How to withdraw the overpayment from China Merchants Bank’s credit card? How to transfer out?
Many cardholders overpay when repaying their credit cards, and this part of the money that exceeds the credit limit becomes an overpayment. Like all banks, the overpayment in China Merchants Bank's credit card can be withdrawn and transferred to other people's savings cards by transfer, but a certain handling fee will be charged. Let's take a look.
The so-called overpayment refers to the money that cardholders pay overtime when repaying, or the money that is put into the credit card when the credit limit is insufficient when swiping the card. If there is an overpayment on the credit card, the overpayment will be deducted first and then the credit limit. If the overpayment is greater than the consumption amount, there will be no overdraft.
1. How to withdraw the overpayment from China Merchants Bank’s credit card
If you want to withdraw the overpayment from your credit card, you can use Palm Life APP, Mobile Banking APP (Pad Bank), Online banking and customer service phone voice systems can transfer funds to the debit card of our bank or other banks in your name in real time.
Operation methods:
1. Cash advance on Palm Life: Log in to the Palm Life app, enter "Selection" → "Instalment Management", and click "Overdraft Transfer".
2. Mobile banking cash advance: Log in to the credit card mobile banking app, enter "My", enter your password to log in, and click "Credit Card" → "Instalment Management" → "Overdraft Transfer".
3. Online banking cash advance: Log in to credit card online banking and click "Instalment Management" → "Overdraft Transfer".
4. Telephone cash advance: Call the credit card service hotline, after verifying your identity, press 4, then 2 to enter "telephone cash advance".
2. How to charge for overpayment on credit card of China Merchants Bank
It is difficult to deposit overpayment on credit card, and it is not so easy to withdraw it. If you want to withdraw it, you will be charged a handling fee.
The overpayment recovery account must be consistent with the credit card account name. The handling fee is charged at 0.5 of the cash withdrawal amount. The minimum charge is ￥5 yuan or $1 USD. China Merchants Bank has preferential policies and the maximum charge is ￥50 yuan or $10. Dollar.
How to withdraw overpayment from a credit card
After overpayment occurs on a credit card, you can withdraw it directly from an ATM machine or bank counter.
1. Excess charges on your credit card can be withdrawn directly from the ATM. After inserting the card into the ATM and entering the PIN, the current overpayment amount on the card can be checked and the user can choose to withdraw money directly. Note that some banks charge abuse fees, so it's better to spend your money directly on misused credit cards. Overpayments will not be withdrawn and can be used or used to pay credit card bills, but no interest will accrue during this period. The first option is direct consumption. If the overcharge on your credit card is very small, this is naturally the best way to spend it. The next time you use your credit card, you'll use up the extra money first. At the counter or ATM.
2. If the amount of overpayment on your credit card is small, it is not recommended to withdraw money. Because there will be a handling fee for withdrawals. Pay more domestic withdrawal fees. The commission is 0.5 of the transaction amount, with a minimum of 10 yuan. An additional 2 yuan will be charged for inter-bank withdrawals. For overseas withdrawals, 0.5 of the transaction amount will be charged, with a minimum of 20 yuan. Third, cash transfers. Overpayments can be transferred directly to a bank card at my counter or to designated self-service machines. Now it can be seen that only the first and third methods are the best and do not incur any cost.
3. Of course, it’s up to you to decide which method to use. But we need to pay attention to the regulations of credit cards. ATM withdrawals basically charge cash withdrawal commissions. The usual standard is 0.5 of the withdrawal amount, with a minimum charge of 5 yuan. Overseas withdrawal fees are higher, please see your bank for details. If you overpay when withdrawing money from an ATM, you will still be charged a cash withdrawal fee based on the standard credit card withdrawal fees. In this case, the cardholder can reduce the charges by transferring the overpayment to a debit card of the same name from any bank.
: For overpayments, it is recommended to spend directly. After all, daily consumption also requires swiping a card. The third method is generally not recommended if you are not in urgent need of cash or have a large amount of funds.
According to the provisions of most banks' credit card contracts, if there is no deposit in the credit card, the overpayment will not enjoy deposit interest, but a certain handling fee will be paid when withdrawing it.
How to transfer overpayments from ICBC credit cards
ICBC’s regulations on withdrawal of overpayments: No handling fee will be charged for withdrawing overpayments within the bank or locally.
Methods for transferring out credit card overpayment:
1. Use the overpayment directly for shopping without paying handling fees.
2. Withdraw the overpayment from the local ICBC ATM machine of the bank where the account is opened. ICBC will waive the handling fee.
3. Withdraw the overpayment at the local ICBC counter to avoid handling fees.
4. Transfer the overpayment on your credit card to your ICBC debit card, and then withdraw cash from the debit card. This can also reduce handling fees.
Extended information:
Many banks currently have free policies for withdrawing overpayments on credit cards, but the specific regulations for implementing free withdrawals by each bank still have many differences.
Some banks support the free withdrawal of overpayments at the counter, but there is a fee for withdrawing cash from ATMs. Several banks such as ICBC, Agricultural Bank of China, China Construction Bank, Minsheng, and Shanghai Pudong Development Bank stated that as long as the cardholder withdraws money in the same city as the bank, For overpayment withdrawals, banks will no longer charge handling fees regardless of counters or self-service machines such as ATMs. If it is from another place or across banks, there are still certain fees, similar to debit cards.
As for the handling fees for "overpayment" of cash withdrawals by credit card holders, the charging bank stated that although the credit card holders withdraw their own money, it takes up the bank's relevant resources. Because unlike ordinary debit cards, credit cards are cumbersome in terms of deposit and withdrawal account processing, and credit cards are used to encourage customers to spend, not for cardholders to use them as savings accounts, so the charges are reasonable.
Moreover, "overpayment" does not include interest, and the only advantage is that it increases the cardholder's consumption limit in disguise. If the cardholder wants to increase a certain credit limit, he or she can apply for a temporary limit from the bank's customer service center. There is no need to rely on "overpayment" to increase spending power.