How to calculate the unrecorded exchange rate of credit card?
The exchange rate of credit card swiping is based on the integer multiple of the 6 digits you must enter when swiping your card at overseas POS. For example: You spend 1,000 yuan with a credit card overseas, but the number of times can be paid at Meituan. After making details on my credit card account, you can enjoy the credit card swipe exchange rate up to RMB 100,000. If you can shop and consume domestically during the agreed time period, you need to submit a temporary limit to our customer service one day in advance. Our bank will calculate whether you can activate the dual-currency function for overseas card consumption based on your actual situation. At the same time, given that a certain transaction fee is charged for overseas card swiping at the exchange rate, it is recommended that you do not enter the consumption and pay interest at one time when using the overseas card.
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The exchange rate of credit card swiping is based on the "one-time calculation" method of your consumption , that is, calculated based on the total statement amount of each period based on the repayment date of each period after the billing date. If you choose the minimum repayment, the transaction portion will be charged interest based on the entire cost of your card consumption.
How is the exchange rate calculated when using a UnionPay credit card overseas? Is it related to the bank? For example, will there be any differences between Bank of China and ICBC?
Overseas consumption with UnionPay cards can be used at merchants with the UnionPay logo. The settlement is in RMB, and the exchange rate is the UnionPay real-time exchange rate on the transaction day. Overseas consumption using non-UnionPay cards can use international organization logos, such as VISA, MasterCard, and JCB, and be settled in U.S. dollars or Japanese yen. The exchange rate is the exchange rate announced by the international organization on the day the transaction is recorded.
The above content is for your reference, please refer to actual business regulations.
When using a credit card overseas, is the exchange rate calculated based on the day the card is swiped or the repayment date?
If it is an overseas consumption with a China Merchants Bank credit card, the clearing exchange rate for the overseas credit card transaction is generally the exchange rate on the day of processing by the international organization system, usually the exchange rate on the day before the 'accounting date' in the bill. Specifically, it must be based on the international organization's exchange rate. System records shall prevail.
1. Credit card business management methods: 1. Credit cards issued by overseas institutions and used in China must not be less than 4% of the transaction amount.
When a domestic bank signs a credit card agency acquisition agreement with an overseas institution, the profit distribution ratio shall be based on the domestic bank and the overseas institution accounting for 37.5 and 62.5 of the handling fees paid by the special unit respectively.
2. The issuing bank shall comply with security management requirements when issuing credit cards. The card and password shall be delivered separately and the cardholder shall be prompted to receive them. When a credit card is issued, the cardholder shall be informed in writing of the credit card statement date, credit card regulations, and instructions for safe card use. The card-issuing bank shall establish operating procedures for credit card activation, and shall verify the identity information of the credit card holder before activation. Credit cards whose use contract (agreement) has not been confirmed by the applicant's signature and whose identity has not been confirmed by the activation procedure shall not be activated.
3. Newly issued credit cards, lost cards, damaged cards, expired cards, etc. must be activated before they can be used by cardholders. No fees may be charged on credit cards that have not been activated by the cardholder.
2. How long will it take for the credit report to be filed overdue? Within three days of overdue payment: All banks will provide cardholders with timely services. If the amount is repaid within three days, it will be deemed to have been repaid on time. But in fact, the implementation of each bank is different. For example, Agricultural Bank of China can only defer repayment for 2 days, while China Construction Bank can automatically defer repayment for 5 days. If you are unsure, you can call the bank’s customer service hotline for consultation. As long as you repay within the grace period, it will not be counted in your credit report and you will not be charged any interest.
Overdue for more than three days: Basically, it will be included in the central bank's credit reporting system. The bank will charge late fees according to standards and penalty interest at a daily interest rate of 0.5%. However, because the overdue period is relatively short, the impact on future loan applications or credit card applications will not be that great.
Overdue for more than 90 days or more than six times in total: It will seriously affect your credit record and you will be added to the blacklist of financial institutions. It is impossible to apply for loans or credit cards, and even transportation will be affected.
How to calculate the credit card repayment exchange rate
The specific algorithm is as follows:
The "Notice on Issuing the "Credit Card Business Management Measures"" has corresponding regulations:
Article 24 All commercial banks shall charge credit card transaction fees from special units according to the following standards:
(1) For RMB credit cards, it shall not be less than 2% of the transaction amount;
(2) The credit card issued by overseas institutions and used within China shall not be less than 4% of the transaction amount.
When a domestic bank signs a credit card agency acquisition agreement with an overseas institution, the profit distribution ratio shall be based on the domestic bank and the overseas institution accounting for 37.5 and 62.5 of the handling fees paid by the special unit respectively.
Extended information:
Relevant legal provisions of the "Notice on Issuing the "Credit Card Business Management Measures"":
Article 48 When issuing a credit card, the issuing bank shall In compliance with security management requirements, the card and password should be delivered separately and the cardholder should be prompted to receive them. When a credit card is issued, the cardholder shall be informed in writing of the credit card statement date, credit card regulations, and instructions for safe card use.
The card-issuing bank should establish operating procedures for credit card activation and verify the identity information of the credit card holder before activation. Credit cards whose use contract (agreement) has not been confirmed by the applicant's signature and whose identity has not been confirmed by the activation procedure shall not be activated.
Article 49 Newly issued credit cards, card replacements reported as lost, damaged cards replaced, and expired cards must be activated before they can be used by cardholders. No fees may be charged on credit cards that have not been activated by the cardholder.