How long is the first term of a Bank of Communications credit card?
A credit card installment generally refers to one month; a credit card has a fixed billing date and repayment date every month, and one installment is from the last billing date to this billing date.
Bank of Communications credit card consumption installment payment is provided to Pacific Dual Currency Credit Card, Liu Xiang VISA Credit Card, Y-POWER Credit Card, Pacific RMB Credit Card, and various co-branded credit card principal cardholders and supplementary cardholders;< /p>
The starting amounts for Bank of Communications credit cards are: RMB 1,500/USD 100; (Y-POWER card RMB 500/USD 60)
Optional number of periods: You can choose 3 periods freely , 6 issues, 9 issues, 12 issues, 18 issues, 24 issues; the credit card consumption installment limit of Bank of Communications will be released in installments after repayment.
Extended information:
Generally, the one-year credit card installment fee is lower than the annual cash withdrawal interest of 18%, and higher than the bank's one-year commercial loan interest of 5.31%. It is worth mentioning that commercial bank loan interest rates have been reduced several times since last year, but the standards for credit card installment fees and cash withdrawal interest have rarely changed. Although the standards for credit card installment fees vary from bank to bank, the calculation method is roughly the same.
Assume that the installment amount is 1,200 yuan, divided into 12 installments, with each installment (monthly) repayment of 100 yuan, the handling fee is 0.6%/month, and the actual monthly deduction is 1,001,200×0.6%=107.2 yuan. If other factors are not considered, the convertible nominal annual interest rate is 7.2%. However, the cardholder does not always owe the bank 1,200 yuan. In the last month, he actually only owed the bank 100 yuan, but the bank still charged a handling fee of 1,200 yuan. .
According to calculations, the true annual interest rate paid by cardholders is approximately 15.48%. According to the correct calculation formula, it should be 12006% (16%)^12/((1b)^12-1)=103.94 yuan, which means an extra 3.2% handling fee will be paid in each period.
How many days is a credit card term?
A credit card term is one month. Credit card installment payment refers to the process in which the bank pays the merchant a one-time payment for the goods (or services) purchased by the cardholder when the cardholder uses a credit card to make large purchases, and then allows the cardholder to repay the money in installments to the bank. The bank will deduct the consumption funds in installments from the cardholder's credit card account based on the cardholder's application, and the cardholder will repay according to the monthly credit amount.
How many installments can a credit card be divided into?
The number of installments available for a credit card mainly depends on the regulations of the card-issuing bank and the type of installment business handled by the customer. However, the available installment ranges for most bank credit cards mainly include 3, 6, 9, 12, 18, and 24 installments; some bank credit cards can also be divided into 2 or 10 installments. Special installments, as well as the super-long term of 36 installments (for details, please call the customer service of the card-issuing bank, and it will be subject to the installment page).
When customers apply for credit card installments, they just need to choose the appropriate number of installments based on their own needs and repayment ability. However, everyone needs to note that the installment fee may also be different depending on the number of installments selected. Of course, generally the longer the credit card installment period, the more installment fees you have to pay.
It is recommended that customers do not always apply for long-term installments, so as not to make the bank think that the repayment ability is insufficient, which is not conducive to increasing the card limit. Usually, it is enough to choose the number of periods from 3 to 6. If you want a longer period, 12 periods is enough, and it does not need to be too long.
The main benefits of credit card installment payment:
1. Enjoy first, pay later.
2. No guarantor is required and the procedure is simple;
3. Fixed time and fixed amount, easy payment;
4. Payment is optional and the monthly repayment amount is optional; < /p>
5. More space to choose payment methods.
Can credit card installment be cancelled?
If the system has not been implemented after the credit card installment or within the cancellation time specified by the bank, you can directly call the customer service number or cancel the installment through online banking.
If the credit card installment has already started, the cardholder cannot cancel it. However, you can choose to repay in advance. It is worth noting that cardholders must have enough funds to repay in full before they can apply to the bank to settle the installment in advance.
In addition, early repayment installment handling fees still need to be paid, but no additional early repayment handling fees will be charged.
It is worth mentioning that if your credit card repayment date is on the 13th and you do not have the money to repay it in full, and your salary day is on the 15th, then compared to installment repayment, the minimum payment is The payment method is the most cost-effective.
How much does a credit card installment cost?
Annual interest rate = installment handling rate / (number of installments 1) 24 = single-stage handling rate number of installments / (number of installments 1) 24, the most common handling fee of 12 installments is 7.2%, which is equivalent to 7.2/(121)24=13.29% annual interest rate.
ICBC’s handling fee for 12 installments is 3.58%, with an annualized interest rate of 6.61%, which is equivalent to 1.1 times the one-year loan benchmark interest rate of 6.0%. It is charged in installments of 0.0358/1324=0.06609=6.61% in the first installment. , the annualized interest rate should be divided by (1-installment fee). The first installment charge is 0.0358/1324/(1-0.0358)=0.06854=6.85%
As for this question, the charging standards (high or low) of each bank are different, and the collection method (collection in installments or one-time collection ) are also different, and the collection categories (consumption installments, bill installments, credit card mall installments or physical mall installments) are also different. For details, you have to check on the credit card websites of major banks, or call the credit card center customer service and they will explain it in detail. You listened.
This is divided into two types: nominal interest rate and real interest rate.
Nominal interest rate
Nominal interest rate is relatively simple. There is no need to calculate it at all. It is whatever it is. For example, if you spend an amount of 6,000 yuan with a credit card, you want to divide it. For 12 installments, the bank tells you that the handling fee for each installment is 0.6%, so the annual interest rate is 0.612=7.2%. Then the monthly principal needs to be amortized 6,000\12=500, and the monthly interest is 60,000.6%=36 yuan. The total ***Need to exchange interest 3612=432 yuan.
Of course, in addition to charging the handling fee in installments, there is also a one-time charging fee, which is slightly higher than the handling fee for analysis, but the entire handling fee needs to be paid back in the first period at once. , decide for yourself which one is suitable.
Actual interest rate
After reading the above example, do you think there is something wrong? It is obvious that the principal owed is getting smaller and smaller, but the interest still has to be paid according to the total amount. By the way, this is a mathematical game. To know what interest rate you pay for each cent of principal, you need to introduce a concept, the actual interest rate.
It sounds complicated, but fortunately both Excel and WPS provide internal formulas for us to use. Below I will teach you how to use the formula to calculate the actual interest rate.
It is still calculated based on 6,000 yuan, divided into 12 installments, and the rate for each installment is 0.6%. Enter the principal of 6,000 in the first line, and enter the monthly repayment of 436 in the second to thirteenth lines. Note that due to the repayment It is the opposite relative to the loan principal, so we have to enter -436, then on the fourteenth line, click the formula in the menu bar, select the IRR function, select the first to thirtieth rows, and you can get each The monthly actual interest rate is 1.0862%. Multiply 1.0862% by 12 months, which is the annual effective annual interest rate of 13.03%.
How many installments can a credit card be divided into?
There is a standard for determining how many installments a credit card can be divided into, and there are several simple installment businesses;
1. Ordinary Installment;
The ordinary installment business of credit cards is generally divided into 3 months, 6 months, 9 months, 12 months, 18 months, 24 months, and some banks have 36 months. Some banks only offer 12 months. You need to pay the monthly repayment amount and all handling fees in one lump sum on the first repayment date below. The handling fee is about 4% to 10%, and the regulations of each bank are different, so please pay attention to the inquiry.
2. Apply for installment payment at the merchant;
Generally, such credit card installment requires a certain handling fee, and the maximum installment is about 36 months.
3. Large-amount installments;
Large-amount installments are generally used to purchase cars, house decoration, etc., and the number of installments is generally 12 months, 24 months, or 36 months. , the handling fee is about 4%, 8%, 12%. Generally, the monthly repayment amount and all handling fees are paid in one lump sum on the first repayment date.