How hard is the bank credit card to harvest users? Ordinary users may not imagine.
Recently, a friend told Kai Jiajun that he suddenly found a "value-added service fee" in the credit card bill of China Merchants Bank, which automatically deducted 10 yuan every month and 120 yuan for one year. He didn’t remember ordering this business at all, so he called China Merchants Bank to complain. The customer service told him how to cancel the business very quickly, but also clearly told him that the fees paid before would not be refunded.
This friend thinks that China Merchants Bank’s credit card automatically deducts the fee from the user’s credit card without the user’s knowledge. If it is discovered, it will only be cancelled without giving a refund, which is completely the overlord clause of harvesting credit card customers.
What is the truth of the matter?
0 yuan will automatically deduct the fee in the first month without notifying the user.
Kai Jiajun searched and found that the so-called "value-added service" of China Merchants Bank has been complained by a large number of credit card users. The plot is basically the same: the user’s credit card is automatically charged to 5 yuan or 10 yuan every month under the name of "value-added service fee". Most users said that they had never ordered the service, and they had not received any information about the fee deduction, only to find that they were charged this fee when they looked at the bill.
On February 5, 2021, Mr. Dong complained on Sina Black Cat that he suddenly found an unknown deduction when repaying the credit card of China Merchants Bank. After checking the details, it was "Value-added service usage fee-card security premium edition". Mr. Dong said that he had not opened this service.
Not only that, Mr. Dong also found that,After deducting 10 yuan’s monthly fee, China Merchants Bank Credit Card did not push the deduction notice on WeChat.(Usually, the main user WeChat binds the bank card, and will receive the notice of the consumption amount when spending). That is to say,If China Merchants Bank credit card holders don’t check the bill details themselves, they can’t find this "secret" charge at all.
Mr. Dong was so angry that he immediately cancelled the so-called "card security" service. He questioned, "If I hadn’t found something unusual during the repayment operation, the amount involved would be more than a one-time fee. And such a thing must be unknown to me. Everyone who has a credit card of China Merchants Bank (600036) opens the service without the consent of the user. How much black money will it generate? "
Another CMB credit card user A complained that,He checked the credit card bill and found that China Merchants Bank would charge a value-added service fee from 10 yuan on the 1st of each month.After asking the customer service, I learned that this service was opened in November 2018, and the fee was deducted in December, and it was charged for 19 months!The solution given by customer service is to turn off the function, and the previous fee will not be refunded.
There is another user who is even more unlucky.He found that his credit card was automatically charged for up to 4 years, and for one month, 5 yuan’s "value-added service fee" was overdue, and he was charged overdue liquidated damages and cyclic interest by China Merchants Bank!
In addition to the monthly fee deduction, there are also some users’ feedback. They have received telephone sales from China Merchants Bank and were forcibly deducted for one year without agreeing to accept the "value-added service".
For example, User B complained that he received a sales call from a customer of China Merchants Bank, and hung up after listening to it without understanding it. Unexpectedly, he received a short message soon, and China Merchants Bank ordered the value-added service of "repayment peace of mind guarantee" for him. On the 1st, he began to deduct the fee from 120 yuan, and the fee will be automatically renewed when it expires.
"Insurance" costs 50 cents and is sold to the user 10 yuan.
Kaijia Finance found that this value-added service of China Merchants Bank’s credit card forced deduction is called the "treasure chest" value-added service of China Merchants Bank. According to the official introduction of China Merchants Bank, it includes two service packages: "card security guarantee" and "repayment peace of mind guarantee".
The main contents of these two service packages are:
Card security service package includes transaction reminder; Loss reporting fee reduction; 500,000 stolen brush protection; Certificate loss protection, etc.The fee is a monthly 10 yuan, which is automatically renewed.. In order to attract users, 0 yuan experience discount was given in the first month.
Repayment peace of mind service package includes: repayment due reminder; Free of liquidated damages (full repayment within 5 days after the final repayment date); Exemption from repayment of 100,000 yuan in case of personal accident (exemption from repayment for serious illness/accident, including COVID-19’s death responsibility); Health services (green service for critical illness, telephone doctor service), etc.
The charge is also a monthly 10 yuan, which is automatically renewed.. In order to attract users, 0 yuan experience discount was given in the first month.
It is worth noting that among the various services mentioned above, there are actually only two core services: 500,000 stolen brush protection and 100,000 accidental repayment exemption, which are actually two insurance products that China Merchants Bank cooperates with insurance companies. 500,000 stolen brush insurance is provided for the bank card stolen brush insurance of China Merchants Bank Credit Card and Taiping Property Insurance Shanghai Branch; The accidental repayment exemption of 100,000 yuan is the borrower’s accident insurance for the cooperation between China Merchants Bank Credit Card and Taiping Property Insurance Shanghai Branch.
In a word, the 10 yuan value-added service fee charged by China Merchants Bank’s credit card is actually an insurance product.
How is the value-added service package of China Merchants Bank Credit Card sold?
According to an introduction obtained by Kaijia Finance,In 2019, Taiping Property Insurance-China Merchants Bank Credit Card Treasure Box added 6.47 million users, and by October 2020, the number of users reached 10 million. Calculated by 10 yuan per capita per month, the annual income of China Merchants Bank Credit Card easily exceeds 1 billion yuan only by virtue of this service package.
According to the semi-annual report of China Merchants Bank in 2021, the number of credit cards in circulation of China Merchants Bank is 101 million, and the number of circulating households is 67.7152 million.This means that on average, one out of every 6.7 CMB credit card users subscribes to the above-mentioned value-added service package.From a large number of online complaints, a considerable number of users do not know that they have been quietly charged the monthly "insurance premium" of 10 yuan by China Merchants Bank.
An introduction material obtained by Kaijia Finance shows that the treasure chest project of China Merchants Bank and Taiping Property Insurance Shanghai Branch can be called a profiteering project of "sitting on the ground to collect money".In 2019, Taiping Property Insurance Shanghai Branch received a premium of about 32 million yuan through China Merchants Bank’s treasure chest project; In 2020, Taiping Insurance received a premium of about 50 million yuan.
It is worth noting that the above materials show that the payout ratio of bank card theft insurance and cardholder personal accident insurance provided by Taiping Property Insurance for China Merchants Bank is less than 10%. In terms of specific types of insurance, in 2019, the personal accident insurance provided by Taiping Property Insurance for China Merchants Bank was as low as 0.77% in payout ratio. If this data is true, it means that there is basically no claim for this insurance.
Is this the user group that all insurance companies dream of? The question is, payout ratio is so horribly low, is the accident rate of customers really low or are customers simply unaware that they have this insurance?
Of course, from the perspective of insurance cost, China Merchants Bank is the biggest beneficiary of this value-added service. Kaijia Finance has noticed that the purchase cost of the treasure chest project provided by Taiping Property Insurance to China Merchants Bank is as low as that of 0.5 yuan. That is to say, the value-added service sold by China Merchants Bank to credit card holder 10 yuan costs only 50 cents, and China Merchants Bank’s credit card can get a gross profit of up to 95% without any compensation risk.
China Merchants Bank deserves to be the "king of retail", and the means to earn money from credit card users are so clever.
Insurance products are suspected of multiple violations.
Kaijia Finance consulted an insurance industry insider about this insurance product that China Merchants Bank cooperated with Taiping Property Insurance. The other party said that from the current materials, this product has at least three violations.
First, both insurance products are suspected of breaking the reporting terms and rates.
For example, the card security of China Merchants Bank’s credit card should correspond to the bank card theft insurance products of Taiping Property Insurance, and be extended to the liability for loss of contract documents through the special form of policy. In practice, Taiping P&C doesn’t charge 0.5 yuan’s fixed premium per person, regardless of the cardholder’s actual loan amount, customer’s gender and other factors, and charges all customers indiscriminately.
The cardholder’s personal accident insurance corresponds to personal accident insurance, the lender of Taiping Property Insurance. From the cooperation with China Merchants Bank, it was extended to cover serious illness liabilities such as new crown in the form of special policy in the later period, involving critical illness insurance. Taiping P&C borrowers charge fixed fees for accident insurance and critical illness insurance, which is lower than that in 0.8 yuan. The actual quotation does not take into account the actual loan amount and gender of customers, and charges all customers indiscriminately.
In addition, from the regulatory point of view, the payout ratio of personal accident insurance for cardholders in cooperation between Taiping Property Insurance and China Merchants Bank is so low that it has violated the Measures for the Supervision of Accidental Injury Insurance Business.
According to the Measures for the Supervision of Accident Insurance Business issued in October 2021,For short-term accident insurance products with an average payout ratio of less than 50% in the past three years, the insurance company should adjust the pricing in time to ensure that the payout ratio in the next year is not less than 50%; Insurance companies should stop selling products with premium income exceeding 2 million yuan and payout ratio less than 30% for two consecutive years.
Second, Taiping Property Insurance may be suspected of violating the rules of cross-regional exhibition industry.
Taiping Property Insurance did not disclose the treasure chest business of China Merchants Bank in the Internet information disclosure column of official website and China Insurance Association. This business is actually an offline group order.
In the process of sales, the treasure chest business does not ask the customer’s daily residence address.The actual billing institution is Taiping Property Insurance Shanghai Branch., the business violates the relevant provisions of group business, insures insurance with death liability without the consent of the insured,Break through the actual business area of the branch.
The third point is suspected of bundling sales.
In actual sales, it was sold to customers through packaged services, which made China Merchants Bank credit card customers mistakenly think that they were buying various service rights, and did not clearly tell customers that they were actually insurance products. The main content of the service package is insurance protection, butThe actual insurance cost is as low as 0.5 yuan per month, and the annual fee is as high as 120 yuan. The gap between the insurance cost and the actual payment by customers is wide.
When both Taiping Insurance and China Merchants Bank promoted this business, they did not truthfully disclose the underwriting company and the real cost of insurance to customers, did not show the insurance clauses and disclaimers to customers, and did not fulfill their obligation to provide policy certificates to customers after successful insurance.
It can be seen that China Merchants Bank Credit Card and Taiping Insurance cooperated to sell a multiple-violation insurance product to credit card users in the name of "value-added service", and many users were continuously deducted without knowing or knowing the contents of the service package. During the complaint process, the legitimate rights and interests of China Merchants Bank credit card users continue to be ignored.
Of course, Taiping Insurance has even more bizarre operations. When China Merchants Bank negotiated cooperation, Taiping Insurance turned a project that did not need intermediary participation into an intermediary project, and paid nearly 50% of the premium income to a third party in the name of agency fees. What is the reason for it
The insurance regulatory authorities have made repeated applications, prohibiting insurance companies from obtaining funds through insurance intermediaries and seeking illegitimate interests for other institutions or individuals. In this regard, does Taiping Insurance knowingly commit a crime?
Do you have a CMB credit card? If yes, please check your bill as soon as possible. If you are automatically deducted from the "insurance fee" without knowing it, please call as soon as possible to complain and cancel. You are also welcome to leave a message to participate in the discussion.
This article first appeared on WeChat WeChat official account: Kaijia Finance. The content of the article belongs to the author’s personal opinion and does not represent Hexun.com’s position. Investors should operate accordingly, at their own risk.