Peony International Credit Card Regulation I
Dear Peony International Credit Card Holders:
China Industrial and Commercial Bank hereby extends its deep respect to you and thanks you for your persistent confidence and support to Peony Card.
In order to adapt to the development of peony international credit card, provide more quality service for you and ensure your lawful rights and interests, we have revised the ICBC Peony International Credit Card Regulation. The revision has been approved by China Banking Regulatory Commission and was published on Financial Times on October 8, 2003.
The revised Regulation differs from the original one mainly on aspects of interest calculating mode, fee and card’s term, etc.
1. In the revised Regulation, the provision about interest calculating mode is that: “cardholder can repay the minimum repayment amount stipulated by card issuing institution and the minimum repayment amount shall not be less than 10% of overdraft balance. If cardholder fails to make repayment in full before the date of repayment on maturity (inclusive), he cannot enjoy interest free repayment period; interest accrues on the repaid part from the date of overdraft transaction to the date on which repayment is made. Interest accrues on unpaid part from the date of overdraft transaction. Overdraft interest accrues monthly by compounding.” The original Regulation provides that: “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 repay the minimum amount, the card issuing institution only charge 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.” The two differ in stipulation about whether interest accrues on the paid part if cardholder cannot make repayment in full
2. The revised Regulation stipulates about overrun fee that “where card holder uses line of credit over the amount approved by card issuing institution and fails to repay the money in excess of the line of credit before the end of operation at the account overrun date (i.e. the date on which card issuing institution charges the amount of the transaction to the account), he shall pay 5% of the amount in excess of the line of credit as overrun fee.” The original Regulation stipulates that “if card holder 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 5% of the amount in excess as overrun charge.” The two differ in the time on which overrun fee begins to be charged.
3. The revised Regulation stipulates about card’s term that “the maximum term of international card is 5 years.” The original Regulation stipulates that “the maximum term of international card is 2 years.” From the date on which the revised Regulation goes into effect (December 8, 2003), the term of newly issued card and renewed card is 5 years. The term is extended and use time of cards is lengthened, thus your trouble for frequent card change is reduced.
4. Revised Regulation stipulates about loss reporting that “cardholder who has got his international card lost should timely conduct loss reporting by writing or by telephone at the nearest ICBC office. Cardholder bears no responsibility for transactions happened after loss reporting is completed.” But the original Regulation stipulates that “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.” The revised Regulation stipulates that loss reporting takes effect instantly, thus cardholder’s interests can be ensured more effectively.
5. The revised Regulation stipulates that “cardholder’s queries about account and request for correction shall be replied within 30 days”, while the original Regulation stipulates that “for cardholder’s queries about account and request for correction, reply shall be made within 30 days for transactions in RMB accounts; replay shall be made within 90 days for transactions in foreign currency accounts.” The revised Regulation eliminates difference of time limit for reply between RMB account query and foreign currency account query and shortens the time for replying foreign currency account query to provide more quality and speedy service for you.
6. The revised Regulation cancels the clause that “Overdraft of single transaction by one cardholder shall not exceed RMB 20,000 (including foreign currency of equivalent value)” provided in the original Regulation.
Moreover, the revised Regulation adds content about “Peony Express Card” and “Platinum Card”. But it is hereby stated that these two cards are planned to be issued in the future and are not issued yet at present.
ICBC shall implement the new “ICBC Peony International Credit Card Regulation” on December 8, 2003. To ensure your normal use of peony international credit card, please log on ICBC website (www.icbc.com.cn) to query detailed content of the Regulation, or call the 24hour customer service telephone (010-95588) to consult relevant information.
We wish you happy use of the card!
ICBC Peony Card Center
October 8, 2003
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