1. How to write an application for overdue exemption or reduction for bank credit cards?

Sample application form for credit card overdue exemption:

I successively used our bank’s credit card to spend RMB 10,000 on the year, month and day. Later, due to (due to overdue reasons) and no other financial resources, I was unable to repay. Credit card overdraft limit. Now I have borrowed money from relatives and friends to repay the entire principal, but due to limited ability, I am unable to repay the entire debt. Now I sincerely request the bank leaders to consider my actual situation and exempt some of the overdue interest and late payment fees. Please approve the above request.

If your credit card is overdue and you really can’t afford it, and you want to apply for a reduction or exemption from the bank, the materials you need to provide will include your ID card and the overdue credit card, as well as an application form. The application must state your name, the specific circumstances of the overdue loan, and the reason for the overdue loan, express your willingness to actively repay, and then submit an application for reduction or exemption.

Information that can prove the reason for the overdue payment must also be provided. For example, financial difficulties caused by unemployment, illness, or hospitalization due to accidents cannot be improved in the short term, resulting in failure to repay the loan within the specified time. If it is overdue, you will need to provide proof of termination of the labor contract, hospitalization receipt, list of related medical expenses, etc.

After the cardholder has prepared all the materials, submit them to the bank’s staff, and then wait for the bank’s review. If the bank agrees to waive certain fees, you can negotiate with the bank and repay the loan on time according to the new regulations. And if the bank doesn't agree, then you can only find another way to pay off the debt quickly.

2. How to apply for credit card overdue exemption?

If you want to reduce the interest after your credit card is overdue, you can apply to the card-issuing bank for an interest suspension. If the application is successful, interest will no longer accrue on subsequent arrears, which will naturally provide some relief. However, everyone needs to note that the interest accrued on previous debts will not be waived. It is still better to be recorded on the bill together with the principal, and the customer must pay it off on time.

Even if the customer directly applies for interest exemption, the bank will probably not agree. If the customer cannot pay the debt for a while, he or she can try to extend the repayment period and repay the debt in installments while applying for a suspension of interest payments. The bank will consider this at its discretion.

As long as the customer does not intentionally fail to repay, but does not have the ability to repay, the bank may agree, and the customer will then repay the debt in installments on time according to the new repayment plan negotiated with the bank. That’s it.

Of course, it is best for customers to avoid overdue payments and develop a good habit of repaying loans on time. If you discover early that you cannot pay off the bill in full, you can actually apply for bill installment before the repayment date arrives, or pay off the minimum repayment amount of the bill first.

When the debtor fails to repay the debt overdue, if it is indeed due to force majeure and other reasons that the credit card debtor is unable to repay, the credit card debtor can actively communicate with the card-issuing bank and propose to the card-issuing bank to apply for an interest suspension or suspension of payment. Procedures such as interest exemption and installment repayment can be waived, and the card-issuing bank can also create a personalized repayment plan.