Credit Card Delay Payment Interest

Yes, China is a country with many controls, which make the Chinese sometimes seem dumb, and when they find out it is not taken granted by the foreigners, they will rage and then have to accept it.

Today I’d like to discuss about the credit card. Credit card started to grow fast from 2002 in China; now maybe more than 100 millions credit cards have been issued. Even for me, a early user, don’t realize something in it. For Example, the delay payment interest. As I know, in USA, the interest is charged differently by different issuers, which varies from 9 to 17 percent. But in China, all the issuers charge the same: 18 percent!! You have no choice.

The anti-monopoly bill has just passed a couple of days ago in China. I believe it is another type of monopoly, but not sure when it will be erased.