1. Late payment fee is changed to liquidated damages There is a “minimum repayment†in the credit card repayment method, which is a repayment method for the bank to relieve the user's financial pressure. This kind of repayment method can greatly alleviate the repayment pressure of being unable to pay the full amount and paying back on time due to the tight funds on hand. However, if the user did not even have such a "minimum repayment" before 2018, they would have to bear a high amount of late fees. Such a late payment fee will allow the user to bear a high penalty interest rate by means of compound interest. However, after the new regulations came online this year, the People's Bank of China asked banks to change the late payment fee into liquidated damages, and they can only collect them at one time, and they must not repeat interest-bearing. This is definitely a very good change for cardholders. Second, the longest interest period is no longer limited to 60 days Last year, some bank credit cards had a maximum interest-free period of 60 days. However, the longest interest period of 60 days from this year may not be enjoyed by everyone. Because, from this year on, the People's Bank of China has liberalized the longest interest-free period and returned this authority to the major banks. Major banks can tailor the maximum interest-free period based on each cardholder's different qualifications and repayment habits. Therefore, if the qualifications are good, you may also get an interest-free period of more than 60 days. Third, the minimum repayment amount is also changed by the bank itself. The minimum repayment amount is generally 10% of the monthly repayment amount. Starting from this year, this minimum repayment amount can also be set by the bank itself. Fourth, the ATM machine can withdraw up to 10,000 yuan The maximum amount of cash on a single card for a credit card is 2,000 yuan. In order to further open the cardholder's withdrawal amount. This year, credit card users have changed their quota on the ATM machine from 2000 to 10,000 yuan. This card has not been tested by the pro, but you can try it if you need it. 5. Overdraft interest rates may decline After the implementation of the new regulations, the way in which credit card overdrafts are settled and whether the overpayments are repaid and their interest rate standards are started by the card issuer bank. It is understood that after the actual lower limit control, the bank's overdraft interest rate is expected to drop by about 30%, while the lowest overdraft interest rate may only be charged 0.7 times the daily interest rate of five ten thousandths. 6. The bank cannot be completely exempt from liability after the credit card has been stolen. Although the bank had a "lost card security" service earlier. However, this service is a bad thing for many users who have stolen their credit cards. Because, after the credit card was stolen, they had no way to prove that they were not authorized by themselves. In the end, they only believed that they were unlucky. However, after the new regulations are launched this year, the issuing bank needs to provide certain compensation for theft of the stolen goods through commercial insurance and accrual of risk compensation funds; it is no longer possible to use the reason that the user cannot prove that the stolen brush is not authorized by me. Come clean and responsible. Although the new rules are somewhat beneficial to cardholders in some places. However, it is important to understand that the new rules also give the banks a lot of autonomy. When most of the rights to formulate are in the hands of the banks, the days of credit card friends may not be better. Mobile Flipchart U Stand,Magnetic Whiteboard Sheets For Board,Magnetic Glass Flipchart Easel Board,Magnetic Flipchart Easel Board Dongguan Aoxing Audio Visual Equipment CO.,Ltd , https://www.aoxing-alr.com
2018 The Notice of the People's Bank of China on the Matters Related to Credit Card Business has been implemented. The actual implementation date of the "Notice" will still begin on January 1, 2018. In these new credit card regulations, the following points are what credit card holders should know. 