What will happen if the credit card is not repaid on time?
The consequences of not repaying the credit card on time are: failure to repay on time is overdue. If you are overdue, you will not only be charged a 5% late payment fee for the unpaid portion, and a penalty interest of 5% on the entire bill (daily interest rate of 0.5%, interest will be calculated on the day of consumption, and interest will be charged on a monthly basis until the principal and interest are paid off), but you will also be charged at the Credit Reference Center of the People's Bank of China. A bad credit record will seriously affect your application for credit cards and bank loans within 5 years. If you are overdue for more than three months or fail to repay more than two bank reminders, the bank will freeze your card and list it as a prohibited customer (blacklist). At the same time, the bank will also enforce credit card and malicious overdrafts. 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 happen if the credit card is not repaid on time?
The consequences of not repaying the credit card on time: 1. The borrower needs to bear the liability for default on the credit card, which is usually high penalty interest and liquidated damages; 2. Suffering from collections by banking institutions; 3. If a credit card is overdue for 90 days, it may also be charged by the banking institution. Article 119 of the Civil Procedure Law must meet the following conditions: (1) The plaintiff is a citizen, legal person or other organization that has a direct interest in the case; (2) There is a clear defendant; (3) There is a specific The litigation claims, facts and reasons; (4) It falls within the scope of the people's acceptance of civil litigation and the jurisdiction of the people subject to the lawsuit.
What will happen if the credit card is not repaid on time?
The consequences of not repaying the credit card on time are: 1. The card-issuing bank will count the consumption amount as the principal from the accounting date. Interest is calculated daily, with a daily interest rate of 5/10,000, and compound interest is calculated monthly; for the unpaid portion of the minimum repayment amount, a late payment fee of 5% will be charged monthly. 2. Receive reminder calls and reminder letters from the card-issuing bank. 3. The credit card account is frozen by the card-issuing bank, which affects the cardholder's personal credit record and causes the cardholder to be unable to apply for loans; Article 669 of the "People's Republic of China" and the Civil Code, when entering into a loan contract, borrowing money The person shall provide the true situation of business activities and financial status related to the loan as required by the lender.
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