Yes

The main legal consequences of non-repayment of credit card debts are:

1. High overdue interest will be incurred.

2. The bank will sue you in court, and you will incur economic losses such as litigation costs and attorney fees.

3. You will have a bad credit record, which will have an impact on your future bank cards and loans.

4. If the amount owed exceeds 10,000 yuan, it constitutes a crime of credit card fraud and will be held criminally responsible.

Article 196: 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 and not less than 20 yuan. A fine of not more than 10,000 yuan; if the amount is huge or 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 five years but not more than 10 years. to fixed-term imprisonment of not less than 1 year or life in prison, and a fine of not less than 50,000 yuan but not more than 500,000 yuan, or confiscation of property: (1) Using a forged credit card, or using a credit card fraudulently obtained with false identity certificates; (2) Using an invalidated credit card (3) fraudulently using other people’s credit cards; (4) malicious overdrafts. According to Article 7 of the "Regulations on the Supervision and Administration of Credit Card Business of Commercial Banks": Credit cards refer to various media that record cardholder account information, have bank credit lines and overdraft functions, and provide cardholders with relevant banking services.

Credit cards stipulated in the relevant laws of our country ("Interpretation of the Standing Committee of the National People's Congress on Relevant Credit Card Regulations") refer to credit cards issued by commercial banks or other financial institutions with the functions of consumption payment, credit loans, transfer settlement , cash deposit and withdrawal and other full or partial functions of the electronic payment card.

On December 1, 2017, the "English Translation and Writing Standards in the Public Service Field" was officially implemented, stipulating that the English name of the credit card standard is CreditCard

Credit card consumption is a non-cash transaction Payment method: No need to pay cash when consumption, repayment will be made on the billing date (BillingDate).

Credit cards are divided into credit cards and quasi-credit cards. Credit cards refer to credit cards in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card It refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, the cardholder can overdraw within the prescribed credit limit. The so-called credit card generally refers to a credit card only.

Starting from January 1, 2021, the credit card overdraft interest rate will be determined independently by the card issuer and the cardholder through independent negotiation, and the upper and lower limit management of credit card overdraft interest rates will be cancelled. The daily interest rate is 0.7 times 5/10,000). On May 25, 2021, the Supreme People's Court issued and implemented the "Regulations of the Supreme People's Court on Several Issues in the Trial of Bank Card Civil Disputes".