From January 1, 217, the credit card late payment fee will be cancelled, and the card issuer and the cardholder will agree on the penalty.

the notice on matters related to credit card business aims to reduce administrative intervention related to credit card interest and fee rules, optimize cash advance service of credit cards, standardize credit card transaction information and protect the legitimate rights and interests of cardholders. The new regulations will be implemented on January 1, 217.

The Notice cancels the current uniform standard of credit card overdraft interest rate, and implements upper and lower limit management of credit card overdraft interest rate. The upper limit of overdraft interest rate is five ten thousandths of the daily interest rate, and the lower limit is .7 times of the daily interest rate.

The Notice cancels the existing provisions on the maximum duration, minimum repayment amount and additional conditions of interest-free repayment period for overdraft consumption, which are determined by the card issuer independently based on commercial principles and the needs of cardholders; Cancel the late payment fee, and the card issuer and the cardholder will agree on the liquidated damages; Cancel the over-limit fee, and stipulate that the card issuer shall not charge interest on the service fee.

The Notice optimizes the management mechanism of cash advance business of credit cards, clearly defines the types of cash advance business such as cash withdrawal, cash transfer and cash recharge, and formulates relevant requirements for improving services and standardizing management. The daily cumulative limit of each card for cardholders to withdraw cash in advance through ATM is increased from RMB 2, to RMB 1,.

Extended information:

The notice is also accompanied by the release of relevant policy restrictions, such as the method of calculating and settling interest on credit card overdrafts, whether to calculate interest on overpayments and its interest rate standard. If we take the new regulation of 3% as an example, the cardholder's billing date is the 7th of each month, and the credit card is 2, yuan on May 1st, the minimum repayment amount is 2, yuan on May 25th, and the bill interest on June 7th is 242.9 yuan.

In contrast, if the interest is calculated at the current interest rate, the cardholder will need to pay the bill interest of 347 yuan, and under the new regulations, the cardholder can save the repayment amount around 1 yuan every month.

in addition, according to the current measures for the management of bank card business, the minimum repayment amount of credit cards of all banks shall not be less than 1% of the overdraft balance of the current month, and the longest interest-free repayment period shall be 6 days. However, the new regulations have removed the restrictions on the above two indicators, and banks have decided the minimum repayment amount and interest-free repayment period flexibly according to their own business strategies and the risk of cardholders.

Baidu Encyclopedia-Notice of the People's Bank of China on matters related to credit card business.