In banks and large stores, MasterCard bank cards can be swiped at machines and shops with the MasterCard logo.

Mastercard entered China in 1988 and became the first international payment company to enter China. Currently, all major domestic commercial banks are members of Mastercard.

Most Chinese member banks use the MasterCard brand for their credit cards. MasterCard is also the first international organization to implement global networking business in China, creating a large amount of foreign exchange revenue for the country, creating various business opportunities and huge profits for member banks and merchants.

Extended information

A credit card is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. Consumers holding credit cards can shop or consume at specially appointed commercial service departments, and then the bank will make settlements with merchants and cardholders. Cardholders can overdraft within the prescribed limit.

A credit card is generally a special carrier plastic card with a length of 85.60 mm, a width of 53.98 mm, and a thickness of 1 mm. The name of the card issuer, validity period, number, cardholder name, etc. are printed on the front, and there is a chip on the back. Magnetic strip, signature strip. Cardholders can use their credit cards to shop and spend money with special entities and deposit and withdraw cash from banks.

Credit cards are divided into credit cards and quasi-credit cards. Credit cards refer to credit cards in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card It refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, the cardholder can overdraw within the prescribed credit limit. The so-called credit card generally refers to a credit card only.

Dangers of credit card overdraft:

1. Produce bad credit record.

2. Interest: calculated at 50,000 per day.

3. Late payment fee: Generally calculated as 5% of the unpaid portion of the minimum repayment amount (depending on the regulations of each bank).

4. Malicious credit card overdrafts may also face criminal penalties.

5. If you are blacklisted by the bank, you will no longer be able to have a credit relationship with the bank within 5 years from the date of repayment. Your credit worthiness will not be greatly affected if you repay one or two days late, but overdraft interest will be charged. That is, two days of overdraft interest will be charged based on one ten thousandth of the overdraft amount.