During the Spring Festival abroad, credit card, credit card foreign currency consumption limit?
Editor: PomegranateSource: PomegranateDate: 2018-02-08
In recent years, the traditional festivals have become less and less “traditional”, and more and more people have chosen to travel overseas during the Spring Festival. In a rare long holiday, many people plan to go abroad to see the world. With the rise of the RMB outbreak on the eve of the Spring Festival in 2018, the renminbi will be more cost-effective against the US dollar. It is also a rare opportunity to catch up with the outbound tourist spending at this time.
Overseas consumption, the use of foreign currency cash has both limits, and is not safe, most people will still choose to brush credit card payments, more use of dual currency cards or full currency credit cards. So, are there any limits on credit card foreign currency spending and what other issues need attention?
In this article, the pomegranate junta talked about issues related to the consumption of credit card foreign currency.
I. Is there a limit to the consumption of credit card foreign currency?
On December 29, the State Administration of Foreign Exchange released the “Circular of the State Administration of Foreign Exchange on Regulating the Large-scale Cash Withdrawal of Bank Cards Abroad,” which stipulates that individuals hold domestic bank cards to withdraw cash abroad, and their own bank cards (including supplementary cards) In total, each natural year must not exceed the equivalent of RMB 100,000. However, the above provisions are limited to the withdrawal of cash outside the bank card, and there is no specific restriction on the consumption of credit card abroad.
In other words, there is no specific quota limit for the use of overdraft credit cards for overseas consumption. Cardholders need to pay for foreign exchange purchases in accordance with the amount of consumption after returning home. This amount is not subject to specific restrictions.
Second, credit card foreign currency to take the existing limit
The credit card foreign currency is subject to the existing limit. Each bank sets the same day quota and single limit for the foreign currency withdrawal of credit card. This requires the cardholder to understand clearly before departure, especially if the cardholder needs to withdraw cash abroad, it should understand the card issuer’s Specific limits are provided.
In addition, there is usually a fee for overseas withdrawal of credit cards, and the handling fee is much higher than that for domestic cash withdrawal. If there is no special need, overseas withdrawal is not recommended. There are a few special card types that have preferential cash withdrawal fees overseas, such as the first free overseas cash withdrawal fee per month. Then, consumers with cash withdrawals may wish to have a credit card with cash withdrawal.
Third, beware of foreign currency exchange fees
Generally speaking, full-currency credit cards are foreign currency transactions and renminbi credits, and there is no foreign currency exchange fee, which is more convenient to use. However, exchange rates need to be converted in accordance with the exchange rate stipulated by banks, and controllability is low. Dual-currency credit cards can be traded in foreign currency and credited in foreign currency, and the cardholder can purchase remittances after returning home. However, a dual currency credit card is usually a currency configuration of RMB + USD. If the cardholder swipes transactions in the euro zone or other currency areas, a foreign exchange commission fee will be generated, which is usually 1.5% or 1.75% of the consumption amount. The fee is still relatively high. It is advisable to use a full currency credit card when spending overseas, or to use a UnionPay card with a merchant who can use a UnionPay card, and may be exempted from foreign currency exchange fees.
Fourth, foreign currency accounted for the best manual repayment
As stated in the above article, if it is a full- currency credit card, then as long as you return to China, you only need to repay the RMB in accordance with the RMB bill; if it is a dual-currency credit card, the cardholder can choose the RMB for remittance, RMB repayment, or choose foreign currency to enter the account. Money repayment. If it is foreign currency accounted for, purchase remittances, it must be noted that foreign currency consumption generally can not automatically repay, you need to manually purchase foreign exchange repayment. Before Pomegranate, he wrote an article on purchase remittance and repayment. The content is that the cardholder chooses the right time to purchase foreign exchange, and he can also earn an exchange rate difference.
V. Actively participate in overseas bank promotions
During the holiday period, banks will also launch various overseas credit card promotions in order to attract cardholders to use their credit cards for overseas consumption. The most common form is credit card spending cash back (back to credit card payments) and other activities. Participating in such activities and obtaining cash back offers can help cardholders save money. Cardholders can visit the issuing bank's official website or the official WeChat account before traveling to learn more about the event.
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