With China Merchants Credit Card, can I use the money I withdraw this month to pay back the money I borrowed last month? If it is a China Merchants Bank credit card, it is ok.
The handling fee for domestic RMB cash advances is 1% of the amount of each cash withdrawal, with a minimum charge of RMB 10 per transaction; the handling fee for overseas cash advances is 3% of the amount of each cash withdrawal, with a minimum charge of RMB 10 for each transaction 3 USD or 30 RMB (minimum charge for American Express-Centurion Black Gold Card and American Express-Centurion Platinum Card is 5 USD or 30 RMB per transaction). There is no inter-bank handling fee for cash advance.
Cash advances do not enjoy interest-free repayment. From the day of cash withdrawal to the date of repayment, interest will be charged at a daily interest rate of 0.05%, and compound interest will be charged on a monthly basis. PS: The handling fee for credit card cash advances does not accrue interest. A credit card, also called a credit card, is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. It takes the form of a card with the issuing bank's name, validity period, number, cardholder's name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially designated commercial service departments, and then the bank will settle the accounts with merchants and cardholders. Cardholders can overdraft within the prescribed limit.
Credit cards stipulated in the relevant laws of our country ("Interpretation of the Standing Committee of the National People's Congress on the Provisions on Credit Cards of the People's Republic of China and the Criminal Law of the People's Republic of China") refer to those issued by commercial banks or other financial institutions. It is an electronic payment card that has all or part of the functions of consumer payment, credit loan, transfer settlement, cash deposit and withdrawal, etc.[1][2]. On December 1, 2017, the "English Translation and Writing Standards in the Public Service Field" was officially implemented, stipulating that the standard English name of credit cards is Credit Card[3].
A credit card is generally a special carrier plastic card with a length of 85.60 mm, a width of 53.98 mm, and a thickness of 1 mm. The name of the card issuer, validity period, number, cardholder name, etc. are printed on the front, and there is a chip on the back. Magnetic strip, signature strip. Cardholders can use their credit cards to shop and spend money with special entities and deposit and withdraw cash from banks.
Credit card consumption is a non-cash transaction payment method. There is no need to pay cash when consumption, and repayment will be made on the billing date. [4]
Credit cards are divided into credit cards and quasi-credit cards. A credit card refers to a credit card in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card A credit card refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve as required. When the reserve account balance is insufficient for payment, the card can be overdrawn within the prescribed credit limit. The so-called credit card generally refers to a credit card only.
Chinese name
Credit card
Foreign name
Credit Card
Payment method
Non-cash transaction payment
Types
Credit cards and quasi-credit cards
Product origin
End of the 19th century