ICBC Peony Credit Card Regulation
Article I
This regulation is stipulated for promoting the conversion of our country’s traditional currencies to electronic currencies and providing better consumption credit services for all circles of life according to the Administrative Rules on Bank Card Service of the People’s Bank of China and relevant regulations.
Article II
Peony Credit Card is the credit card issued by ICBC that gives cardholders certain line of credit and that cardholders can make consumption before make payment within the line of credit.
Peony Credit Card is limited to be used within the territory of the People’s Republic of China. It is settled in RMB and has functions of credit consumption, account transfer settlement and cash deposit/withdrawal.
Article III
Peony Credit Card is classified into business card and personal card in terms of object to which the card is issued, in which the personal card is classified into main card and auxiliary card; and classified into golden card and general card in terms of credit rating.
Article IV
Organizations can apply for business golden card or general card of Peony Credit Card (hereinafter collectively referred to as business card) to card issuing institution of ICBC (hereinafter referred to as card issuing institution) with Account License certified and issued by the People’s Bank of China. An organization can apply for several business cards but it must specify cardholders on application forms.
Any individual with full capacity for civil conduct can apply to card issuing institution for personal golden card or general card of Peony Credit Card (hereinafter referred to as personal card) with his/her effective identity documents accepted by public security authorities. Holder of main card of personal card can apply for no more than two auxiliary cards for his/her spouse or relative with full capacity for civil conduct.
Article V
When applying for Peony Credit Card, organizations and individuals must fill out application forms and conclude Peony Credit Card Application Agreement with card issuing institution. Card issuing institution determines if it requires the applicant to provide guarantee and the form of guarantee, if it gives its consent to the application; determines card type and card applicant’s line of credit according to applicant’s application and credit status.
Article VI
Card issuing institution is entitled to adjust line of credit of a cardholder’s account according to change of credit status of this cardholder. Monthly overdraft balance in one account for personal card should not exceed RMB 50,000, and for business card the balance should not exceed 3% of integrated line of credit given by card issuing institution for this organization. For an organization without integrated line of credit, its monthly overdraft balance should not exceed RMB 100,000. All Peony Credit Cards under one account jointly use the line of credit of that account.
Article VII
Guarantees can be made in forms of warranty, mortgage or pledge. The guarantee range covers all debts under a cardholder’s Peony Credit Card (including principal and interest, overrun fee, delay charge, recourse charge and so on for overdraft within or beyond line of credit). Relevant guarantee contract should be concluded for the guarantee.
Article VIII
All transactions conducted with password shall be deemed by card issuing institution as done by the cardholder himself. Electronic information records produced in various settlement transactions conducted with electronic information such as password shall be the effective proof for these transactions.
For any transaction conducted without password, transaction proof with cardholder’s effective identity document number and signature shall be the effective proof for that transaction.
Article IX
All capitals in account of business card shall be deposited from its basic account by transfer; it is not allowed to withdraw cash and it is not allowed to deposit sale proceeds into account of business card. In handling commodity trading and settlement of labor service supply money, it is not allowed to use line of credit; where starting point stipulated by the People’s Bank of China is exceeded, remittance should be made via local branch of the People’s Bank of China. Overdraft of single transaction by one cardholder shall not exceed RMB 50,000.
Capitals in account of personal card are deposited in cash owned by cardholder or deposited by transfer in form of the cardholder’s wage money, legitimate labor service pay and return on investment or other incomes. Overdraft of single transaction of one cardholder shall not exceed RMB 20,000. If a cardholder uses his line of credit to draw cash, the money drawn in accumulation in one card in one day shall not exceed RMB 2,000. When a cardholder drawing money on appointed ATM with his card and password, he can draw 5 times at most in one day and the money drawn in accumulation shall not exceed RMB 5,000.
Article X
Cardholders shall pay annual fee pursuant to stipulation of card issuing institution. Annual fee for golden card is RMB 160 per card per year; golden card’s auxiliary card RMB 80 per card per year; general card RMB 80 per card per year; general card’s auxiliary card RMB 40 per card per year.
Service fee for loss reporting is RMB 50 per card and flat cost for a new card is RMB 20 per card.
A cardholder needs to pay no additional fee for deposit and consumption; 1% of transaction amount should be paid as service fee for cash withdrawal or personal account transfer outside the card issuing city and the minimum is RMB 1; 5‰ of account transfer amount should be paid as service fee for account transfer settlement at non-appointed organization outside the card issuing city, the minimum is RMB 10 and the maximum is RMB 500.
Where cardholder uses ATM of other commercial banks, if draws money within the card issuing city, charge for every transaction is no more than RMB 2; if draws money outside the card issuing city, charge for every transaction is RMB 2.
Article XI
The period from the date on which bank charges to account to the date of repayment on maturity notified by account statement (hereinafter referred to as date of repayment on maturity) for transactions other than party A’s cash and account transfer is interest free repayment period. The date of repayment on maturity is the 25th day after the account statement is generated, and the date of repayment on maturity is the 25th day after the date on which the account statement is printed. Cardholders that have repaid all the money payable before the end of operation at the date of repayment on maturity need not to pay loan interest for transactions other than cash and account transfer.
Where a cardholder has difficulty to repay all the money owed to the bank before the end of operation at the date of repayment on maturity, he can repay the minimum amount stipulated by card issuing institution. Where a cardholder repays the minimum amount, the card issuing institution only charges five ten-thousandth per day as loan interest on the unpaid part for days from the date on which the bank charges to account to the date on which repayment is made, and loan interest accrues monthly by compounding. If the minimum amount is not repaid before the end of operation at the date of repayment on maturity, 5% of the unpaid part of the minimum amount shall be paid as delay charge besides the loan interest calculated as above. If a cardholder fails to pay the minimum repayment amount in full before the end of operation at the date of repayment on maturity for two times (inclusive) in succession, card issuing institution can suspend the use of the card.
Article XII
Where a holder of personal card uses line of credit to draw cash or transfer in personal account, he cannot enjoy the interest free repayment period and shall pay five ten-thousandth of the money used by him per day as loan interest for the days from the date on which the bank charges to account to the date on which repayment is made.
Where a cardholder uses line of credit over the amount approved by the card issuing institution, he cannot enjoy interest free repayment period for all the money payable in his account; if he fails to pay the part in excess of the line of credit before the end of operation at the date of repayment on maturity, he shall pay 5% of the amount in excess as overrun charge.
Cardholder should repay loan with interest accrued first before repay the loan without interest accrued. Sequence of repayment shall be: interests, fees (overrun fee, delay charge, etc.), cash withdrawal, account transfer and consumption loan, etc.
No interest accrues on deposit in account of Peony Credit Card.
Article XIII
The maximum term of Peony Credit Card is 2 years. If a holder continues to use the card on maturity of the term, he should handle card renewal procedure. If the cardholder does not renew the card on maturity, he should notify the card issuing institution in written form or in other forms accepted by both parties 1 month before the maturity date, otherwise, the card issuing institution deems that the cardholder is willing to renew the card on maturity date. Peony Credit Card out of date cannot be used any more but the Application Agreement is still valid. Where a cardholder does not renew card or stops the use of card in midway, he should timely return the Peony Credit Card to the card issuing institution and handle account cancellation procedures.
Term of the renewed card is the same as that of the original card.
Article XIV
Card issuing institution should, after accepting cardholder’s application for cancellation of account, handle the same for the cardholder according to relevant regulations. In canceling account, capital in account of corporate card should be transferred back to its basic deposit account.
Article XV
Cardholder should timely pay off bank loans and interests under Peony Credit Card, otherwise, card issuing institution is entitled to dun the cardholder for so doing and exercise the right of recourse according to law.
Article XVI
Both card issuing institution and cardholder should abide by the Peony Credit Card Application Agreement. Where one party does not perform the agreement, the other party is entitled to investigate responsibility for default and legal responsibility according to the Agreement and law. Where cardholder does not abide by the Regulation and Application Agreement, card issuing institution is entitled to cancel the cardholder’s qualification and authorize relevant organization to take back its Peony Credit Card.
Article XVII
Card issuing institution should provide cardholders with services such as consultation, query, account check, loss reporting and complaint; it should give its reply within 30 days for cardholder’s query about account and demand for correction, and it should keep confidential of cardholder’s credit standing information (unless otherwise provided by laws, regulations and rules of the state).
Cardholder has the right to ask for account statements of the latest 3 months to card issuing institution and shall make query or ask for correction for unconformable accounting within 10 days from the date on which he asks for the account statement.
Article XVIII
Cardholder shall provide card issuing institution with true and reliable application data and provide guarantees that can satisfy the conditions according to requirements of card issuing institution; abide by “ICBC Peony Credit Card Regulation” and perform “Peony Credit Card Application Agreement”; well keep his Peony Credit Card and password; not lend or lease out his Peony Credit Card; not refuse to pay the money owned to card issuing institution by the reason that there is dispute between him and appointed organization; if any of his communication address, telephone number, resident address or profession changes, timely notify the card issuing institution of the same in written form or other forms accepted by both parties.
Article XIX
Where a cardholder loses Peony Credit Card, he should timely make loss reporting in written form or by telephone at the nearest card issuing institution. Written loss reporting is the formal way of loss reporting. For loss reporting by telephone, the card issuing institution only gives its assistance in guarding but bears no responsibility. All the economic losses before written loss reporting and within 24 hours (inclusive) the next day from the time on which card issuing institution accepts written loss reporting shall be borne by cardholder. If card renewal is needed after loss reporting, cardholder may handle card renewal procedure with written loss reporting application and his effective identity document.
Where a cardholder loses his password, he should apply to card issuing institution in written form for change of password and handle replacement procedures.
Article XX
Appointed peony card organizations should all accept Peony Credit Card and perform peony card acceptance agreement.
Article XXI
Modification of the Regulation and adjustment to the interest rate, charge item and standard of Peony Credit Card shall go into force upon their publication without the need to make notification separately.
Article XXII
ICBC is responsible for the stipulation and interpretation of the Regulation. The implementation of the Regulation is subject to the approval of the People’s Bank of China, which is also applicable to its modification.
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