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New Credit Card 2017 Rules

Time: 2016-11-23         Source: Financial 360 finishing         Author: 360 Financial consolidation

1, see overdraft interest rates:credit cardThe overdraft interest rate is subject to upper and lower limit management. The overdraft interest rate upper limit is five-tenths of the daily interest rate, and the overdraft interest rate lower limit is 0.7 times the daily interest rate of five-tenths. This also means that the overdraft interest rate is at a minimum of 3.5%. After the card-friends have set up the card, they must first compare the overdraft rate on the credit card day and choose the bank with the lowest overdraft interest rate.

2, see the interest-free period: the new regulations cancel the provisions of the longest period of interest-free repayment period, determined by the issuer. The length of the interest-free period of different banks is not the same, and it is more completely determined by the issuer themselves. The length of the interest-free period is also an important reference indicator for Shenka.

3. Look at "liquidated damages": cancel the fine for late payment and introduce "complaint fine". For cardholders' breach of contract overdue, the issuer should agree with the cardholder whether to collect the penalty for breach of contract, as well as relevant methods and standards. Before setting up a card, the card friend must compare the ratio of the bank’s “default fee” and choose the most cost-effective and most economical bank.

4. Look at pre-advented cash: Credit card advance cash business includes cash withdrawal, cash transfer and cash recharge. Before setting up the card, the card-friends must be aware of the cash withdrawal quota, cash transfer quota and fee standard, and more importantly: Understand whether the bank is allowed to use micro-credit cards and Alipay to recharge credit cards. This is absolutely 100% good for card-friends and allows card-holders to use more overdrafts.

5. Look at the minimum repayment amount: The new regulation cancels the requirement that the minimum repayment amount in the first month must not be less than 10% of the overdraft balance in the current month, and the minimum repayment amount shall be determined by the card issuing institution. For those who are not well-funded and have poor repayment ability, the lowest credit card payment is undoubtedly the best choice.

6. Look at the method of compensation for piracy: The new regulation encourages card issuers to provide reasonable compensation for cardholders’ losses in accordance with law, including through commercial insurance cooperation and the provision of risk compensation funds. Therefore, it is also very important for cardholders to compare card-incurred credit card compensation methods before they set up a card. After all, credit card fraudulently occurs frequently, and most of them are cardholders themselves.

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