ICBC credit cards have no grace period, while other banks have grace periods. Interest and principal exchange: ICBC issues the designated notice of principal or interest exchange to customers one working day before each principal and interest exchange date, and there is no grace period for interest exchange. On the principal or interest exchange date, the business institution shall handle the principal or interest exchange for customers.

1. At present, except for ICBC, all other banks carry out the interest-bearing method of "full penalty interest", that is to say, once the cardholder makes overdue repayment, not only the unpaid part will be charged with interest, but also the repaid part will no longer enjoy the interest-free period, but will be charged with interest, with a daily interest rate of five ten thousandths and compound interest on a monthly basis. With the exception of ICBC, interest is charged according to the unpaid part, and interest is no longer charged on the repaid part. Because of the different interest-bearing methods, there is no so-called "grace period" for ICBC credit cards, and the grace period is days.

2. Since the proposal of China Bank Card Industry Self-discipline Convention (hereinafter referred to as the Convention), banks should provide credit card customers with a repayment grace period of not less than 3 days. This convention is only a self-regulatory document of the industry, and it is not enforceable. Therefore, not all banks have launched time-sensitive services. One year after the publication of the self-discipline convention, ICBC has not implemented the time-tolerant service.

3. As the longest interest-free period offered by ICBC's credit card is 56 days, which is 6 days longer than the common 5 days in the industry, and it has already exceeded other users' time, so the time tolerance service is not provided for the time being. ICBC's credit card still carries out the partial interest-bearing method, charging the outstanding interest. You can't delay the payment when the bill is due. Be sure to remember.

4. At present, most banks have implemented the "time tolerance" service, and the grace period for most repayments is 3 days. For example, if your repayment date is the 25th of each month, and it is postponed for three days, that is, the repayment within the grace period from 26th to 28th, it can be regarded as timely repayment. If the minimum repayment amount is paid, no late payment fee will be charged, and only the interest on the unpaid part will be charged. If you pay back the full amount, you won't charge interest. However, if the repayment is not made within the grace period, the bank will charge both late fees and interest.

grace period is the deferred repayment period of debt. When a loan is used for a project, and the source of repayment is based on the income obtained after the project is put into production, in this case, there is no source of repayment during the construction period of the project, even at the initial stage of production, and a deferred repayment time needs to be agreed.

in the project of utilizing foreign capital, the borrowed foreign exchange needs to be repaid by the export of the products, so it will take a considerable time for the products to earn foreign exchange after the project is put into production, which is very important in determining the length of the grace period. Although the debt can not repay the principal first during the grace period, according to international practice, the interest under the loan project (the withdrawn money) is paid to the lender once every six months after borrowing, which means that the grace period is only applicable to the repayment of deferred principal.

The interest payment every six months during the grace period requires the borrower to find another source of foreign exchange funds. One of the methods is to make the interest principal, and add the interest paid every six months to the total loan, that is, increase the total loan. The adoption of this method must obtain the consent of the relevant competent department in advance.

extended information

grace period repayment method is a repayment method derived from average capital repayment method. That is, within the repayment period (monthly/quarterly/annual) agreed in the loan contract (except for the last installment), if the borrower repays the repayment amount of each installment within the grace period, it will be regarded as normal repayment, and no penalty interest will be charged during the grace period; If the repayment exceeds the grace period, the penalty interest will be charged according to the actual days of default (including the grace period days).

Applicable people: This method mainly solves the problem of non-malicious temporary arrears caused by some customers' temporary business trips or special circumstances. Usually, banks will give this supporting preferential scheme to their high-quality customers.

Features:

1. The grace period repayment method is characterized by: according to the "pre-sale agreement" signed with the developer, the bank allows the customer to repay only the current interest of the loan amount before moving in; After moving in, the principal and current interest will be repaid. At this time, the repayment method is the same as that in average capital.

2. The advantage of this repayment method is that it reduces the repayment pressure after paying the down payment. At this stage, many domestic banks also adopt this repayment method.

Reference: Wide quota-Baidu Encyclopedia? Wide repayment-Baidu Encyclopedia