Most popular China CITIC Bank plans to reduce the

2022-08-06
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CITIC Bank plans to reduce the service charge for cash withdrawal of credit cards. According to the recent announcement of CITIC Bank, the bank will adjust the service charge for domestic and foreign cash withdrawal of credit cards from December 1. The service charge for domestic cash withdrawal will be reduced from the current "3% of cash withdrawal amount, minimum RMB 30" to "2% of cash withdrawal amount, minimum RMB 20"; The service charge for overseas cash withdrawal is changed. The working principle is that the electromechanical system controlled by the servo system is charged at 3% of the cash withdrawal amount, with a minimum of 3 US dollars or 30 Hong Kong dollars or 3 euros

previously, CITIC Bank was said to be the most expensive bank in China to charge for cash withdrawal from credit cards (relevant reports: 1. The handling fees of CITIC and other four banks for cash withdrawal from local peers of credit cards are the highest; 2. The handling fees of CITIC and other four banks for local interbank cash withdrawal from credit cards are the highest; 3. The handling fees of CITIC and other four banks for cash withdrawal from non local peers of credit cards are the most expensive). Even after the handling fees were reduced on December 1, they are still higher than most other banks. Data chart of shaft sinking winch

China CITIC Bank

China CITIC Bank is not the first in China to reduce the cash withdrawal handling fee. Other banks have long adopted many preferential policies for cash withdrawal with credit cards. ICBC has been implementing the free cash withdrawal policy of local peers. Bank of China Great Wall globegroup series credit cards also adopt the free cash withdrawal policy of local banks. Since April 1 this year, CCB has launched the preferential benefit of "excess payment of local bank cash withdrawal free of handling charges" for long card credit cards. For high-end credit cards, such as platinum card, infinite card and world card, Guangdong Development Bank has adopted the preferential policy of free handling charge for domestic cash withdrawal. The constellation credit card issued by industrial bank is free of handling charge for the first cash withdrawal every month

after reducing the handling fee on December 1, the fee of China CITIC Bank is still higher than that of other banks. Take the cash withdrawal of local peers for example. After December 1, if a local peer withdraws 100 yuan to develop a research and development plan, China CITIC Bank needs to charge a handling fee of 20 yuan, which is still higher than all banks except bank of Shanghai, Citibank and Shanghai Pudong Development Bank. While Everbright Bank only needs 3 yuan and Huaxia Bank only needs 5 yuan

there have been doubts and disputes about the high charge for cash withdrawal from credit cards in the market. Lvsuiqi, deputy director of the financial industry research center of Peking University, believes that credit cards are born for overdraft consumption. If you use cards to withdraw cash, you must charge a certain fee. However, in the mature credit card market abroad, it is common to withdraw cash through credit card overdraft. Cardholders can withdraw cash from credit cards in supermarkets and other places, and the cost is relatively low

bank rate analysts suggest that although banks, as the makers of credit card charging policies, have an incomparable monopoly position, if they want to make more people become card users, improve the loyalty of card holders, improve the live card rate and effective card utilization rate, reasonable charges rather than high charges are the foundation to attract and retain card holders

the friend "Vicky Ting" said: "the charge of 30 yuan for 100 yuan is changed to 20 yuan for 100 yuan. The withdrawal of China CITIC Bank's credit card will be reduced. How do I feel this is usury? It's really expensive." You "orange" said that the credit card positioning of CITIC Bank is slightly higher, but the charge is indeed a little higher. From this point of view, credit cards are becoming more and more effective. It is a tool for silver to make money holding the flags and spears of the two countries. It is totally profitable

analysts believe that ICBC, China Construction Bank and CITIC are all major credit card issuers, and their collective reduction of cash withdrawal fees will gradually impact the entire credit card industry. Sooner or later, more banks will follow up, which may become an industry trend

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