What will happen if you don’t repay your credit card?

The consequences of not repaying your credit card: The bank will charge interest and late fees after the interest-free period. Overdue records will also be recorded on personal credit reports, affecting the processing of various credit services. If the loan is not repaid for more than 2 months, the bank will call you to demand payment. In serious cases, credit cards may also be involved. Article 196 of the Criminal Law: Whoever engages in credit card activities in any of the following circumstances and the amount is relatively large shall be sentenced to not more than five years or criminal detention, and shall also be fined not less than 20,000 yuan but not more than 200,000 yuan; if the amount is huge or there are other serious circumstances, A fine of not less than 50,000 yuan but not more than 500,000 yuan shall be imposed; if the amount is particularly huge or there are other particularly serious circumstances, the fine shall be not less than 50 years but not more than 10 years, and a fine of not less than 50,000 yuan but not more than 500,000 yuan. Or confiscate property: (1) Using a forged credit card, or using a credit card fraudulently obtained with false identification; (2) Using an expired credit card; (3) Pretending to use another person’s credit card; (4) Malicious overdraft. The term "malicious overdraft" as mentioned in the preceding paragraph refers to the cardholder's behavior of overdrafting beyond the prescribed limit or within the prescribed period for the purpose of illegal possession and failing to return the card after being called upon by the card-issuing bank.

What will be the consequences of not paying back the credit card?

The essence of a credit card is actually a personal credit loan product provided by a bank. Money owed to the bank must be repaid. Credit card holders use credit cards After consumption, the debt must be repaid within the specified time. If the credit card debt is not repaid, the following adverse consequences will occur:

1. Poor personal credit. If the credit card is not repaid, the cardholder will be overdue. Currently, most banks provide cardholders with a 3-day grace period for repayment. After the grace period is exceeded, overdue will occur, and the bank will upload the user's overdue record. Go to the central bank to check your credit, thus leaving a stain on the cardholder’s personal credit. Now is an era of credit. If there is a bad personal credit report, then later credit business will be affected.

2. Penalty interest will be generated. Credit cards can only enjoy the interest-free period if they repay on time within the specified period. Once the cardholder is overdue, the bank will charge overdue fees. Overdue interest is calculated on a daily basis. The longer the time, the higher the overdue interest.

3. Demanded by the bank. If your credit card is overdue, you will definitely face various collections from the bank. Generally, if the overdue time is within one month, the bank will remind the cardholder to repay through text messages, and occasionally will call for collection. When the overdue time reaches one month, the bank will The bank will make more frequent calls for collection. If the overdue period reaches 3 months, the bank may outsource the collection work to a third-party collection agency. At this time, collection calls will be very frequent, which may affect the normal life of credit card users.

4. By the bank. If the credit card is overdue, the bank may detain the cardholder. According to the relevant laws and regulations on credit cards, if the cardholder's overdue amount reaches 50,000 yuan and the cardholder still fails to repay the debt for more than 3 months after two bank collections, the bank will There may be overdue users on the grounds of malicious overdraft. Once it is determined that the cardholder's malicious overdraft behavior is true, the credit card user will face situational liability.

5. Be included in the list of dishonest people. If the bank files a lawsuit and the cardholder refuses to repay the loan after the judgment is passed, he may be included in the list of dishonest people, which is what everyone calls a bad guy. Once he becomes a bad guy, he will not only have no hope of getting a loan in the future, but he will also be unable to travel abroad and take a taxi. High-end purchases such as flights will be restricted.

1. The earliest credit card appeared at the end of the 19th century. In the 1880s, the British clothing industry developed so-called credit cards, and the tourism and business sectors followed suit. However, the cards at that time could only be used for short-term commercial credit, and the money still had to be paid as and when used. Long-term arrears were not allowed, and there was no credit limit. In the 1950s, McNamara, a credit expert in Manhattan, was dining in a restaurant. Since he did not bring enough money, he had to ask his wife to send money. This made him feel very embarrassed, so he organized the "Diners Club" (English: Diners Club). Members can bring a dining charge card to 27 designated restaurants to record their consumption without having to pay cash. This is the earliest credit card. Franklin National Bank was the first bank to issue a credit card, and other U.S. banks later followed.

2. The word "credit card" originally refers to the financial product introduced in this post. However, because there were no credit cards in China before, or even debit cards without any credit card functions became very popular.

Therefore, real credit cards can only be given the nondescript name of "credit card". A real credit card has the following characteristics: it is not encouraged to deposit cash in advance, consume first and repay later, enjoys an interest-free payment period, can repay in installments independently (with a minimum repayment amount), and joins VISA, MASTER, JCB and other international credit card organizations to benefit the world. Universal.

3. China’s credit card market is still one of the fastest-growing product lines in China’s personal financial services market. Although the economic benefits of the industry are full of challenges, driven by economies of scale and growth in consumer spending, the market will continue to grow in the next 10 years. The average annual growth rate of credit card issuance in China will remain at around 14% during the year, and profitability will also tend to improve. Qianzhan.com predicts that by 2020, the cumulative number of credit cards issued in China will exceed 800 million. According to the China Brand Power Index (C-BPI) brand ranking and analysis report, the top three credit card brands are China Merchants Bank Credit Card, Industrial and Commercial Bank of China and China Construction Bank. Among them, China Merchants Bank Credit Card won the 7th title with an advantage of 523 points. The brand power of China's credit card industry ranks first, with ICBC Credit Card ranking second with a score of 466.

What will happen if the credit card is not repaid?

Non-repayment on the credit card will generate overdue interest and late payment fees, and will create a personal bad credit record in the Credit Information Center of the People's Bank of China. In addition, the credit card Failure to repay the card will result in a lawsuit being filed against the bank that issued the card. Those with a bad attitude or serious circumstances may also bear corresponding criminal liability.

Late payment fees and overdue interest generated by non-payment of credit cards are very high. The longer the overdue period is, the greater the economic losses will be. The impact of having a bad credit record in the credit reference center is also very large: Overdue people will have a greatly increased chance of being rejected by the bank when they need a loan or apply for a credit card. If the overdue situation is serious, you will receive a letter from the bank's lawyer. If you fail to repay, you will be sentenced and included in the blacklist of "Lao Lai". Those on the blacklist will have all their personal assets frozen and seized, and all aspects of their work and life, including food, housing and transportation, will be restricted. Be sure to pay off your balance as soon as possible.

General banks have credit card deferred repayment policies. If the cardholder is unable to repay the debt on the credit card repayment date, he or she can first apply to the bank for an extension of credit card repayment. Different banks and different credit card types have different deferment policies. Some banks can defer payment for 5 to 7 days, while others can only defer it for 1 to 3 days. During this period of extension, please try your best to find ways to pay off the debt.

If due to various reasons, you are still unable to repay the debt in time after applying for a deferral of repayment, you must apply to the bank for repayment of the minimum repayment amount. The bank stipulates that 10% of the total consumption of this month is the minimum repayment amount of this month. Only by paying the minimum repayment amount will there be some "overdraft interest". These "overdraft interests" are calculated on a daily basis, and the charging regulations for "overdraft interest" are calculated on a daily basis of 50,000% of the unpaid amount.

If you have made repayments according to the minimum repayment amount since last month, then the minimum repayment amount this month is equal to the total amount owed last month plus the minimum repayment amount this month. That part of ***. The formula for calculating the minimum repayment amount this month is: minimum repayment amount = the unpaid portion of the minimum repayment amount of the previous period's bill and 10% of the overdraft balance of the current period's bill.

What will happen if the credit card is not repaid?

If the credit card is not repaid, it will be overdue and will incur default interest and penalties, which are increasing every day. If the credit card is not returned, it will become overdue and create a bad credit record. Although bad credit records will generally be eliminated after being kept for five years, the prerequisite for such five-year elimination is that you must pay off all outstanding debts, including principal, interest, and liquidated damages. The amount of credit card debt is relatively large. If the debt persists for more than 90 days, the bank will freeze the credit card. Only when the debt is paid off can there be a chance to unfreeze. However, if you don't keep paying it back, you may lose your ability to use the credit card forever. If you apply for another credit card from this bank, you will be declined. If your credit card principal is as high as 50,000 yuan and you fail to repay it for more than 3 months, and the bank still fails to repay after two effective collections, it will constitute a credit card crime. At that time, you will most likely be sentenced and you will have to pay off the debt after being fined.

1. Credit card consumption is a non-cash transaction payment method. No need to pay cash when consumption, repayment on the day of payment. Credit cards are divided into credit cards and quasi-credit cards.

A credit card refers to a credit card where the cardholder has a certain credit limit and can make purchases before repaying within the credit limit; a quasi-credit card refers to a cardholder who deposits a certain amount of petty cash as required, and when the petty cash account balance is insufficient to pay , a quasi-credit card that allows overdraft within a specified credit limit. Credit card generally refers to credit card. The earliest credit cards appeared in the late 19th century. In the 1880s, the British clothing industry developed the so-called credit card, and the travel and business communities followed suit. But at that time, the card could only be used for short-term business credit, and repayments still had to be paid at any time. You can't default on it for a long time, and you don't have a credit limit.

2. The credit limit refers to the credit limit given by the bank to its basic customers, that is, this much money can be recovered by the company within the specified period. For example, if an enterprise applies for an export documentary draft of US$2 million every year, it can use US$10 million five times (the procedure only needs to be completed once, and other procedures are very simple). If it uses it ten times, it can use $20 million. On the one hand, it solves the short-term difficulties of enterprises, improves the speed of enterprises, and also improves the efficiency of enterprise capital use.

What will happen if your credit card is not repaid

What will happen if your credit card is overdue? Face the following consequences: 1. Failure to repay your credit card overdue will incur high interest rates and late fees. If the credit card is not repaid, the cardholder will no longer enjoy the interest-free period of the credit card. Interest will be charged at 0.05% per day starting from the day of consumption. Compound interest will be calculated on a monthly basis. An arrears of tens of thousands of yuan will be deducted in a few days. Thousands of dollars of interest are generated, and the longer the period, the higher the interest. If the credit card is not repaid in time after the interest-free period of the credit card, the bank will charge a late payment fee to the credit card holder. The late payment fee is 5% of the unpaid portion of the minimum repayment amount. After a certain period of time, the bank will charge a higher penalty to the card holder. interest. 2. Non-repayment of credit cards will cause personal credit stains. As long as you have applied for a credit card or a loan, you will know how important your personal credit record is. Once your credit record is stained, it will be difficult to apply for a credit card. This is not the most troublesome, the worst thing is If you want to buy a house in the future, if you have a tainted credit, the loan amount of the mortgage loan will be smaller than others, and the interest rate will be higher than others. If it is seriously overdue, the bank will not lend to you even if you want to pay more interest rates. 3. The credit card may be suspended. If the credit card is not repaid, the bank will withdraw the revolving credit granted to the cardholder and the credit card will be suspended. For repeated defaults on repayments, or long-term defaults on large amounts, the bank will consider the cardholder to have a higher risk of repayment, and will stop using the credit card and pursue the debt from the cardholder. If a bank pursues a credit card debt and still fails to repay it, the bank may apply to auction the cardholder's other fixed assets. 4. Malicious credit card arrears will be punished. If the credit card balance is not repaid for more than three months, it will be regarded as a "malicious overdraft", and the bank can initiate judicial proceedings. my country's criminal law stipulates: If a credit card overdraft exceeds 5,000 yuan, the debt is in arrears for more than 3 months, and the bank refuses to repay it after being called for more than 3 times, the judicial authorities will take corresponding measures (sentence for more than 5,000 yuan; criminal detention for less than 5,000 yuan) .

What happens if credit cards don’t work?

If the credit card debt is not repaid, there will be the following consequences:

First, it will affect the personal credit report

For a person, personal credit report Very important. If there is a stain on your personal credit report, it is basically impossible to get a loan to buy a house or a car in the future. First of all, one thing needs to be made clear, that is, if you do not pay back the money you owe on your credit card, it will definitely have a serious impact on your credit report.

In the old version of the central bank’s credit report, bad records were kept for 5 years and good records were kept for 2 years. The new version of the credit report, the personal credit report shows the "5-year repayment record." And in the future, each person’s monthly repayment record and default situation will also be reflected in the report in detail. Therefore, everyone must not fail to pay back the money they owe, otherwise they will go into the central bank's credit reporting system, which will affect future loans to buy a house and a car. In serious cases, travel will be restricted and you will not be able to buy air tickets or train tickets.

Second, if the circumstances are serious, it may constitute a crime

A malicious overdraft on a credit card refers to an overdraft that exceeds the prescribed limit for the purpose of illegal possession, and the bank has already called for two You were asked to repay the loan several times, but the money has not been returned to the bank for more than 3 months. Banks will use different collection methods according to different situations. Of course, banks are legal business institutions, so their collection methods must also be legal.

In order to give everyone enough time to repay, the bank will provide a repayment "time tolerance" service, and will also add repayment reminders every month. If it is an ordinary credit card that is overdue, it does not constitute a crime. However, if it constitutes a credit card crime, you will be legally responsible. If the case is serious, you may also face the risk of imprisonment.

In short, everyone should consume rationally and not spend too much in advance. Using credit cards rationally will have a positive impact on your credit!

That’s it for the introduction of what will happen if you don’t pay back your credit card.