What should I do if my Bank of China credit card limit is 0?
The credit limit is comprehensively assessed based on the information you filled in when applying for a credit card and the relevant supporting documents provided. If it is a card with a limit of 0, please bring your valid ID and proof of financial resources to the counter to apply for the limit. The proof of financial resources includes real estate in your name, car ownership, salary certificate (details for the past three months), and complete tax payment certificate. , proof of employment (need to be stamped with the company’s official seal or financial seal), etc., please refer to the counter for details.
The above content is for your reference, please refer to actual business regulations.
How to restore a credit card with a zero limit
Repay the overdue amount as soon as possible. After paying off the credit card balance, call the bank's credit card customer service center to remove the limit. Explain the situation. Under normal circumstances, the bank will lift the restriction. After that, the cardholder must repay every installment on time to avoid overdue payments. It is also possible that the bank mistakenly thought you were cashing out, and you need to call to explain the situation.
Credit card limit, also known as credit card available limit, refers to the maximum amount that can be used by your credit card. It includes credit limit (that is, the maximum overdraft limit of a credit card) and the amount deposited into the credit card. . The limit of any credit card depends on the valid income and asset security value provided by the individual during the application process. The credit limit of a credit card is positively correlated with the applicant's income and secured assets, that is, the higher the income and secured assets, the higher the credit limit obtained. Therefore, applicants must provide proof of income, provident fund social security, and asset guarantee statements. Asset guarantees include fixed assets such as real estate and cars, as well as current assets such as savings and bonds.
Frequency means to swipe your card wherever you can, no matter how big or small the amount is. The more times and merchants you use, the better. If you swipe your card all at once, it will be easy for the bank to think you are suspicious. , it is difficult to raise the quota. Persist in applying and seize the opportunity to apply, a two-pronged approach. For credit card users, you can insist on using the phone to apply for increasing the credit card limit, because different customer service or staff have slightly different attitudes and principles when processing applications in this area. Maybe they failed the previous one but passed the next time, and Keeping a record of your phone application will also help you apply for a quota increase in the future. Although banks emphasize the interest-free period when popularizing credit cards, most people are not very clear about the rules of the interest-free period, and thus spend a lot of money. For example, during the Spring Festival, Xiao Zhang paid 4,000 yuan with a credit card to buy a new mobile phone. When the repayment was made, there was only 3,999.7 yuan in his account. After the bank debited the money, Xiao Zhang still owed the bank 0.3 yuan. Maybe this is nothing in real life, but banks don’t think so. If consumers don’t repay in full, they must pay interest and do not enjoy the interest-free period (daily interest = interest rate on the remaining outstanding amount of the day). It is recommended that everyone repay the loan in full to avoid greater losses.
What to do if the credit card limit is zero
I got the credit card, but I don’t know whether to cry or laugh because the credit card limit is actually zero. So here comes the question, since there is no limit, why do we need to go through approval to apply for the card? Why still issue a card? What are the consequences of having a credit card limit of zero?
Credit cards have different limit ranges according to different levels such as regular card, gold card, and platinum card. The bank will ultimately decide whether to approve the card and the amount of the card after a series of review procedures based on the applicant's qualifications.
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1. Analysis of the reasons for zero credit card limit
1. Banks need to prevent and control risks
Most banks are new The minimum limit for issuing a credit card is between 2,000 yuan and 3,000 yuan. However, the bad debt rate of credit cards has increased in recent years, which has sounded the alarm. We have strengthened control over the approval of card limits, and adopted a low-limit card issuance system for some marginal customers. Reduce the occurrence of late repayments or even non-repayments. In order to prevent and control risks, banks will reduce the card limit as much as possible, or even directly reduce the card limit to zero.
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2. Seize the market, complete card issuance tasks, and control credit limits
In recent years, competition among banks has also been quite fierce. In order to retain potential users and quickly seize the market, banks will issue zero-limit credit cards to applicants with poor financial resources.
The emergence of low-limit credit cards is due to the fact that under the pressure of credit tightening, banks wanted to complete the card issuance task, so they came up with this method: issuing low-limit credit cards not only completed the card issuance task, but also controlled the credit limit. Only by saving money for consumption can cardholders gradually increase their limit. On the one hand, this can increase the number of users, and on the other hand, it will not increase the bank's bad debt rate due to the rapid increase in the number of card issuances. From the bank's perspective, it can be said to kill two birds with one stone.
2. What to do with a zero-limit credit card
A zero-limit credit card is essentially a credit card, and you can fully enjoy the rights and interests of this credit card, such as merchant discounts, points discounts, etc. .
In order to increase the limit, cardholders can deposit money into the credit card for consumption, maintain a certain frequency and amount of credit card swiping, and after three to six months, the credit card limit will naturally increase. 3. Reminder
Even if it is a zero-limit credit card, there is still an annual fee. If the number of card purchases does not meet the prescribed number in the first year after activation, the bank will charge an annual fee. Moreover, before obtaining a credit limit for this kind of credit card, the cardholder must first deposit money and then use the card to make purchases, slowly accumulating the credit limit. After you have an overdraft limit, you must remember to repay it in time or pay the annual fee, otherwise "stains" will appear on your personal credit report, and the gain outweighs the loss.
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How to restore the credit card limit after it drops to 0?
How to restore the zero credit limit on a credit card
(1) If fraud occurs, the cardholder should explain the situation to the bank to ensure that he will not encounter the problem when applying to restore the credit limit again. Any questions.
(2) If the card applicant has bad personal credit, he or she cannot apply for a credit card with a credit limit. The card applicant needs to improve his or her personal credit rating, deposit money into the credit card, and then use the card for consumption.
(3) If a person using a credit card violates the regulations and reduces the credit card limit to zero, the cardholder should immediately stop the behavior and need to negotiate with the bank to restore the limit.
(4) If a write-down is caused by an overdue credit card debt, the cardholder needs to pay off the debt in time, and then can continue to use the credit card for a certain period of time and repay it on time.
Generally speaking, the credit card limit will be zero due to credit card fraud, illegal credit card use, late repayment, and poor personal credit report. Credit card holders need to make adjustments according to different situations. If the card is not used due to unaccustomed use or other reasons, the cardholder must use the credit card frequently to make purchases if he wants to restore the usage limit. If the limit suddenly drops, or drops to 0, you can call the bank to explain the situation, make sure there are no problems, and then apply to restore the limit.
However, as long as the cardholder maintains good behavior in using the card in compliance with regulations, the bank will not reduce the limit at will.
This is the introduction of what to do if your credit card limit is zero.