ICBC Peony International Credit Card Regulation II
Article I
Peony international credit card (hereunder referred to as the “international card”) is a kind of generally accepted credit card issued by ICBC granting the cardholder a certain credit line, within which the cardholder can consume first and make repayment later, and having the functions of overdraft consumption, account transfer & settlement, and cash deposit & withdrawal.
Article II
Any of ICBC branches handling international card business, appointed units, or international card holders should follow this regulation.
Article III
The international card can be used at any of the domestic appointed units, the designated business offices, or the accepting points of domestic and foreign credit card organizations or international credit card companies and settled in both RMB and a certain designated foreign currency.
Article IV
The international card is classified into Peony Visa Card, Peony Master Card and Peony Express Card by brand, business card and personal card by issuing objective, and Platinum Card, Golden Card and Classic Card by credit line.
Article V
Any legal person or other economic organization authorized by the legal person (hereunder referred to as the “unit”) able to legally possess foreign exchange can apply to any of ICBC International Card Issuing Institutions (hereunder referred to as the “card issuing institution”) for business cards by virtue of its bank account license issued by PBC. Any unit can apply for several business cards but should designate their cardholders respectively on the application form.
Any person with complete civil capacity and steady income can apply to the card issuing institution for personal cards by virtue of his/her own valid identity certificate and relevant data. He/she can apply for either personal principal card with different brands or different credit lines or supplementary cards for his/her spouse or relatives with complete civil capacity.
Article VI
Any corporate or personal applicant for an international card should complete the application form, and sign the Peony Credit Card Use Agreement with the card issuing institution. The card issuing institution will determine whether to issue the card, the variety of card issued and the credit line according to its application data and credit status.
Article VII
The card issuing institution will set up a RMB account and a foreign currency account for the cardholder and authorize credit lines for the RMB account and the foreign currency account respectively. The card issuing institution has right to adjust the credit lines of his/her accounts according to the situations of the cardholder’s card use and the changes of his/her credit status.
Different card varieties have different credit lines, and the credit line (monthly overdraft balance) of all personal cards underlying the same one account should not exceed RMB50 thousand (or equivalent foreign currency). The credit line of business card will be included into the integrated credit line for unified management, and should not exceed 3% of the integrated credit line provided by the card issuing bank for this client. The monthly overdraft balance of the client without any integrated credit line should not exceed RMB100 thousand (or equivalent foreign currency). Any international card underlying the same one account will jointly use the credit line of this account.
Article VIII
Any transaction conducted by the aid of password will be deemed as the cardholder’s own act by the card issuing institution. Any electronic information record incurred by various settlement transactions conducted by the aid of password and other electronic information will be deemed as the valid certificate for these transactions. For any transaction without the aid of password, any transaction receipt recording the cardholder’s signature will be deemed as the valid certificate for this transaction.
Article IX
Any client can transfer funds from his/her basic account to the RMB account of his/her business card, but cannot conduct cash deposit or withdrawal, or deposit his/her sales revenue into the account of his/her business card. When settling the payment for goods or labor services, the client cannot use the credit line.
Any corporate client can transfer funds from its foreign exchange account to the foreign currency account of its business card, but cannot deposit or withdraw foreign cash in China, and its foreign exchange account should meet the following conditions.
(I) It is opened according to relevant provisions of domestic foreign exchange account management issued by PBC;
(II) There include corresponding payment contents within the income and expenditure scope of foreign exchange account. The single overdraft amount of the same one cardholder’s business card should not exceed RMB50 thousand (or equivalent foreign currency).
Article X
Any personal card holder can deposit his/her cash or transfer his/her wage funds from his/her income accounts such as personal legal compensation for services and returns on investment into the RMB account of his/her personal card, or deposit his/her foreign cash or transfer from his/her foreign exchange account (or foreign currency account) into the foreign currency account of his/her personal card. Both account transfer and deposit of this account should be conducted according to the Management Measures on Personal Foreign Exchange promulgated by the State Administration of Foreign Exchange. The foreign cash withdrawal in China should follow the relevant personal foreign exchange management system of the P.R China.
When withdrawing cash at domestic designated ATMs by virtue of card and password, any cardholder can only withdraw RMB cash for five times at most every day, with an accumulative amount of not exceeding RMB 5000. The cash that the cardholder uses the credit line to withdraw by each card every day should not accumulatively exceed RMB 2000 (or equivalent foreign currency).
Article XI
Except cash and account transfer transactions, any other transactions conducted by the cardholder is interest free from the date of transaction to the date of repayment at maturity advised on the bank statement (hereunder referred to as the “date of repayment at maturity”) (inclusive), which is the 25th day after the date of generating the bank statement. The cardholder should repay any amount payable before the completion of business at the date of repayment at maturity (business day, the same as below) without the necessity of paying any overdraft interest.
The cardholder can make repayment according to the minimum repayment amount provided by the card issuing institution, which should not be lower than 10% of the overdraft balance. Any cardholder failing to make full repayment before the date of repayment at maturity (inclusive) can not enjoy the treatment of interest-free repayment period; for the paid part, the interest will be charged from the date of overdraft transaction to the date of repayment, and for the unpaid part, the interest will continue to be accrued from the date of overdraft transaction. The overdraft will be charged a compound interest by month. If failing to fully repay the minimum repayment amount before the completion of business at the date of repayment at maturity, the cardholder should also pay an overdue fine according to 5% of the unpaid part of the minimum repayment amount besides paying an overdraft interest according to the interest accrual method stated above. If the cardholder fails to fully repay the minimum repayment amount before the completion of business at the date of repayment at maturity for no less than two times in succession, the card issuing institution has right to stop the use of this card.
The overdraft interest rate follows the relevant provisions of PBC.
The card issuing institution pays no interest for the deposit in the account.
Article XII
Any cardholder using the credit line to withdraw cash or transfer funds into other personal account can not enjoy the treatment of interest-free repayment period and should pay an overdraft interest according to five ten-thousandth of the payment amount every day from the date of transaction to the date of repayment.
Any cardholder overusing the credit line authorized by the card issuing institution and failing to repay the overrunning part before the completion of business at the date of account overrun (namely the date of entering the amount of this transaction into account by the card issuing institution) should pay an overrunning fee according to 5% of the overrun part.
The overdraft interest, fee (overrunning fee, overdue fine, account transfer fee etc.) will enter the account of cardholder as a debit item.
Article XIII
Any cardholder’s consumption at the appointed units or RMB cash deposit & withdrawal at the designated savings office will be credited or debited into the RMB account; any foreign cash deposit & withdrawal at the designated savings offices, or consumption or cash withdrawal at the accepting point of domestic and foreign credit card organizations or credit card companies will be credited or debited into the foreign currency account.
Article XIV
The useful life of international card is five years at most, any cardholder needing to continue its use after maturity should conduct new card replacement procedures. Any expired international card cannot be used any more, but the use agreement continues to take effect. The card issuing institution continues to reserve the right of management and recourse to the international card. Any cardholder not replacing his/her expired card with a new card or suspending his/her card use in the midway should return the international card to the card issuing institution and conduct the cancellation procedures.
The useful life of the replaced card is the same as that of the original card.
Article XV
The card issuing institution should handle the cancellation procedures for the cardholder according to the relevant business provisions after accepting the cardholder’s application for cancellation and return the funds in the business card account to his/her basic deposit account after cancellation.
Article XVI
Any cardholder should timely repay the principal & interest and the expense of bank loan underlying the international card, otherwise the card issuing institution has right to press or claim for payment according to the laws.
Article XVII
Both the card issuing institution and the cardholder should abide by the Peony Credit Card Use Agreement. If any party fails to perform the agreement, the other party has right to prosecute its legal responsibility according to the agreement. If the cardholder fails to follow the regulation and the use agreement, the card issuing institution has right to cancel his/her qualification, and authorize the competent authorities to recall his/her international card.
Article XVIII
The card issuing institution should provide consulting, inquiry, loss-reporting, complaints and other services for the cardholders, give reply to the cardholder’s inquiry about the account information or request for change within thirty days, and keep the cardholder’s credit data confidential according to relevant laws of the state.
Article IXX
The cardholder should provide the card issuing institution with real and authentic application data, and offer up-to-standard guarantees according to the requirements of the card issuing institution; abide by the ICBC Peony International Credit Card Regulation, and perform the Peony Credit Card Use Agreement; keep well the international card and password; should not rent and lend his/her international card; should not refuse to repay the amount due to the card issuing institution by reason of any dispute with the appointed units; and should advise the card issuing institution in written or in other forms agreed by both parties if there occur any significant change in his/her correspondence address, contact number, address, occupation, income etc.
Article XX
Any cardholder should go to the nearest ICBC business office to conduct written loss-reporting or telephone loss-reporting immediately after getting his/her international card lost, and will assume no responsibility for any transaction conducted after the completion of loss-reporting procedures. If needing to replace it with a new card after the loss reporting, the cardholder can carry his/her written loss-reporting application form and his/her own valid identity certificate to conduct the replacement procedures.
Any cardholder can carry his/her own valid identity certificate and international card, and apply to the card issuing institution for password resetting in written if getting his/her password forgotten.
Article XXI
If any adjustment on the charging items and standards is announced on the newspaper within 30 days after authorized by China Banking Regulatory Committee, any cardholder can choose whether to continue his/her bankcard use within 60 days after the date of announcement; if the cardholder choose not to continue his/her bankcard use, the bank will proportionally refund the collected annual fee and handle the cancellation procedures.
Article XXII
This regulation is to be constituted and constructed by ICBC, and will be put into effect after authorized by China Banking Regulatory Committee.
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