Credit card violation disables SMS notification

Due to the long-term failure of individual users of China Merchants Bank's credit card to repay on time, the banking system stopped using the account (the card can not be used for consumer expenses temporarily) in order to avoid risks and reduce possible financial losses.

How to cancel the suspension: after three months of full repayment or normal repayment, you need to call again to apply for normal use. The bank judges that the user has the repayment ability through the repayment record, which reduces the risk of bank funds and can re-enable credit card consumption for the user.

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Consequences of overdue repayment of credit cards:

1, bear a high penalty interest.

After the credit card defaults, the liquidated damages usually involved are the revolving interest fee and the late payment fee. Except for ICBC, the other 12 banks still carry out full penalty interest. Full penalty interest means that even if the customer repays the part, the repayment part is not deducted when calculating the penalty interest, and the interest expense is usually calculated at the daily interest rate of five ten thousandths.

2, cause legal disputes

Default customers may also face legal disputes. According to the provisions of the Criminal Law, a credit card with a malicious overdraft of more than 5,000 yuan will not be repaid after three months of collection by the bank. If the circumstances are serious, criminal responsibility may also be investigated for fraud. For defaulting customers, after entering the judicial process, it will not only affect their reputation, but also lose more costs. In addition to paying off the debts, they will also bear the litigation costs.

3. Leave a "credit stain" in the national credit information system.

In 2006, the central bank established a national unified enterprise and individual credit information basic database. As long as you have applied for a card or borrowed money from a bank, your own "credit report" will be automatically generated in this system. The "stain" in this report can't be ignored, and it will affect all kinds of applications for loans, insurance, job hunting and studying abroad.

Baidu encyclopedia-credit card repayment