As long as we register an account with our bank as a transfer-out account in advance, our bank will automatically deduct money from this account to repay the arrears of the designated Peony Platinum Card account before the repayment is due on the 25th of each month.
We also provide customers with partial repayment function. When the customer's automatic repayment transfer-out account is insufficient to fully repay the customer's overdraft amount, the system will make partial repayment according to the maximum transferable amount of the customer's transfer-out account.
The automatic repayment function supports RMB account to automatically repay the arrears of Platinum Card RMB account, RMB account to automatically purchase foreign exchange to repay the arrears of Platinum Card foreign currency account, and foreign currency account to automatically repay the arrears of Platinum Card foreign currency account.
Extended data:
Relevant clauses of peony credit card acquiring contract (personal card)
Except for cash withdrawal and transfer overdraft transactions, the period from the bank bookkeeping date to the due repayment date (inclusive) of other overdraft transactions is an interest-free repayment period, and the due repayment date is subject to the statement.
If Party A repays the current repayment amount before the due repayment date (inclusive), it is not required to pay overdraft interest other than cash withdrawal and transfer overdraft transactions. Where Party A uses the credit line to withdraw cash or transfer money, it does not enjoy the interest-free repayment period, and pays overdraft interest at the rate of 0.5 ‰ per day from the bank bookkeeping date to the repayment date.
If Party A fails to repay the arrears before the expiration of the temporary increase line, which leads to exceeding the credit line, or exceeds the credit line due to other reasons such as interest and expenses, it is an over-use of the credit line. Under the above circumstances, Party A shall not refuse to repay the debt of Peony Credit Card account on the grounds of exceeding the credit limit.
China Industrial and Commercial Bank-Automatic Repayment Service