Overdue repayments are subject to high late payment fees. If a China Merchants Bank credit card is overdue, the cardholder will not only need to pay China Merchants Bank late payment fees and interest, but it will also affect the cardholder's personal credit record. If there are more than 3 bad records (overdue 3 times) within 12 months, China Merchants Bank can freeze the credit card at any time and synchronize the bad records to the People's Bank of China. The cardholder can apply for credit cards, car loans, etc. from various banks in the next 5 years. Mortgage, etc. may be rejected. If it is overdue, China Merchants Bank will charge a late payment fee. The late payment fee is 5% of the unpaid portion of the minimum repayment amount of each bill. The minimum payment is RMB20/USD5/HKD40 for personal single currency cards (including business cards), and the minimum is RMB20/USD5/HKD40 for personal dual currency cards. USD2, minimum unit card is RMB10/USD1. In addition, if the repayment is not made in full, interest will be accrued on each purchase starting from the recording date, with a daily interest rate of 0.05% until the purchase is paid off.
How to remedy an overdue China Merchants Bank credit card? If an overdue China Merchants Bank credit card has occurred, you must not cancel the credit card immediately after repaying the full amount. Instead, you should continue to use the card for more than two years, and ensure that the card is used for as long as it lasts. If your credit is good, you can remove overdue credit card records from the credit reporting system by rolling the records.