How to calculate installment interest for Guangfa Bank credit card?

Based on the number of periods.

Detailed explanation:

1. The minimum consumption of GF is 500 yuan before the installment fee rate is: 3.6% for 6 periods, 7.2% for 12 periods, 16.8% for 24 periods

2. For example: if you spend 1,000 yuan by credit card, the handling fee will be 72 yuan in 12 installments (1000

Guangfa Bank Credit Card Application Conditions:

1. Any individual who has full capacity for civil conduct, has a legal and stable source of income and has good credit can present his/her valid identity document and relevant information Apply for a personal card from the card issuer.

2. There are basically no high requirements for applying for a Guangfa credit card. Basically, people with fixed jobs can apply successfully. In addition, Guangfa also supports card application in other places, and there are many successful ones.

How to calculate the installment interest of Guangfa Credit Card?

The calculation of installment interest of Guangfa Credit Card: 6/12 installments, the installment payment fee is 0.65% of the applied principal; 18 installments, The installment payment handling fee is 0.7% of the applied principal; for 24 installments, the installment payment handling fee is 0.72% of the applied principal; if repaid in advance, the handling fee for the remaining unpaid installments will be charged in one go.

Guangfa Credit Card is the first domestic standard credit card issued by China Guangfa Bank in 1995, and it is also the first credit card to achieve profitability. The card has a preset credit limit in accordance with international standards. Spend first and repay later. No pre-deposit is required. You can use the credit limit for overdraft consumption and cash withdrawal transactions. The interest-free period for overdraft consumption can last up to 50 days. As long as you repay in full before the repayment due date specified by the bank, you can enjoy the interest-free treatment from the date of transaction to the repayment due date. . The repayment method is flexible, you can pay it off in full, or choose the minimum repayment amount, enjoy revolving credit, and manage your finances more freely.

For more information on how to calculate the interest on installment payment of Guangfa Credit Card, go to: View more content

How to calculate the interest on early repayment of Guangfa Credit Card's installment

Instalment interest on Guangfa Credit Card If the customer allocates the installment repayment fee to the billing month, the customer will need to pay the unpaid principal and a remaining handling fee of 3% of the unpaid principal when repaying all the installment principal in advance.

For the "Caizhijin" business, customers can also choose to use calendar days as the installment method. The handling fee is calculated based on the remaining unpaid principal, and the rate is equivalent to 0%-0.05% per day.

Extended information:

Early repayment of credit card installments is not free of handling fees

Although installment payments reduce the pressure of one-time payment, consumers need to pay a certain percentage handling fee. And it should be noted that even if you repay in advance, the handling fee cannot be reduced, and even if you choose to return the item, you still have to pay the handling fee.

Currently, based on the installment fee rate of most banks of 0.6%-0.7% per period, the converted annual interest rate is generally around 8%, which exceeds the current bank loan benchmark interest rate.

Industry insiders said that the choice of credit card zero-interest installment business needs to consider one's own actual situation. The "one-time payment pressure reduction" it brings is suitable for people with temporary liquidity constraints, but repayment The pressure of increasing total burden cannot be ignored. For low-income consumers, excessive use of credit card installment payments can easily make them become "card slaves".

Guangfa Bank-Announcement-Announcement on Adjusting the Charges for Early Repayment of Credit Card Installments

People's Daily Online-No handling fee for early repayment of credit card installments

Guangfa Bank What is the interest rate for credit card installments

The daily interest rate will be calculated as 0.05% within 15 days, 10.00% for more than 15 days, and 15% for more than 30 days.

The "Notice on Issuing the "Credit Card Business Management Measures"" has corresponding regulations:

Article 18 The maximum overdraft period of a credit card is 60 days. Credit card overdraft interest will be calculated at a daily interest rate of 0.05% within 15 days from the date of signature or bank statement, and a daily interest rate of 0.10% for more than 15 days.

If it exceeds 30 days or the overdraft amount exceeds the prescribed limit, the daily interest rate will be calculated at 15/10,000. Overdraft interest is not calculated in stages, but is calculated based on the highest interest rate bracket for the final term or the maximum overdraft amount.

Extended information:

Relevant legal provisions of the "Notice on Issuing the "Credit Card Business Management Measures"":

Article 35 Entrusted Sales Cooperation by Card Issuers If an agency sells on an agency basis, it should establish a risk control mechanism for agency sales. Sales funds should be directly deposited into the reserve bank account of the card issuer.

The card issuer shall require the sales cooperation institution to sell prepaid cards in accordance with relevant regulations when the card purchaser meets the real-name card purchase requirements of these Measures. All responsibilities and obligations of the card issuer as the issuer of prepaid cards will not be transferred due to agency sales.

Article 36 Banks shall own and independently operate an independent and secure prepaid card core business processing system within the territory of the People's Republic of China, establish an emergency response mechanism, and ensure that the prepaid card business Timeliness, accuracy and security of processing.

Baidu Encyclopedia - "Notice on the Issuance of the "Credit Card Business Management Measures""

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