英闻天下——254 Cautious Credit Card Consumption Traps

 　　In recent years, various banks have been competing to issue credit cards, whose numbers have been increasing sharply in China. Such a high increase in the number pf credit cards has created a situation with some people holding a number of credit cards, some of which remain unused.

 

　　When answering the question of how many credit card they had, some said they had two or three, while others said they had dozens.

 

　　"You'll be surprised by the number of credit cards I have. I've got more than 20 credit cards. As for these cards that I never get a chance to use, I only keep them in a cardholder at home. The only credit card I often use is the one issued by CGB, which usually has more sales promotions¹."

 

　　Despite having several or dozens of credit cards, common people's knowledge about using credit cards are still at a low level. And because the detailed² rules for using credit cards are complex, many consumers usually do not know much about them.

 

　　When bank employees promote credit cards, they usually emphasize only their advantages and say little about the charges, fees and specific rules. Therefore, it is not surprising that many consumers often fall into traps while using credit cards.

 

　　Mr. Jia is a teacher from Hubei Province. Last year, he made a 150,000-yuan down payment on an apartment in Jingzhou city. But when he applied³ for a mortgage, his bank declined to give him one because of a poor credit record.

 

　　"The bank said I had bad credit record, that's why my application for a mortgage was turned down. I was told there was a seven-cent debt on my credit card from five years ago, and now it had increased to 60 yuan."

 

　　Jia says after checking with the bank, he found out the problem.

 

　　"Five years ago, I received a remittance⁴ of 500 yuan through my credit card, and I withdrew the money in another city. Then a two-yuan commission charge appeared. However, there was only 1.93 yuan available at that time on my card, so I had no idea that I still needed to pay seven cents."

 

　　Jia says he never noticed the seven cents, because he stopped using the credit card after graduating from college five years ago. Now although he has paid the 60 yuan, the bank still will not issue him a mortgage. It says he has already been listed on a nationwide blacklist of credit card holders⁵.

 

　　Like Mr. Jia, many consumers complain about unknowingly being charged by banks for various reasons. For example, a credit card may have a zero deposit rate, but the bank will charge a fee for withdrawing money. Furthermore, credit card holders may also be subject to annual fees, service fees, punitive⁶ interest and late fees.

 

　　Because consumers usually know little about these items, they often "fall into traps."

 

　　Data from the People's Bank of China indicate that 318 million credit cards were issued nationwide as of last September, and the total overdraft⁷ amount had reached a record high of one trillion yuan.

 

　　But with credit cards gaining popularity among Chinese consumers, the number of complaints by cardholders is also on the rise.

 

　　Director of the Institute of Financial law Huang Zhen from the Central University of Finance and Economics says many cardholders mistakenly believe there won't be any charges if they don't use their credit card. But there could be other fees, such as an annual fee. He says if they fail to notice the fees, they one day will find a debt on their credit card.

 

　　Huang Zhen says while credit cards have changed people's spending habits, they have also brought them trouble because of poor information services by banks as well as unreasonable⁸ charges and penalties. For example, credit card holders must find out beforehand if their annual fees will be subject to interest.

 

　　For CRI, I am Zhang Wan⁹.

1 promotions   

促进( promotion的名词复数 )； 提升； 推广； 宣传

参考例句：

• All services or promotions must have an appeal and wide application. 所有服务或促销工作都必须具有吸引力和广泛的适用性。
• He promptly directed the highest promotions and decorations for General MacArthur. 他授予麦克阿瑟将军以最高的官阶和勋奖。

2 detailed   

adj.详细的，详尽的，极注意细节的，完全的

参考例句：

• He had made a detailed study of the terrain.他对地形作了缜密的研究。
• A detailed list of our publications is available on request.我们的出版物有一份详细的目录备索。

3 applied   

adj.应用的；v.应用，适用

参考例句：

• She plans to take a course in applied linguistics.她打算学习应用语言学课程。
• This cream is best applied to the face at night.这种乳霜最好晚上擦脸用。

4 remittance   

n.汇款，寄款，汇兑

参考例句：

• Your last month's salary will be paid by remittance.最后一个月的薪水将通过汇寄的方式付给你。
• A prompt remittance would be appreciated.速寄汇款不胜感激。

5 holders   

支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物

参考例句：

• Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
• It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。

6 punitive   

adj.惩罚的，刑罚的

参考例句：

• They took punitive measures against the whole gang.他们对整帮人采取惩罚性措施。
• The punitive tariff was imposed to discourage tire imports from China.该惩罚性关税的征收是用以限制中国轮胎进口的措施。

7 overdraft   

n.透支，透支额

参考例句：

• Her bank warned that unless she repaid the overdraft she could face legal action.银行警告她如果不偿还透支钱款，她将面临诉讼。
• An overdraft results when a note discounted at a bank is not met when due.银行贴现的支票到期而未能支付就成为透支。

8 unreasonable   

adj.不讲道理的，不合情理的，过度的

参考例句：

• I know that they made the most unreasonable demands on you.我知道他们对你提出了最不合理的要求。
• They spend an unreasonable amount of money on clothes.他们花在衣服上的钱太多了。

9 wan   

(wide area network)广域网

参考例句：

• The shared connection can be an Ethernet,wireless LAN,or wireless WAN connection.提供共享的网络连接可以是以太网、无线局域网或无线广域网。