Is there a limit on the amount of foreign currency credit card spending during the Spring Festival?
Editor: PomegranateSource: PomegranateDate: 2018-02-08
In recent years, the traditional festivals have become more and more “traditional”, and more and more people choose to travel overseas during the Spring Festival. A rare long holiday, many people plan to go abroad to see the world. On the eve of the Spring Festival in 2018, the renminbi has risen and the renminbi has become more cost-effective for the renminbi. It is also a rare opportunity to travel abroad at this time.
For overseas consumption, the use of foreign currency cash has both a limit and is not safe. Most people will choose to pay by credit card and use a dual-currency card or a full-currency credit card. Then, is there any limit on the credit card foreign currency consumption, and what other issues need attention?
In this article, Pomegranate is talking about the issue of credit card foreign currency consumption.
1. Is there a limit on the foreign currency consumption of credit cards?
On December 29, the State Administration of Foreign Exchange issued the "Notice 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 from abroad, and the bank card (including subsidiary cards) under their name The total amount for each natural year shall not exceed 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 overseas credit card consumption.
In other words, there is no specific limit on the use of overdraft credit cards for overseas consumption. Cardholders need to purchase remittances according to the amount of consumption after returning to China. This amount is not subject to specific restrictions.
Second, credit card foreign currency to take the existing limit
The credit card foreign currency takes the existing limit, and each bank sets the daily limit and the single limit for the credit card foreign currency withdrawal. This requires the cardholder to know clearly before departure, especially if the cardholder has overseas cash withdrawal requirements, then it is better to know the card issuer’s The specific limit is stipulated.
In addition, credit card overseas withdrawals generally have a fee, and the handling fee is much higher than the domestic cash withdrawal. If there is no special need, it is not recommended to withdraw from the country. There are a few special card types that have overseas cash withdrawal fee discounts. For example, the first overseas cash withdrawal fee per natural month, then consumers who have cash withdrawal requirements may wish to have a credit card with overseas cash discount.
Third, beware of foreign currency exchange fees
Generally, the full-currency credit card is a foreign currency transaction, RMB is debited, and there is no foreign currency exchange fee. It is more convenient to use, but the exchange rate needs to be converted according to the exchange rate stipulated by the bank, and the controllability is low. The dual-currency credit card can be exchanged in foreign currency and foreign currency, and the cardholder can purchase remittance after returning home. However, the dual-currency credit card is usually a currency configuration of RMB+USD. If the cardholder swipes the card in the Eurozone or other currency zones, a foreign currency exchange fee will be generated, usually 1.5% or 1.75% of the consumption amount. The fee is still relatively high. It is recommended to use a full-currency credit card when shopping abroad, or use a UnionPay card at a merchant who can use UnionPay cards to avoid foreign currency exchange fees.
Fourth, foreign currency credit is best to repay manually
As mentioned in the above article, if it is a full-currency credit card, then you can return the RMB as long as you follow the RMB bill. If it is a dual-currency credit card, the cardholder can choose RMB to be credited, RMB to repay, or you can choose foreign currency to purchase. Remittance. If it is a foreign currency, if you purchase remittance, you must pay attention to the fact that foreign currency consumption is generally not automatic repayment, and you need to purchase remittance manually. Before Pomegranate Jun wrote an article related to remittance remittance, the content is that the cardholder chooses the right time to purchase the exchange, and can also earn the exchange rate difference.
V. Actively participate in the bank's overseas preferential activities
During the holidays, in order to attract cardholders to brush their own credit cards for overseas consumption, banks will also launch various overseas credit card promotions, the most common form of which is credit card cashback (return card credit) and other activities. Participating in such activities and getting cashback offers can help cardholders save money. Cardholders can check the event details before the trip to the official website of the issuing bank or the official WeChat public account.
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