Owing a bank credit card of 20,000 yuan will not necessarily lead to jail time. The law stipulates that anyone who maliciously overdrafts more than 10,000 yuan will be prosecuted. If a cardholder maliciously overdrafts a credit card of more than RMB 10,000 for the purpose of illegal possession and fails to return it for more than three months after two collections by the issuing bank, he will be held criminally responsible for credit card fraud. However, if the cardholder does not overdraft maliciously and can pay off the debt in time before filing the case, he does not need to be held criminally responsible.

Will you go to jail if you owe more than 20,000 on a credit card?

1. Not all debts will be jailed, it depends on the specific circumstances. Under normal circumstances: If the cardholder maliciously overdrafts a credit card of more than 10,000 yuan for the purpose of illegal possession, and if the card-issuing bank fails to return it for more than 3 months after two collections by the card-issuing bank, he will be held criminally responsible for credit card fraud.

2. Whoever commits credit card fraud under one of the following circumstances and the amount is relatively large shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also be fined not less than 20,000 yuan but not more than 200,000 yuan; if the amount is huge or If there are other serious circumstances, he shall be sentenced to fixed-term imprisonment of 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, he shall be sentenced to fixed-term imprisonment of not less than 10 years but not more than 10 years or life imprisonment. In addition, a fine of not less than 50,000 yuan but not more than 500,000 yuan may be imposed or property may be confiscated:

The consequences of defaulting on a credit card are:

1. A bad credit record: the cardholder fails to repay the credit card overdue. , the card-issuing bank will report overdue records to the central bank's credit reporting system, resulting in a bad credit record, which will affect other credit services in the future.

2. Penalty interest: If the credit card is overdue, the bank will also calculate the penalty interest based on the daily interest rate of 0.5%, which will be charged on a daily basis and on a monthly basis.

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

The crime of credit card fraud falls under any of the following circumstances. If the amount of credit card fraud is relatively large, the person shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention. and shall also be fined not less than 20,000 yuan but not more than 200,000 yuan; if the amount is huge or there are other serious circumstances, the person shall be sentenced to fixed-term imprisonment of not less than five years but not more than 10 years, and shall also be fined not less than 50,000 yuan but not more than 500,000 yuan