The installment fee of China Merchants Bank varies according to the type of installment. Many people often make bills in installments. There are 2-36 installments, and the rate is 1.0%-0.75%. If the discount is 5 and the rate is 0.5%-0.375%, it looks really favorable, but it is best to consider these matters before handling:
1. Repayment ability: Many people choose to repay by installments, but most of them can't pay off at one time. They can relieve the pressure of installment repayment. If they are able to pay off in one lump sum, they should make good use of the interest-free period of credit cards. After all, staging is free, there is no interest, and there is a handling fee.
2. What is the actual annual interest rate? Suppose the installment interest rate after 50% discount is 0.375% per installment, which looks very favorable, but the installment interest rate of credit card will not decrease with the reduction of repayment principal, so the actual annual interest rate is not as simple as 0.375%* 12=4.5%, at least it will be 10%.
3, right or wrong will be repaid in advance: many people will choose to repay in advance after the installment, and the metropolis will choose to repay in advance with China Merchants Bank's credit card, and the remaining handling fee will not be paid.
You only need to pay 3% of the outstanding principal as liquidated damages. If prepayment before the 6th installment can save a lot of money, it will not be cost-effective after the 6th installment. Of course, it is cost-effective for China Merchants Bank to pay 50% off in installments, and the interest is very low, which is more cost-effective than reversing credit cards.