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how to pay my USD credit card bill?

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jeffry3

Reacher

Joined: June 01, 2007
Posts: 220
Location: 中山
Status: Offline

Posted: Aug 06, 2008 - 11:39 PM
Post subject: how to pay my USD credit card bill?

Hi,

I am lost whether to pay my USD bill in RMB or do I have to buy the USD and pay it at counter? Btw my bank is Construction bank and CMB

Any advice?

Thanks

Adimnistrator

Rocker

Joined: July 20, 2007
Posts: 683

Status: Offline

Posted: Aug 07, 2008 - 12:08 AM

Just wonder why you are asking banch of strangers on the web rather than asking in your bank...

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monalisalee

Rocker

Joined: May 10, 2005
Posts: 643
Location: Shanghai
Status: Offline

Posted: Aug 07, 2008 - 12:44 AM

banch?, Adimnistrator?.Good spell!

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johnboy88

chingiskhan

StreetBeater

Joined: Apr 24, 2007
Posts: 2244
Location: Shanghai
Status: Offline

Posted: Aug 07, 2008 - 01:02 AM

I've heard you can just pay in RMB, at least with CMB which is where I got my credit card from, so it's very convenient. For locals they definitely can, I'm just not sure if it's different for foreign passport holders.

Adimnistrator

Rocker

Joined: July 20, 2007
Posts: 683

Status: Offline

Posted: Aug 07, 2008 - 09:33 PM

Quote:

banch?, Adimnistrator?.Good spell!

wassup niga ?

_________________
Barack Obama: young, handsome and suntanned.
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underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9902
Location: EOA Seminar

Posted: Aug 08, 2008 - 09:31 AM
Post subject: Re: how to pay my USD credit card bill?

jeffry3 wrote:

Hi,

I am lost whether to pay my USD bill in RMB or do I have to buy the USD and pay it at counter? Btw my bank is Construction bank and CMB

Any advice?

Thanks

Expats can pay their US$ credit card bill in RMB.

With CCB and CMB the easiest way is to set up the autopay function where they take the RMB from your savings account every month to pay your US$ debt. You can choose between paying 10% or 100% that way.

Another option is going into the branch and telling them you are using RMB to pay the US$ debt on your credit card. They will take the RMB and place it into your RMB credit card balance. The credit card center will then change it to US$.

Some banks allow you to hand RMB to the teller and they do the RMB --> US$ conversion for you. I've never tried it with CCB, but CMB does not allow this. It must first go into your RMB balance.

Oh, and pay no heed to Adnumbnuts. He's just pissed because he couldn't obtain a credit card even offering his wife as collateral.

Adimnistrator

Rocker

Joined: July 20, 2007
Posts: 683

Status: Offline

Posted: Aug 10, 2008 - 04:39 PM

Quote:

He's just pissed because he couldn't obtain a credit card even offering his wife as collateral.

Again ? I thought we already established you are just some fcuking employee for whom a free credit is significant for his cashflow...

_________________
Barack Obama: young, handsome and suntanned.
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underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9902
Location: EOA Seminar

Posted: Aug 10, 2008 - 06:44 PM

^ Sour grapes?

Ok, I'm sorry they don't hand Chinese credit cards out to dumb-ass English teachers like you.

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Adimnistrator

Rocker

Joined: July 20, 2007
Posts: 683

Status: Offline

Posted: Aug 10, 2008 - 08:13 PM

Quote:

Ok, I'm sorry they don't hand Chinese credit cards out to dumb-ass English teachers like you.

Oh you flatterer you !

_________________
Barack Obama: young, handsome and suntanned.
(Silvio Berlusconi)

Havelock

Lurker

Joined: Jan 30, 2008
Posts: 33

Status: Offline

Posted: Aug 10, 2008 - 10:34 PM

I am a little confused on this topic now. As an expat, I still will have to stroll into ICBC with a stack of papers in order for them to convert my RMB into USD, correct? Then I can transfer money via their online service. But there is no short cut based on the fact I would be paying off a credit card....or is there? Thanks

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9902
Location: EOA Seminar

Posted: Aug 10, 2008 - 10:37 PM

Havelock wrote:

You can exchange $500 per day with only your passport. Supposedly, to pay of US$ credit card debt, regardless of the amount, you need no documentation, but many bank branches are ignorant of this policy.

The easiest way to pay off US$ debt with RMB on an ICBC credit card is via their online banking. Using their online banking, you can convert your RMB into US$ to pay off your US$ credit card debt.

Havelock

Lurker

Joined: Jan 30, 2008
Posts: 33

Status: Offline

Posted: Aug 11, 2008 - 09:56 PM

I see. Well I have a US bank credit card (Capital One), so I guess I will need to get the money into my US bank accounts before paying my US credit card.

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9902
Location: EOA Seminar

Posted: Aug 11, 2008 - 10:30 PM

^ Yeah, Crapital One. You'll have to wire money from China to the US.

Havelock

Lurker

Joined: Jan 30, 2008
Posts: 33

Status: Offline

Posted: Aug 12, 2008 - 09:47 PM

They are good for overseas because they do not charge a foreign currency exchange surcharge. Most other cards charge 2-3%, which can add up.

Somewhat related question...on the $50K per year limit on transfering RMB to USD...any exceptions if you are leaving the PRC for good? (I am not, just curious how much planning I need to do to time the exchanges out)

underh20
Shanghai Royalty

Joined: Sep 27, 2006
Posts: 9902
Location: EOA Seminar

Posted: Aug 12, 2008 - 09:50 PM

Havelock wrote:

True. I have heard that they are one of the very few which have no forex fees.

Unfortunately the $50k is pretty much etched in stone. There is no shortage of black market moneychangers though.