On April 15, the central bank's official website issued the "Notice on matters related to credit card business" (hereinafter referred to as "Notice"). From January 1, 2017, credit cards will be relaxed and many fees will be cancelled. The credit card industry is ushered in the biggest change in 30 years This is a small step in the policy, but it will be a big step in the industry. Credit card experts believe that this will be the biggest change in the credit card industry in the past 30 years. After the implementation of the Notice, participants in the entire industry, whether they are banks, cardholders or third-party payment institutions with weight gains, will have significant color changes: 1. Cancel the current credit card overdraft interest rate standard, and implement the overdraft interest rate upper limit and lower limit interval management. The overdraft interest rate ceiling 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 ten thousandths. The current rule is five-thousandths of a percent, which is equivalent to letting the bank charge up to 30% of the overdraft interest. This is actually quite ridiculous, because the interest charged by the bank is calculated according to the total consumption of the current month's bill; For example, if you spend 20,000 yuan a month, but only paid 19999 yuan in the month, you still have 1 yuan. Sorry, the recurring interest on the bill for the next month is calculated according to 20,000, which is 20,000*0.0005* days of overdue repayment. If you return this 1 yuan after 10 days on the last repayment date, then the interest charged by the bank It’s 100 yuan, even if the New Deal gives you a full discount, you have to pay 70 yuan... 2. To cancel the current regulations on the maximum period of the overdraft consumption interest-free repayment period, the minimum repayment amount standard and the additional conditions; This rule is the most powerful. The current interest-free repayment period is up to 60 days. Now this rule has been cancelled. The future interest-free repayment period will be determined by the bank's yan decision. (Should no bank be stupid enough to shorten the interest-free repayment period?) This is a good thing, cardholders will have more room to use their own funds. For example, in the future, banks will extend the interest-free repayment period to 90 days, which is equivalent to 3 months of interest. You think about it, now the inflation is so strong, anyway, the price will rise sooner or later, paying your bill three months ago with the value of money after 3 months, more cost-effective! The current standard of the minimum repayment amount is 10% of the bill amount. If the cardholder fails to meet the standard, in addition to being fully penalized, it will also taint the personal credit record. Now that this standard is abolished, the cardholder’s fear of personal credit taint will be weakened. Is this to encourage everyone not to repay, and to be happy to work for the bank? 3, cancel the late payment fee, the card issuer and the cardholder agreement to agree on liquidated damages; It is a fine for all kinds of people who don’t pay back. Now change the gentle name, people-oriented, and let you feel comfortable when you pay the bank. It is like a change from "Hey! Hurry to give money!" to "Grandfather, returning money to me~~". 4. Cancel the over-limit fee and stipulate that the card issuer shall not charge interest on the service fee; The so-called over-limit fee is an extra use fee for the temporary quota that has not been applied in advance. Simply put, the card is exploding. For example, your credit card is a quota of 50,000, but you spent 51,000 yuan to buy a gold ring for your fiancee. The extra 1000 yuan is overrun. This part has to calculate the overrun fee in the past. Now that Yang Ma has cancelled this charge, it is a small discount. 5. The credit card ATM withdrawal limit is raised from 5,000 yuan to 10,000 yuan; The biggest purpose of the Central New Deal is exposed nakedly--encourage the people to consume + cash to the bank to generate income! After all, the bank is a pro-son, the sons can not make money now, when the mother can not worry? Cash withdrawal is different from credit card overdraft. Cash withdrawal begins to calculate interest immediately, and there is no interest-free period. For the mother of this move, it is entirely for the bank to generate income, Jin Ge will not be fooled! Jin Ge also never cashed out! Want to let Jin Ge work for the bank? No way!! However, this policy still has some bright spots. Credit card withdrawals in our general concept are ATM cash withdrawals. However, in the New Deal, this is only a cash withdrawal business in the pre-borrowing cash business, and two other businesses are cash transfers and cash refills. [page] Behind the big change: residents' credit card penetration rate is low CEO Ye Daqing believes that the central bank’s new regulations on bank credit card business are a major step forward in interest rate liberalization. The cancellation of credit card late fees or other fees, or the individual banks to make their own rules. The central bank’s relaxation of the regulation of the credit card business of the banking industry is a major step forward in the marketization of interest rates. According to the central bank's 2015 credit card data, the number of credit card issuance in 2015 totaled 432 million, 0.3 per capita, and the number of credit cards held per capita was low. There are about 1.5 billion credit cards in the United States, and the number of cards per capita is more than five. This is inseparable from the maturity of interest rate liberalization and risk control in Western countries. And in Western countries such as the United States credit card penetration rate is close to 100%, Japan's credit card penetration rate reached 96%, the acceptance of credit cards, especially for credit card installment services. On the other hand, domestic credit card penetration rate is low, credit card acceptance is low, and credit card installment business is also cautious. The central bank’s relaxation of controls on the credit card business has released a very good signal. Behind the big change: virtual credit card strikes After 30 years of development, China's credit card industry has grown from scratch, from small to large, from weak to strong. According to central bank data, from 2008 to 2014, credit card issuance has been in a high-speed growth of more than double digits. In 2015, the negative growth rate was 5.05%. This turning point came suddenly. In 2014, a total of 455 million credit cards were issued nationwide, an increase of 16.45% year-on-year. In 2013, the national credit card issued a total of 391 million cards, an increase of 18% from the end of the previous year; in 2012, the cumulative number of credit cards issued was 331 million, an increase of 16% from the end of the previous year; in 2011, the cumulative number of credit cards issued was 285 million, an increase of 24.3%; 2010 The cumulative amount of credit card issued in the year increased slightly; in 2009, the number of credit card is 185 million, a year-on-year increase of 30.4%, and the growth rate dropped by 27.3 percentage points. In this regard, the digging credit card experts told 21st Century Business Herald that the decline in the amount of credit card used is due to the development of Internet loans, which has led to an increase in the number of users overdraft; the second is the introduction of Internet giants such as Ant and Jingdong. The popularity of "virtual credit cards" also diverted a portion of the credit card. In fact, with the launch of HCE cloud payment function by China UnionPay, physical card virtualization has become a reality, and it is precisely because of the increasingly perfect application of virtual card payment, and the widespread application of Token technology in mobile payment to create a cloud. The value of the payment platform product is to simplify the mobile payment industry chain and help banks to create mobile payment products that can quickly implement and rapidly develop users. The credit card virtualization can complete the entire card issuance process through instant credit and air card issuance, instead of mailing the physical card, the user can complete the payment with a mobile terminal such as a mobile phone or a wristband. The integration of the Internet banking model with the traditional banking model allows Internet banks to take advantage of the unparalleled advantages of traditional banks without losing the management and control of financial risks by traditional banks. Therefore, in the future credit card industry, physical credit cards will also be presented. The downward trend, and virtual credit card is bound to become the future direction of the credit card industry. On April 1st, April Fool's Day, Baidu Wallet launched the Monica Pay service in a low-profile overseas market. "Monica Pay" is translated as "Magic Card Payment". As long as you scan your visa, you can get the most local banks with the most discounts. Virtual credit card. This new feature is like "magic" to achieve global credit card and cross-border financial services. To put it simply, Monica Pay is a virtual credit card in a foreign market through consumer data in the country. Before we travel abroad, we must not only pay the bank in advance for "money change", but also study the exchange rate and local consumption level. It is very complicated to calculate how much cash is in the body. After scanning your passport with Monica Pay, you can automatically generate a customized version of the e-wallet in the corresponding country. Baidu will open the local bank's most popular 8 virtual credit cards according to the Baidu wallet's consumption data, and then recommend local specialty stores and gourmet restaurants for the personalized needs of users during travel and consumer portraits. At checkout, Monica Pay will automatically filter the discounts from the local credit card opened by the user to help users choose the best. This means that in any store, as long as you pay with Baidu wallet, it is equivalent to having the most preferential credit card. In addition, users can enjoy VIP rights and corresponding overdraft quotas, which solves the troubles of users' currency exchange to some extent. For example, if you are going to Thailand now, you can use the "Monica Pay" to scan your visa and you will have a Thai Kasikorn Bank credit card, which can be used to accompany the check-in and airport VIP room. For those who travel in the US, you can open AmEx. SPG credit card, enjoy unlimited free airport WIFI and air mileage points, as well as Starwood hotel hotel discounts; and "Monica Pay" to help you open the UK Best Western MasterCard, you can redeem the Best Western hotel for two nights. These offers are not available with domestic credit cards. In fact, one of the major features of this Notice is the strong participation of third-party payment institutions, such as the new reference to “cash recharge†in Article 4. “Cash recharge means that the cardholder will pre-borrow the credit card. The funds within the quota are transferred to the payment account opened by the non-bank payment institution.†Carefully study the phrase “Noticeâ€, the so-called “payment account opened by a non-bank payment institutionâ€. Isn't this the hottest third-party payment institution account? For example, WeChat, Alipay, etc. In the previously implemented policies, the recharge of credit card accounts to third-party payment institutions such as WeChat/Alipay is strictly prohibited. It can be seen that in the future, third-party payment institutions will be able to take a share in the credit card industry. At the same time, the bank also chose to force on the virtual row card. On March 29, China Construction Bank and Tencent Computer Systems Co., Ltd. launched the first joint credit card product of CCB with both virtual and physical credit card functions, “virtual†and “realâ€. It is understood that the card includes a physical card and an e-paid card, and the e-paid card is a network virtual credit card without a physical medium, providing customers with a full-process quick card payment for "instant application, instant card, instant card" Experience. After successfully applying for e-paid card, the customer can quickly obtain card information such as card number, expiration date and security code through SMS, and instantly realize online payment on the Internet. Online, cooperate with Longka ApplePay, Longka SamsungPay, HCE Dragon Card Cloud Pay, etc. Payment tools enable consumption and cash withdrawals. Behind the big change: offline pos machine payment dilemma to be solved The number of physical credit card issuance has been negative for the first time in seven years. This also reflects the predicament of offline POS payment in the era of mobile payment. In order to get rid of the huge impact brought by mobile payment, offline POS payment is facing a difficult transition path. According to central bank data, at the end of 2015, the number of bank cards corresponding to each POS machine was 238, a decrease of 23.23% from the end of the previous year. At the same time, the number of online payment services increased by 15.92% year-on-year, especially the number of mobile payment services increased by 253.69%. Behind the explosive growth is the subversion of the traditional POS payment industry by Alipay, WeChat and other third-party payment giants. This phenomenon has also been confirmed in the Internet credit card management platform. The data of the credit card controllers of the Treasury has shown that in the fourth quarter of 2015, the number of POS cards swept by credit card users decreased by 2.27%, while the per-capita online credit card swipe pen The number increased by 5.77%. It is worth mentioning that in the first quarter of 2016, the per-cap credit card amount of the POS card was 10, which was less than 1/3 of the online card. It can be seen that the amount of POS card swiping continues to decline, and it is not unrelated to a large number of credit card users switching to online consumption. The Eyelash Brush can be used for combing the eyelashes before and after eyelash extension, finishing and separating before and after applying mascara, or as an eye makeup tool used in conjunction with mascara. 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Behind the big changes in the credit card industry: virtual credit cards hit the line POS machine payment dilemma to be solved