When does the annual fee for a credit card start to be calculated?
Many banks’ credit cards offer annual fees for free in the first year. You can waive the annual fee by swiping the card 3-6 times (no limit on amount) in the first year. Annual fee. If the annual fee exemption conditions are not met, the cardholder will need to pay the annual fee after the first year of using the credit card. It should be noted that the first year of credit card issuance for all banks refers to the 12 months after the card is issued, not the natural year. For example, for a credit card issued in December 2017, the first year will end on November 31, 2018. If the card is not activated within the first year or is not used as many times as required by the card issuer, an annual fee will be charged in the 13th month.
CreditCard is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit.
The form of a credit card is a card with the name of the card-issuing bank, validity period, number, cardholder name, etc. printed on the front. Consumers holding credit cards can go to a special commercial service department for shopping or consumption, and then The bank makes settlements with merchants and cardholders, and cardholders can overdraw within the prescribed limit.
Product types
Institutional classification
(1) According to different card issuers, they can be divided into bank cards and non-bank cards
( 1) Bank card. This is a credit card issued by a bank. Cardholders can shop at the card-issuing bank's special merchants, and can also withdraw cash at any time at any branch of the card-issuing bank or at places with ATMs.
(2) Non-bank card. Such cards can be specifically divided into retail credit cards and travel and entertainment cards. Retail credit cards are credit cards issued by commercial institutions, such as department stores, petroleum companies, etc., which are specially used for shopping in designated stores or refueling at gasoline stations, etc., and are settled regularly. Travel and entertainment cards are credit cards issued by the service industry, such as airlines, travel companies, etc., used for purchasing tickets, meals, accommodation, entertainment, etc.
(2) According to the different objects of card issuance, it can be divided into corporate cards and personal cards
(1) Corporate cards. Company cards are issued to various industrial and commercial enterprises, scientific research and education institutions, national party and government agencies, military units, groups and other legal entities.
(2) Personal card. Personal cards are issued to urban and rural residents, including workers, cadres, teachers, scientific and technological workers, self-employed households and other adult urban and rural residents with stable sources of income. A personal card is applied for in the name of an individual and he/she bears all responsibilities for using the card.
(3) According to the credit status, status and other credit conditions of the cardholder, it can be divided into ordinary cards and gold cards
(1) Ordinary cards. Ordinary cards are issued to cardholders with average financial strength, credibility and status, and their various requirements are not high.
(2)Gold card. A gold card is a high-end credit card that pays high membership fees and enjoys special benefits. Cards are issued to those with higher credit standing, stronger repayment ability and credit, or those with a certain social status. The authorization limit of the gold card starts from a higher level, and the additional service items and scope are much wider, so the requirements for relevant service fees and security deposits are also relatively high.
How to reduce the annual credit card fee?
Conditions for Bank of China credit card annual fee reduction:
1. Jinpu Card: The first-year annual fee is waived, and the annual fee for the next year is waived for 5 purchases in the current year.
2. Platinum Card: The first-year annual fee is waived. If you make 12 purchases in total during the annual fee cycle, you can be exempted from the annual fee for the next year; or use 100,000 comprehensive points to redeem the annual fee for the next year.
3. For high-end cards or special cards, please call Bank of China’s credit card customer service hotline 4006695566 for enquiries.
4. If you do not meet the annual fee reduction policy and are charged an annual fee, you can call the Bank of China credit card customer service hotline 4006695566 to inquire about the annual fee exemption and points redemption policy.
Warm reminder: Platinum Card annual fees collected before 2020 (inclusive) do not support comprehensive points redemption. Platinum Card annual fees collected in 2021 and 2022 will be implemented in accordance with the 2022 points redemption annual fee policy.
The above content is for your reference, please refer to actual business regulations.
Credit card annual fee
People often don’t know the concept of credit card annual fee very well. They don’t know why there is such a charging item. Here is an introduction to it.
What is a credit card annual fee?
A credit card annual fee can actually be said to be a credit card management fee. After the cardholder activates the credit card, the bank will deduct it from the limit on a fixed day. There is a certain fee.
Credit card annual fee standards
Almost all credit cards issued by banks have annual fees. The specific fees range from 10 yuan to several thousand yuan, mainly based on the card level. Yes, the more advanced the credit card, the higher the annual fee. For example, the annual fee for many platinum cards is between 800 yuan and 5,800 yuan.
Credit Card Annual Fee Waiver Policy
In order to encourage consumers to use credit cards, banks will implement a policy of waiving annual fees for credit card purchases based on the credit card level. For example, generally with the lowest credit card, if you swipe the card 3 to 6 times a year, the annual fee for the next year will be waived.
However, it should be noted that some high-level credit cards have strict annual fee exemption policies. For example, a platinum card requires 20 purchases and an amount of more than 80,000 yuan to be exempted from annual fees; some platinum cards even require purchases There is no annual fee, and there is nowhere to hide this fee, so you must be cautious when applying for a platinum card.
Credit card deduction time of major banks
1. Industrial and Commercial Bank of China: The number of card swipes will be calculated starting from the card activation date, and one year will be counted from the corresponding date in the following year. If it does not qualify for annual fee exemption condition. The annual fee will be charged on this day. Generally, ICBC will send you a text message reminder one month in advance for the annual fee deduction.
2. Bank of China: Like the Industrial and Commercial Bank of China, the number of card swipes will be settled from the moment the card is activated, and will be settled for one year until the corresponding date in the next year. For example, if a card is activated on August 10th, the annual fee will be charged on August 10th next year, and the cycle continues.
3. China Construction Bank: Calculation and collection will begin on the first statement day of the card year.
4. Bank of Communications: The number of card swipes will be calculated from the card activation date, and one year will be counted from the corresponding date in the following year.
5. China Merchants Bank: The card issuance date shall prevail. For example, if the card issuance date is November 1st, then one year will be from November 1st to October 31st of the following year, and the annual fee will begin to be charged.
6. Guangfa Bank: The number of card swipes will be calculated starting from the card activation date, and one year will be counted from the corresponding date in the following year.
7. CITIC Bank: The number of card swipes will be calculated starting from the card activation date, and one year will be counted from the corresponding date in the following year.
8. Ping An Bank: The number of card swipes will be calculated starting from the card activation date, and one year will be counted from the corresponding date in the following year.
9. Minsheng Bank: The number of card swipes will be calculated from the card activation date, and one year will be counted from the corresponding date in the following year.
10. China Everbright Bank: The number of card swipes will be calculated from the card activation date, and one year will be counted from the corresponding date in the following year.
How to waive annual fees for credit cards
There are three main ways to waive annual fees for credit cards:
1. Annual fee exemption policy for the first year: General credit cards There is no annual fee for the first year of application. And if the number of card swipes reaches a certain level, you can be exempted from paying the fee for the next year. However, there are exceptions for some banks. For example, ICBC credit cards do not charge annual fees in the first year. You only need to swipe the card 5 times in total or spend more than 5,000 yuan to be exempted from the annual fee for that year. To qualify for the first-year annual fee exemption for CITIC Bank credit cards, you must make purchases within the first month after the credit card is issued.
2. Annual fee exemption policy for the following year: China Everbright Bank and China Construction Bank have regulations that swipe the credit card three times during the year to waive the annual fee for the following year. Agricultural Bank of China, Bank of China, Industrial and Commercial Bank of China, China Merchants Bank and Bank of Communications, etc. The annual fee exemption standard set by most banks is 5-6 times.
3. The number of valid card swipes: According to the regulations of each bank, the annual fee can be waived only when a certain number of valid card swipes are reached. The number of valid card swipes refers to the cardholder’s consumption in shopping malls, restaurants, mobile apps, etc. Swipe your card in the scene, and online consumption can also be counted.
Credit cards basically have annual fees. At the same time, many credit cards and gold cards have introduced conditional annual fee exemption policies. Generally, the card is swiped 6 times or a certain amount is swiped. The annual fee is waived.
If the credit card has already met the conditions for exemption after the annual fee is incurred, you must pay attention to the credit time. It will usually be refunded before the next bill date after reaching the standard. If there is a debt on the credit card, the debt may be offset, and there will usually be a text message notification. In fact, If you are not sure, you can call customer service.
The annual credit card fee refers to the service fee for one year of using the credit card. Different credit card banks have different annual fees. When the credit card is successfully activated, the bank will start charging annual fees. Banks charge annual fees to prevent opening accounts without using cards and increasing bank costs. Therefore, banks will also adopt policies to encourage consumption. Annual credit card fees can be reduced or reduced by a certain number of credit card swipes. The specific number of annual fee-free card swipes requires The standard is based on the credit card issuing bank.
What is the specific annual fee-free policy for Bank of China Great Wall Credit Card?
2018 Bank of China credit card annual fee charging standards:
(1) Bank of China/Great Wall Global Pass series products: -Personal card: Regular card: up to RMB 100 per card; theme Card: Up to RMB 280 per card; Gold/Titanium Card: Up to RMB 360 per card;
(2) Platinum Card: Up to RMB 800 per card;
(3) High-end cards: up to RMB 3,600 per card;
(4) Business cards/unit cards: up to RMB 360 per card.
The above content is for your reference, please refer to actual business regulations.
How to calculate the annual fee for Ping An Credit Card?
Ping An Bank has many credit cards. Different cards used by users will have different annual fee charging standards and related regulations.
1. Ping An Bank Credit Card:
General card: RMB 100/year for the main card, RMB 50/year for the supplementary card; Gold card: RMB 300/year for the main card, Supplementary card RMB 150 per year. The annual fee will be waived in the first year, and the annual fee will be waived for the following year if the payment is made 6 times during the annual fee cycle.
2. Ping An Platinum Credit Card:
The main card is RMB 2,800 per year; the supplementary card is RMB 1,800 per year. The rigid annual fee in the first year cannot be reduced or reduced; if you spend RMB 150,000 or more during the annual fee cycle, you will be exempted from the annual fee of 50 years in the next year, and if you spend RMB 300,000 or more in the annual fee cycle, you will be exempted from the annual fee in the next year.
1. Is Ping An Bank’s credit card reliable?
Ping An Bank’s credit card is reliable.
Ping An’s credit cards are generally very good, and each card comes with its own insurance. Ping An car owners get 12% off on refueling with their credit card, and it comes with 1.1 million insurance, which is pretty good.
About three months after deactivating the card, the fixed amount will be raised for the first time, and the amount will be increased by about 30%. The second fixed quota increase is 6 months after the first quota increase, and there are two quota increase opportunities a year. Therefore, everyone should pay attention to their quota increase time and do not miss these two opportunities.
During the first and second withdrawal of the fixed quota, there will be two temporary quota releases. Generally, the temporary quota range is about 50, and using the temporary quota does not occupy the fixed quota period. And every time the temporary limit expires, the temporary quota will be generously given out in a few days.
Each major bank's credit card has its own pros and cons. The shortcoming of Ping An Bank is that the interest rate on consumer credit cards is a bit high. Ping An Credit Card has different card types, with different types of cards and different bonus benefits. Customers can choose the appropriate card type according to their actual needs
2. Ping An Bank Credit Card Annual Fee Waiver Policy:
Ping An Bank Credit Card, 1653 can enjoy the first-year annual fee exemption, and the annual fee for the next year will be waived if you make 6 purchases with the card in the same year (excluding platinum cards and car owner cards). The Ping An Platinum Credit Card has a rigid annual fee in the first year (cannot be reduced or reduced). If you spend RMB 150,000 or more in the current year, you will be exempted from 50% of the card's annual fee for the following year. If you spend RMB 300,000 or more in the current year, you will be exempted from the card's annual fee for the following year. Card rules are attached. Same as main card.
Ping An Car Owners’ credit card has a rigid annual fee in the first year (cannot be waived). If you spend 30,000 RMB or the equivalent in US dollars in that year, the annual fee for the next year will be waived.
3. Process of applying for a credit card:
After confirming the bank, you can log on to the official website of each major bank for detailed information; you can apply directly to the business branch, or apply on the bank's official website; fill in the form , fill in the relevant information truthfully according to the guidance of the staff; submit the information to the bank for review after completion; the card can be issued after the review is passed.
Legal basis: Article 33 of the "Administrative Measures for Credit Card Processing Business" Any unit that opens a basic deposit account at a financial institution within the territory of the People's Republic of China and the People's Republic of China may apply for an unit card. Several unit cards can be applied for, and the cardholder's qualifications shall be designated and canceled in writing by the legal representative of the applying unit or his authorized agent.
This is the end of the introduction on how to calculate the annual fee exemption for the first year of a credit card and which bank’s credit card offers lifetime annual fee exemption. I wonder if you found the information you need?