1. Should the interest on the credit card not exceed the principal if it is overdue for a long time? Is there such a law now?

not at the moment.

Credit cards can only enjoy interest-free treatment if they are used and repaid within the specified time limit. If they are overdue, they will be charged a late fee with compound interest of 5% of the amount owed every month, and interest will be charged at .5 ‰ of the amount owed every day. The longer they are overdue, the more late fees and interest will be, and the long-term arrears will exceed the principal.

second, private lending regulations

the interest rate of private lending does not exceed 36%, which is a legal interest rate.

Article 26 of the Provisions of the Supreme People's Court on Several Issues Concerning the Application of Laws in the Trial of Private Lending Cases, if the interest rate agreed by the borrower and the lender does not exceed 24% per annum, the people's court shall support it. The interest rate agreed by the borrower and the borrower exceeds the annual interest rate of 36%, and the interest agreement exceeding the part is invalid. The people's court shall support the borrower's request to the lender to return the interest paid in excess of 36% of the annual interest rate.

3. Credit card

A credit card, also known as a credit card, is a credit certificate issued by a commercial bank or credit card company to a consumer with qualified credit. It is in the form of a card with the name, expiration date, number and cardholder's name printed on the front, and a magnetic stripe and signature strip on the back. Consumers with credit cards can go to special commercial service departments for shopping or spending, and then the bank will settle accounts with merchants and cardholders, and cardholders can overdraw within the prescribed limit.

from January 1, 221, the credit card overdraft interest rate will be determined by the card issuer and the cardholder through independent negotiation, and the upper and lower limit management of the credit card overdraft interest rate will be cancelled (the original upper limit is .7 times of the daily interest rate, and the lower limit is .7 times of the daily interest rate).

iv. repayment method of credit card

1. repayment in the issuing bank

this method includes: the counter of the issuing bank, ATM, online banking, automatic transfer, telephone banking, etc. After repayment, the credit card limit will be restored immediately, and the money will generally be recorded after being processed by the system on the same day.

2. Micro-banking POS mobile phone

Micro-banking POS mobile phone is a personal payment terminal in the mobile financial system, which can be used for direct credit card repayment, transfer and other services, and immediately arrive at the account.

3. Transfer/remittance repayment

There are two ways: inter-bank in the same city and inter-bank in different places. No matter how to transfer or remit money, the remitting bank will charge a certain fee, and at the same time, the time of payment and the convenience of repayment are not as good as those in peers, online repayment and convenience store repayment.

4. Online repayment

The common online platforms in China are UnionPay Online, Kuaiqian, Shengfutong, Alipay and Tenpay. Different platforms and banks are selected, and the charging standards and the specific payment arrival time are different.

5. Repayment by Xinfutong

The "Xinfutong" smart credit card phone is an innovative electronic product independently developed by China UnionPay, certified by the Bank Card Testing Center and supported by financial services provided by China UnionPay's inter-bank information exchange network.