The ICBC Peony Card has not been used for a few years. Regarding cancellation

1. Debit card

If there is no balance in the card and no operation records, it will be canceled for three years. It will be automatically logged out later, so you don’t need to go to the counter to log out yourself. If there is a balance, it is recommended to cancel it at the counter, or spend until the balance is zero, and you can leave it alone

2. Credit card

Credit card, that is, a credit card, if not used, then You must go to the relevant bank counter to handle the cancellation business, otherwise annual fees will continue to accrue, which will also be a considerable expense in the long run. The credit card will not be automatically canceled.

Credit card cancellation:

Creating a credit card account is something you must do if you no longer plan to use the credit card. If you do not cancel the account, the bank will charge the credit card annual fee.

As long as there is no overdraft on the card, you can apply for account cancellation at any time.

If the card has not expired, you need to apply first and go to the bank to cancel the account after a certain number of days; if the card has expired and the account balance is zero, you can go directly to the designated bank outlet to cancel the account. Account procedures. When canceling an account, you should bring the original valid identity document and card. If it is inconvenient for you to go through the account cancellation procedures, someone else can do it for you. The agent must hold a power of attorney written by the principal (in person) and bring the original valid identity document to handle the account cancellation business.

If your card has not expired when canceling a credit card account, some banks stipulate that you need to go to a designated outlet to handle the card collection business, and then go through the formal account cancellation procedures after a certain period of time (up to 30 days) . This is mainly because if the cardholder has made a manual card pressing transaction before canceling the account, the cardholder will have canceled the account before the merchant has submitted the card pressing form to the bank for entry into the account, and the bank will not be able to clear the account normally. ; On the other hand, if the cardholder consumes or withdraws cash overseas, it may take a few days to settle the account. If the account is closed immediately, it will also affect the bank's normal liquidation.

Disadvantages of credit card products

Credit cards can easily lead to over-consumption. This is a common problem among people who are in credit card debt. It is painful to swipe a card without paying money, so they spend even more uncontrollably by swiping the card.

The annual interest rate on credit cards is as high as 18%, which is really usury and can make borrowers lose money quickly.

Credit card debt causes mental stress. Some card slaves report that they are often afraid to open their mailbox or mail.

With bad credit, the cost of borrowing money will be higher, and it may even be impossible to borrow money.

Credit cards provide a choice between using debt to finance debt and drinking poison to quench thirst, causing debt to get out of control.

In addition, many "benefits" are actually hidden traps.

Short-term preferential interest rates are ultimately worth the loss. A certain percentage of people let emergency financing turn into long-term debt. Therefore, don’t be tempted by short-term low interest rates and make unnecessary borrowing.

Too much personal credit limit is not only not evidence of good credit (repayment record is), but it is a risk in the eyes of financiers, which may actually push up borrowing interest rates.

Gifts from rewards programs tend to gather dust in the garage, and instead of spending money to get the freebies, it’s more economical to just save money.