How to make credit card repayments during the epidemic

What should I do if my credit card cannot be paid due to the epidemic? See the solution here

Affected by the epidemic, many units have postponed the resumption of work and delayed the payment of wages. Many cardholders are worried that they will not receive their wages in time as their credit card repayment date is approaching. Way to pay off the credit card. So, what should you do if you encounter this situation and your credit card cannot be paid? Let’s take a look below.

What should I do if my credit card cannot be paid due to the epidemic? If If you are still unable to repay your credit card, you can call the card-issuing bank’s customer service number to see if you can apply for a deferral of repayment. If so, overdue credit cards during the epidemic will not be counted as a breach of contract and will not be included in your personal credit report’s overdue record.

2. Borrow money and repay it:

Look for friends, relatives, colleagues, etc. to borrow money and repay it. When borrowing money, it is best to agree on a repayment period and give some interest. However, during this period, everyone is staying at home, and most of them have temporarily lost their source of income, making it very difficult to borrow money.

3. Handle bill installments:

It can appropriately alleviate the repayment pressure, but you must pay attention to the processing time. The processing time for credit card installments in most banks is from the credit card statement date to one day of repayment. Hold the card People should choose the appropriate number of installments based on their repayment ability and installment interest rate.

4. Minimum repayment:

Generally, as long as 10% of the current bill amount is paid, it is not considered overdue, but the remaining unpaid amount will no longer enjoy the interest-free period. , interest will be calculated in full from the date of consumption, with a daily interest rate of 5/10,000, and compound interest on a monthly basis. If you cannot repay the full amount in the short term, you can choose this method, but it only applies to the consumption amount. If you want to withdraw cash, the minimum limit is not allowed. Repayment.

What should I do if my credit card cannot be paid during the epidemic? Let me introduce four solutions to you

What should I do if my credit card cannot be paid during the epidemic? Recently, due to the impact of the epidemic, many companies have postponed their operations. During the epidemic, some companies paid employees the minimum wage. However, some companies have directly closed down due to the epidemic situation, causing many people to lose their source of income.

For many employees, unstable income directly affects the on-time repayment of mortgage products and services such as mortgages, car loans, and credit cards. So, what should you do if you can’t pay off your credit card on time during the epidemic?

According to a notice from the China Banking and Insurance Regulatory Commission:

For people who have temporarily lost their source of income due to the epidemic, appropriate tilts should be given to credit policies, and personal credit repayments such as housing mortgages and credit cards should be flexibly adjusted. Make loan arrangements and reasonably postpone the repayment period.

It can be seen that if you are temporarily unable to repay on time, you can contact the bank in time to apply for an extension of repayment.

At the same time, another bank stated that if overdue phenomena occur due to special circumstances during the epidemic, you can apply to the bank after the epidemic, explain the situation and submit materials, and the bank will verify it. Overdue records on the credit report will be adjusted.

The first method: proactively communicate with the bank

If the credit card cannot be repaid in time, you can actively communicate with the bank’s customer service through the bank’s official phone number and actively correct relevant preferential policies. , such as deferred repayment, etc.

The second method: borrow money from relatives and friends to get through this difficult time

This method is relatively simple, borrow money from your relatives and friends, and pay off the credit card debt. over. This method is also a once and for all method, although it may affect our face. But because we paid off the credit card in time, it will not have any impact on our credit score.

The third method: repay in installments, or repay according to the minimum payment amount

What should I do if I can’t pay off my credit card during the epidemic? At present, there are three main repayment methods for credit cards:

The first method is to repay in full, that is, after the bill is issued on a fixed date every month, we need to pay it back in one lump sum before the deadline. Qing, this repayment method requires a steady flow of funds.

The second repayment method is the installment repayment method. After the bill is issued on the billing day, the repayment can be divided into different periods for repayment. It should be noted that this repayment method requires responsibilities. There is a certain fee.

The third repayment method is the minimum repayment method. When the bank issues a bill, we will see the minimum repayment amount. This repayment method also requires a certain amount of interest.

If the money in our hands cannot be repaid in full, in order to avoid overdue payments, we can apply for the minimum repayment method and installment repayment by calling, but this method A certain handling fee is required.

It should be noted that communication must be carried out before the repayment date.

Although this approach involves a certain interest fee, our credit report is still intact.

Fourth method: Apply for deferred repayment

If we cannot repay the minimum repayment or installment repayment, then we can call the bank customer service phone to communicate and apply for deferred repayment .

Moreover, currently, many banks have introduced relevant preferential policies. For example, many banks such as Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, and Bank of Communications have introduced relevant policies and have leniency policies in many aspects such as credit card repayment business.

So, in summary, what should I do if my credit card cannot be paid during the epidemic? It is actually easy to solve.

If we cannot repay our credit card on time, we don’t need to worry too much and actively contact and communicate with the bank’s customer service. If we are really overdue due to various unavoidable reasons, then we need to actively communicate with the bank and provide supporting materials, and the overdue record can also be erased.

It should be noted that the impact of this epidemic is multi-faceted. In addition to our economic losses, our personal health has also been greatly impacted.

It should be noted that cure does not mean complete recovery. Some people may still have certain sequelae or complications and require long-term recuperation. However, we have no income during the recuperation period. .

But if we arrange some insurance for ourselves or our family in advance, we can get good protection. For example, critical illness insurance, as long as the symptoms meet the symptoms in the contract, we can get compensation. , and it is compensated upon diagnosis and can be used as recovery expenses and living expenses during the recovery period.

Some people have unfortunately passed away due to the epidemic. If they are the breadwinner and the main source of income for the family, then the whole family will fall apart. However, if you have a life insurance, you can get it if you die. A certain amount of compensation can protect the lives of parents and children and prevent them from being helpless.

What should I do if I can’t pay my credit card during the epidemic?

The outbreak of the new coronavirus pneumonia epidemic in 2020 has disrupted people’s work and life. All walks of life have suspended work and production, and people are trapped. The family has lost income, which is a very troublesome thing for some friends who have loan and credit card debts. So what should I do if my credit cards cannot be paid during the epidemic?

In view of the special period of prevention and control of the new coronavirus pneumonia, the China Banking and Insurance Regulatory Commission issued a notice on credit card repayments during the epidemic on January 26, 2020. The China Banking and Insurance Regulatory Commission requires all banks to pay for the loss of income during the epidemic. Credit card holders should be given appropriate credit policies. To put it simply, during the epidemic, banks should reasonably extend the repayment period for users who are unable to repay their credit cards. The specific extension period will be determined by each bank.

Currently, various banks have different repayment policies for credit card holders during the epidemic. Generally speaking, the policies of each bank are as follows:

1. During the epidemic prevention period , if the credit card holder is unable to repay and has overdue behavior, the overdue behavior will not be included in the scope of bad credit report;

2. Extend the repayment period. The extended repayment period of each bank's credit card is different, and there is an extension of 10 days, half a month, and the longest is 1 month, which is subject to the regulations of the card issuing bank;

3. Repay the minimum repayment amount, but interest will be charged on the account for the current period, and it will be charged later. Return interest.

4. Delay the repayment for those working on the front line of epidemic prevention, and defer the repayment for those diagnosed with COVID-19 and their spouses, as well as those suspected of being infected and their spouses.

The above are the relevant regulations issued by various banks for credit card holders who have lost income during the epidemic. If the cardholder is temporarily unable to repay due to the epidemic, it is recommended that the cardholder actively communicate with the bank. When the cardholder encounters When you have difficulty repaying your loan, you should proactively contact the bank to express your willingness to repay, negotiate with the bank, and actively strive for preferential policies from the bank. Since an overdue credit card will incur overdue fees and interest, it is best to borrow money from friends around you first, pay off the credit card debt, and then slowly repay the friends.

What should I do if my credit card cannot be paid during the epidemic? Can credit card repayments be deferred during the epidemic?

1. You can apply for an extension if your credit card is not paid during the epidemic.

2. According to the "Notice on Further Strengthening Financial Support for the Prevention and Control of the Novel Coronavirus Pneumonia Epidemic", people who are hospitalized or quarantined due to infection with the new coronavirus, those who need to be quarantined for epidemic prevention and control, and those who participate in the epidemic For prevention and control workers and people who have temporarily lost their source of income due to the epidemic, financial institutions must give appropriate tilts in credit policies, flexibly adjust personal credit repayment arrangements such as housing mortgages and credit cards, and reasonably extend the repayment period.

What should I do if the credit card cannot be repaid during the epidemic?

If the credit card cannot be repaid during the epidemic, the cardholder can apply to the bank for extension or installment repayment in time; The cardholder can repay according to the agreed method and time limit; if the bank does not agree, the cardholder still needs to repay according to the original method and time limit. According to the "Notice on Further Strengthening Financial Support for the Prevention and Control of the Novel Coronavirus Pneumonia Epidemic": Persons who are hospitalized or quarantined due to infection with the new coronavirus, those who need to be quarantined for epidemic prevention and control, those who participate in epidemic prevention and control, and those who are temporarily affected by the epidemic People who have lost their source of income; financial institutions should give appropriate tilts in credit policies, flexibly adjust personal credit repayment arrangements such as housing mortgages and credit cards, and reasonably extend the repayment period.

I would like to ask what to do with credit card repayments if you are not working due to the epidemic

1. If the work is not irregular due to the new coronavirus, users can choose the minimum repayment when repaying. Or repay in installments, which will not have a negative impact on your personal credit score.

2. People who have lost their source of income due to the epidemic, medical staff participating in epidemic prevention work, and government workers can apply for deferred repayment, and the repayment can be deferred after the bank agrees.