Credit Card Repayments

October. 28,2020
Credit Card Repayments

Credit card repayment refers to the return of the bill spending money to the bank to ensure the cardholder's good credit history when the cardholder's credit card purchase reaches the final repayment date.

1.How to pay back?

In-line repayment

The repayment method mainly includes: card issuing bank counter, ATM, online banking, automatic transfer, telephone bank repayment and so on. After repayment, the credit card limit is immediately restored, the amount is generally processed on the same day, can be recorded.


Mobile phone repayment

Mobile phone is a mobile financial system personal payment terminal, can be used for direct credit card repayment, can also be transferred and other services. Instant arrival!


Convenience store repayments

Convenience store repayments are mainly made through the "La Cala" smart payment terminal installed in convenience stores. General arrival time takes 2 to 3 working days, while the use of this way to repay free of charge fees.


Network repayments

Credit card online repayment as one of the main ways of credit card repayment of the bank, network repayment has become a common means of credit card users. Select different platforms and banks, and the fees and charges will vary. Cardholders can use the "Payment Plan" function to pre-set payment dates, and online banking will make a one-time or monthly transfer from one card to the cardholder's credit card or to the cardholder's designated credit card at the request of the cardholder.


Cross-bank transfers

Credit card repayments can be transferred across banks. No matter how you transfer or remit, there will be a fee for money transfer. At the same time, the amount of money in the accounting time and repayment convenience is not as good as peer repayment, network repayment, convenience store repayment and other ways.


2.Overdue payments

Overdue payments

Credit card late repayment consequences are serious, so overdraft spending should be moderate. Although the biggest feature of a credit card is the overdraft function, it actually constitutes a lending relationship between the customer and the bank. Failure to repay due softens can not only lead to legal disputes but also to pay high penalties. The most important thing is that you have a bad record of credit that can have a negative impact on your future work and life.


Consequences of late credit card payments (1)

The penalty charges and late fees that are usually involved in defaulting on a high penalty credit card are revolving interest and late fees. The essence of revolving credit is a small unsecured loan with daily interest. If you don't pay it in full on the final repayment date, you'll incur revolving credit interest on the next statement. Interest is also required from the date the purchase is recorded.


Consequences of Late Credit Card Repayment (2)

Legal disputes over violent collection of credit cards have become a hot topic. Many bank credit card centers outsource credit card repayment collection to so-called "debt collection companies". These companies are more rough in their debt collection methods, which cause a lot of trouble for their customers.