aware of them

Various The new regulations and new policies are officially implemented and will gradually penetrate into and affect people's daily lives. For cardholders who have a large need for overdraft consumption, the new policy on credit cards (debit cards) is the most concerned. I have summarized six major points, which are disruptive changes, and they are all good news for the people! As we all know, the biggest benefit of using a credit card (debit card) is that you can make overdraft purchases without interest, and you can withdraw cash if you have tight cash on hand. However, there are also some hidden dangers in using the card, such as: overdue repayment, overdraft interest, credit card ( credit card) fraud, etc.

How to avoid these hidden dangers and hazards, you must fully understand the following new credit card (debit card) regulations:

1. The maximum interest-free period may exceed 60 days

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For credit card (debit card) cardholders, interest-free repayment period and minimum repayment amount treatment are two core services. According to the current "Bank Card Business Management Measures", the interest-free repayment period for credit cards (credit cards) is up to 60 days, and the minimum repayment amount in the first month must not be less than 10% of the overdraft balance of the month. The new regulations relax the above restrictions, and the specific operation methods are decided by the card issuing bank.

After the new regulations relax restrictions, how likely is it that banks will extend the interest-free repayment period to more than 60 days? "Large banks are less likely to do so, and it is not ruled out that small and medium-sized banks can use this as a weapon to compete in the market." A person from the credit card (debit card) center of a major state-owned bank said that for banks, extending the interest-free repayment period will not only extend The loan period has been extended and the speed of capital accumulation has been reduced. However, if the market competition becomes fierce in the future, extending the interest-free repayment period will still be a trend.

2. The minimum repayment amount is determined by the bank independently

After crazy overdraft consumption, I was shocked by the bill and I was unable to repay the full amount. What should I do? Don’t worry, minimum payments can save your personal credit. But the minimum repayment may become an important factor affecting your limit increase.

Before the new regulations, the minimum repayment limit for credit cards (debit cards) was 10% of the overdraft consumption limit (all expenses need to be repaid in full, such as annual fees, interest, etc.); after the new regulations, the first The minimum monthly credit card (debit card) repayment amount is determined by the bank.

3. Liquidated damages replace late payment fees

After the implementation of the new regulations, late payment fees for credit cards (credit cards) have been cancelled. But this does not mean that there is no penalty for not paying the debt, but that the bank will charge "liquidated damages" instead. No interest shall be accrued on the liquidated damages, annual fees, cash withdrawal fees, currency conversion fees and other service fees collected from cardholders by card issuers. This new regulation is regarded by industry insiders as the one with the greatest impact among the new regulations.

It is understood that among the several banks that have announced the completion of modifications to their charging standards, there has been no change in the charging standards that have been changed to "liquidated damages for overdue repayment" and "liquidated damages for repayment". Some banks are slightly different. In addition to announcing the name change, they have added the content of "collecting according to the agreement" in the new terms, confirming that liquidated damages can be negotiated.

4. The overdraft interest rate can fluctuate up and down

From a single rate to a floating upper and lower limit. In the past, overdraft interest was charged at 0.05% per day beyond the interest-free period. The new rules impose upper and lower limits on credit card (debit card) overdraft interest rates. The upper limit of overdraft interest rates is 5/10,000 daily interest rates, and the lower limit is 0.7 times the daily interest rate of 5/10,000 percent.

It is understood that currently all banks have generally adjusted their overdraft interest rates to a range of 0.035-0.05. A joint-stock bank said that from next year, if cardholders encounter overdraft interest rates, they will be subject to new regulations. Cardholders with different credit backgrounds will also enjoy differentiated overdraft interest rates.

Everyone knows that overdraft interest increases in direct proportion. If the amount is larger, the repayment time will be longer, and it will be a large sum month after month. The daily interest rate of 0.05 is converted into an annual interest rate of up to 18.

5. The daily limit of ATM cash withdrawal is 10,000 yuan

Specifically, cash withdrawal means that cardholders use self-service machines such as counters and automated teller machines (ATMs) to withdraw cash. The funds within the cash advance limit of a credit card (debit card) are obtained in the form of banknotes; cash transfer means that the cardholder transfers the funds within the cash advance limit of a credit card (debit card) to his or her bank settlement account; cash recharge means that the card holder A person transfers funds within the cash advance limit of a credit card (debit card) to his or her payment account opened at a non-bank payment institution.

Under the new regulations, the limit for cardholders to handle credit card (debit card) cash withdrawals through self-service machines such as ATMs has been increased from the previous daily cumulative RMB 2,000 per card to RMB 10,000. . For other cash advance business limits, the card issuer shall independently agree with the cardholder through an agreement based on the business strategy, cardholder risk level and limit setting requirements.

This concludes the introduction to the new credit card repayment regulations and the new credit card repayment regulations. Did you find the information you need?