Here are the most deceptive places for credit cards of major banks. Which bank have you been deceived by?

If you ask about the benefits of credit cards, anyone who has ever used a credit card will tell you that they are ugly. However, what are the pitfalls of credit cards from major banks? I believe everyone can put aside all the confusion and realize that these pitfalls mentioned are also pitfalls!

However, I think the following are the most pitfalls of credit cards from major banks.

1. CITIC Bank’s installment fees are the worst.

If we take 50,000 yuan divided into 24 installments as an example, compared with other banks, CITIC Bank’s handling fees can be more than 3,600 yuan higher than those of savings banks. In this comparison, CITIC Bank can be said to have the worst installment handling fees among credit card handling fees.

2. Ping An Bank’s loss reporting fee is the worst.

We all know that if we apply for a new credit card after it is lost, many banks will charge a certain fee. However, the handling fees charged by some banks are still relatively small, only about 40 to 60 yuan at most. However, Ping An Bank is much higher than other banks. Their loss reporting fee can be as high as 75 yuan.

3. China Merchants Bank’s points are the worst.

Many people use credit cards just to earn points from the bank. In this regard, the point rule of most banks is basically 1 point for 1 yuan, but China Merchants Bank uniquely requires 20 yuan to exchange for 1 point. This is not an ordinary trap.

However, there is no time limit for the points of China Merchants Bank to be used. As long as you do not cancel your account, you can continue to accumulate them. This can be considered as neutralizing its shortcomings.

Fourth, Minsheng Bank’s annual fee exemption is the worst.

Everyone who has used a credit card knows a lot about the bank’s annual fee exemption rules. You have to pay a certain number of times to be exempted from the annual fee. Most banks have annual fee exemption regulations. Basically, you can waive the annual fee if you swipe your card 3-6 times.

However, this is not the case with Minsheng Bank’s credit cards. Their credit cards must be swiped at least 8 times before the annual fee can be waived. Therefore, relatively speaking, Minsheng Bank’s credit card annual fee-free rule is the most deceptive.

5. Ping An Bank and Citibank have the worst cash withdrawal fees.

Everyone knows that it is not cost-effective to withdraw cash by credit card. Because withdrawing cash from a credit card is equivalent to applying for a personal loan directly from the bank, and the handling fee is not low. Usually, the general handling fee is around 1-3.

However, the credit card cash withdrawal fees and term rates of Ping An Bank and Citibank range from 2-3. Moreover, the minimum handling fee for each cash withdrawal is 25-30 yuan, which can be said to be the highest among all banks’ credit card cash withdrawal handling fees.

6. The handling fees from Ping An Bank are the worst.

What should I do if I lose my credit card? If you still want to use it, of course you have to go to the bank to get a replacement card. However, if you report the loss first when re-applying, many banks will not charge additional credit card replacement fees, because the loss reporting fee is already included in the loss reporting fee when you report the loss.

However, Ping An Bank is different. In addition to the 50 yuan loss reporting fee for their credit card, there is also an additional 30 yuan card upgrade fee, which can be said to be quite a scam!

How about it? After looking at the most pitfalls of major bank credit cards listed above by Little Finance, do you think it’s right?

The top ten hidden pitfalls of credit cards

Although the use of credit cards brings a lot of convenience and "cheapness", credit cards also hide many unknown traps, such as There are still handling fees for early repayment of bill installments, and interest-free credit card withdrawals. The following introduces ten "traps" hidden by credit cards to prevent cardholders from being "cheated" by Hard Card due to information asymmetry.

01. Handling fees are still charged for early repayment of bill installments

After the credit card bill is installmentd, when you decide to repay in advance, if you pay monthly, you need to pay all the handling fees for the remaining months. If the handling fee is paid in one go, the handling fee will not be refunded due to early repayment. In other words, after the customer's application for installment payment is completed, these handling fees must be borne no matter what. In addition, some banks also charge "cheating" early repayment fees.

Before applying for bill installment, you should consult clearly about matters such as early repayment to avoid unreasonable application deadlines and excessive payment of handling fees. Some banks also stipulate that if you pay off the balance of the bill installment in advance, you do not need to continue to pay handling fees in the remaining months.

02. The full interest on the minimum repayment will still be collected

After making a large amount of consumption and unable to repay in full for a while, many people choose to repay the minimum repayment ( Generally, it is 10) of the total amount owed, which can prevent the occurrence of bad records. But when calculating interest, many people find that interest is calculated from the day of consumption. There is no interest-free period, and interest is calculated in full. The repaid part is still calculated as the interest calculation base before the entire amount is paid off. . Calculated based on an overdraft of 10,000 yuan, although 9,900 yuan has been repaid, the interest is still calculated as 10,000 yuan, and the interest is still "compounding interest".

However, some banks have canceled this "overlord clause" and only charge interest on the unpaid portion. Before deciding to repay the minimum payment, you should first understand the interest charges.

03. Credit cards cannot be used as debit cards

Many people who have just applied for a credit card will deposit money into the credit card, because in this way, they will also earn points by swiping the card for consumption. But at this time, the bank is secretly having fun, because it is the cardholder who loses. Different banks have different charging standards for cash withdrawals. Some banks charge 1 and at least 10 yuan; some banks charge at least 50 yuan. When you put money into a credit card, once it "goes in", it is not so easy to "come out". It is better to do less of this kind of "stupid thing" of selfless dedication.

04. Credit card cash withdrawals are not interest-free

Some people think that credit card cash withdrawals and credit card purchases are the same, and both can enjoy the interest-free period.

Each bank stipulates that credit card cash withdrawals must pay interest and do not enjoy the interest-free period. Most credit cards are calculated at an interest rate of 0.05% per day, which translates into an annual interest rate of more than 18%. In addition, most credit cards require high cash withdrawal fees, and only a few credit cards are exempt from fees.

05. It’s hard to get a bargain with installment payments

There is no pie in the sky, so don’t expect to take advantage of the bank. Maybe when you finally figured out the "cheap" with your calculator, the bank's actuary had already set other fees.

06. More credit cards are not better

Some credit card "professional accounts" may apply for credit cards with multiple themes, such as aviation-themed cards, car-themed cards, shopping mall-themed cards, and financial management cards. With theme cards and Taobao theme cards, points can be doubled during different consumption periods.

With too many credit cards on hand, cardholders are easily confused about how much they have spent on each credit card and when the repayment period is, resulting in repayment arrears and other phenomena, and points will also be scattered to various cards. , is not cost-effective, and also creates a considerable "financial burden" for myself. The more the merrier, not everyone can control this. If you have too many credit cards, you won’t be able to use them well, and the discounts will become a burden.

07. You can’t sit back and relax if you are bound to a savings card

If you are worried about forgetting the repayment date, resulting in bad records such as overdue payments, then when applying for a credit card, choose to apply for a savings card card from the same bank. In this way, the credit card is directly linked to the debit card, and the full amount will be automatically repaid on the repayment date without any handling fees. Or get a savings bank card that charges no handling fees for inter-bank transfers, and then bind all credit cards, so you don’t have to worry about forgetting the repayment date.

As a friendly reminder, be careful when making purchases with a credit card. If the repayment amount in the savings card is insufficient, you will still have to pay interest if you fail to repay the full amount at once.

08. Passwords are more secure than signatures

09. There is an "over-limit fee" for over-swiping the card

Credit card over-limit fees, I guess many card users have not heard of them Having said that, the cost does exist.

Bankers remind that in order to avoid over-limit fees, cardholders must pay off the excess of the original limit within the expiration period of the temporary limit (usually one month), otherwise there will be an excess amount. An additional expense.

Increasing the temporary limit of a credit card can indeed bring us a lot of convenience, but don’t forget that this limit is temporary. You should consult the bank clearly before repaying, and don't let the temporary limit "trap" you.

10. Points may make you happy in vain

Many people use credit cards to make purchases. The biggest temptation is that points can be exchanged for gifts, but when you work hard to like a certain gift, When collecting points, you may sadly find that your points have been cleared. Because many banks' credit card points have a fixed validity period, usually two years.

In addition to these, more and more cardholders report that the value of their points is getting lower and lower, and points are becoming more and more difficult to obtain. Most banks only use them for large purchases such as houses and cars. Excluded from points. Let me tell you some data: When it comes to redeeming credit card points for gifts, even the most cost-effective China Merchants Bank and Bank of China can only redeem the points gained by spending 400 yuan for items worth 1 yuan, while the stingiest Everbright Bank needs to spend 1310 yuan. Yuan can be exchanged for items worth 1 Yuan.

Credit card points are becoming more and more "tasteless". If you don't understand the validity period of the points, it is recommended that you cancel the credit card as soon as possible.

Top 10 pitfalls in applying for a credit card: These traps must be avoided (Part 1)

Credit cards can be used to overdraft consumption in advance, which can relieve the stress of life. Many people want to apply for a credit card. However, there are various traps in the credit card application process, and falling into them can be very troublesome if you are not careful. This article has reviewed the top 10 pitfalls of applying for a credit card for your reference.

1. Spend money to apply for a large credit card?

It is free to apply for credit cards through formal channels. In addition, the credit limit approval is evaluated by the bank system, and there is no manual intervention. If you spend money to apply for a large credit card, you will know at a glance that it is a big trap, and it is designed to deceive people. Money comes.

2. The more credit cards, the better?

The number of credit cards should be controlled within 3 to 5, and no more than 5 at most. After all, holding too many cards can easily confuse the bill. If you forget to repay, it will be overdue, and it will also increase the cardholder's debt ratio. , get credit information, etc., so don’t think that having too many credit cards is a good thing.

3. Is the limit for applying for a card high?

Many banks use credit cards to apply for cards. They usually use the existing credit card limit as a reference when approving a card. They may approve a high-limit credit card, but the card limit may also be similar to the current credit card limit, or even It may still be lower.

4. Does the introduction have a high success rate in applying for a card?

In order to successfully apply for a card and approve a large-value card, many people will spend money to buy some introduction codes, which are the so-called contact information of high-quality bank customers. However, this is also a big pitfall. Banks value the most when approving credit cards. What matters is the applicant’s credit standing, not the introducer’s qualifications.

5. Can’t I apply for a card if my credit report is not good?

Banks that apply for credit cards definitely like people with good credit, but they do not reject cards if they have bad credit. Usually, banks will judge based on the degree of bad credit. There are also some who are slightly overdue and have other qualifications. Possibly a card.

Have you fallen into the 6 major pitfalls of credit cards?

Credit card is a non-cash payment method and a simple credit service. To put it bluntly, it is a kind of credit transaction.

Advantages of credit cards

1. You can use the card to make purchases without any money, and there is an interest-free period of 20 to 56 days.

Tips:

Make reasonable use of the interest-free period. During this period, you can do some financial management to earn interest. After the due repayment, the income will be in your pocket. It is not recommended to use your credit card to make purchases if you don’t have any money, unless you encounter a special emergency.

To control your desire for credit card consumption, you must develop good accounting habits.

For example, if the credit card limit is 50,000, do we dare to use up the 50,000 limit in a month?

Assuming that we have 3,000 yuan in cash for consumption this month, it is best not to use credit cards for more than 3,000 yuan. How to effectively use the interest-free period? Maruyi has made a simple table for everyone to understand:

Then the handling fee we should pay in total is 10.5×12=126 yuan. How is this annualized interest rate calculated?

This is what Xuan Shang calculated:

126/3000100=4.2

It seems not bad! But is it really only 4.2?

What this calculation means is that we borrowed the 3,000 yuan from the beginning of the year to the end of the year?

But we are obviously paying back the principal in each period. The principal of the last period is only 250 yuan, and the handling fee is 10.5 yuan, which is equivalent to the annualized interest rate of 50.4.

The following are the credit card installment rates and corresponding actual annual interest rates of various banks, for reference only:

This algorithm has obviously gone to the other extreme. According to his meaning, borrowing 3000 per year, the interest is 3000×8=240 yuan, but in fact our interest payment is only 126 yuan per ***.

However, as soon as you start installment, you become a card slave and work for the bank all year round. It is recommended that you do not spend more than you can repay.

03

Minimum repayment pitfalls

Is there anything worse than installment payment? Calculate interest in installments!

You may not understand this calculation, let me explain:

8000×12 (here are the 12 days from the 20th of his consumption date to the day before the repayment date. The interest-free period is gone, and the interest is calculated based on 50,000 yuan) 0.0005 (8000-800) 15 (the 15 days from the repayment date to the repayment date are also calculated based on 50,000 yuan) 0.0005=102 yuan

If there is no such calculation, we may think that the unpaid portion of 7,200 yuan will only be calculated as loan interest of 50,000 yuan after the repayment date. In fact, the interest on consumption from the consumption date to the repayment date also needs to be calculated! So everyone must pay attention to this pitfall, which is also called segmented interest calculation.

The meaning of segmented interest calculation is that if you only repay part of the amount on the repayment date, interest will still be calculated on the full amount from the consumption date to the repayment date, but after the repayment date, interest will be calculated on the unfinished amount. Pay off part of the interest accrual.

If you can’t pay back the money on the same day but don’t want to pay it in installments, then you can borrow money to roll it over for two days, at least only the interest on the loan will be calculated after the repayment date.

04

Full penalty interest

Is there anything worse than segmented interest? The full amount of penalty interest counts as one!

Let’s look at a piece of news first:

In March 2016, Li Xiaodong spent more than 18,000 yuan with his CCB Long Card credit card, but 69 yuan was not paid off. However, 10 days later, More than 300 yuan in interest was generated.

After calling CCB’s customer service hotline several times, Li Xiaodong learned that CCB charges overdue interest on credit cards by calculating the total amount of the monthly bill, not the unpaid portion.

Full penalty interest is a credit card interest calculation method. It means that if the cardholder fails to repay the entire debt on the due date, interest will be calculated on the entire consumption amount. That is, from the date of consumption to the date of repayment in full, the recurring interest is calculated at 50,000 per day.

However, fortunately, many banks have launched time tolerance services, which can provide cardholders with a grace period of 1 to 3 days for repayment.

Look at these deceptive interest calculation methods, so everyone must understand them clearly before using a credit card, and don’t fall for them easily!

05

Don’t save money on credit cards

It is estimated that there are many friends who save money on credit cards.

Credit cards and debit cards are different. Not only do you get no interest when you deposit them, but if you want to withdraw cash, you will also be charged a handling fee! If you accidentally save it, you can only put it there and wait for the next repayment.

06

Don’t rush to cancel the card after paying off the overdue balance

Some friends don’t understand. After paying off the overdue balance, they cancel the card in a fit of anger. Log out, don’t be impulsive! Because credit card overdue records are generally retained in personal credit reports for five years.

If you do not continue to use the card after paying off the bill, the overdue record will still be retained in your credit report after five years, which will affect your application for other credit cards. , apply for a mortgage or other loans, that is really annoying.

Summary

1. After applying for a credit card, you must activate it in time. By the way, remember to receive the card opening gift within the specified time.

2. The installment interest is high, so make reasonable use of the interest-free period and do not spend more than you can afford to repay.

3. The minimum repayment is calculated in installments, so don’t use it lightly. If you don’t want to pay it in installments, just borrow it and turn it around for two days.

4. The full penalty interest rate is very miserable. Be sure to read the explanations of various rates on your credit card in advance.

5. Don’t deposit money into your credit card. If you accidentally deposit it, don’t withdraw it. Use it to pay off next month’s bill!

6. After paying off the overdue balance, don’t rush to cancel the card!

This ends the introduction about the pitfalls of credit cards and how many young people have been pitted by credit cards. I wonder if you found the information you need?