When does credit card installment payment begin? This way the repayment will not be overdue!

Often, cardholders who are unable to repay the balance in full after using their credit cards to make large purchases will apply for credit card installments. By spreading the outstanding amount over monthly repayments, only a portion of the principal needs to be repaid each month. Just pay the handling fee, and the most important thing is that you can enjoy the interest-free period. However, many cardholders don’t know when to start repaying their credit card installments after applying for credit card installments. Let’s introduce the credit card installment repayment time to you.

1. When does credit card installment payment begin?

This score is divided into two situations. One depends on whether you apply for installment on the bill or after the bill date comes out.

1. Installment of bills:

It refers to the installment of the unpaid bill amount. In this case, repayment will generally be required this month. Because your first installment principal and installment handling fee will be included in the minimum repayment amount of this period's bill, you must repay it on the last bill date of this period.

2. Installment of the bill in the future:

This refers to the installment of the amount that has been paid out. In this case, repayment usually needs to be made after the next installment of the bill comes out. Because after the bill installment is successfully processed, the first installment principal and handling fee will be included in the minimum repayment amount of the next installment of the bill, which means that you have to start repaying the next month's bill. In the month when you apply for the installment, you only need to repay the bill. Just the amount of the uninstalled portion of the bill is enough.

For a simple example, your credit card bill date is the 22nd of each month, and the final payment date is the 10th of each month:

If you transfer 3,000 on November 18th If you divide the unpaid bill of 3,000 yuan into 3 installments, you need to repay it before the end of November 10th;

If you divide the 3,000 yuan bill that has been issued into 3 installments on November 23rd, then Repayment needs to be made before the end of December 10th.

2. How to repay credit card installments?

In many cases, it cannot be ruled out that even if you apply for installment, you will still have no money to repay. At this time, some cardholders will ask whether the amount after applying for installment can be re-installed, or whether it is based on What about the minimum payment? The answer is no.

Because the amount required to repay each credit card installment has been included in the minimum repayment amount of the current bill, you must repay the minimum repayment amount in order not to be overdue. And having no money is still very dangerous. If it is determined to be a malicious overdraft, it will constitute a credit card, but you will be sentenced.

In short, when to start repaying credit card installments mainly depends on the time when the installment is processed. The billing date is used as the watershed, and the repayment time varies. However, regardless of whether your credit card installment payment is in the current period or the next period, you must pay the minimum payment amount of the current period's bill.

How to pay off a credit card in installments?

Credit cards can be repaid in installments. Banks generally provide free installment options of 3, 6, 9, 12, 18, and 24 installments, with each installment being one month. The bank will charge corresponding handling fees for each installment based on the transaction installment amount and number of installments you applied for, as well as your personal credit situation. The monthly handling fee is 0.5% to 1.0%.

Credit card repayment.

About credit card repayment, the similarities and differences between the credit card transaction date and the credit date

Transaction date: literally means the cardholder’s actual consumption, cash deposits and withdrawals, transfer transactions or The date on which the transaction actually occurred with the relevant institution.

Accounting date: refers to the date when the card issuer credits the transaction amount to the cardholder's credit card account after the transaction occurs or charges, interest, etc. to the cardholder's credit card account in accordance with regulations.

Sometimes the transaction date and the account entry date are the same day, and sometimes they are not. Especially when purchasing overseas, the difference between the two may be more than just one day.

Concerning this point, many veteran drivers who grab cashback for overseas consumption must have a deep understanding of this, and many of them were rejected because they could not figure out the difference between the two dates.

It’s not that everyone is inexperienced, it’s actually that the deposit date of each bank is different, even for the same bank, it is not the same every month. This rule is really difficult to grasp.

In fact, not only overseas activities, many banks also like to calculate the activities based on the date of entry. You may wish to pay attention to the detailed instructions of various activities to avoid accidentally falling into a pit.

About credit card overdue

Speaking of the topic of overdue, let’s first explain a few terms.

The billing date means that the card-issuing bank will regularly summarize and settle the various transactions and fees that occurred in your credit card account every month, calculate the interest, and calculate the total amount of debt you owe in the current period and the minimum amount. The repayment amount and a statement will be sent to you (paper statements are almost extinct now, and they are basically text messages and emails). This date is your credit card statement date.

On the repayment date, for credit card non-cash transactions, the date between the bank accounting date and the due repayment date is the interest-free repayment date. The last day of interest-free is what is written on the bill. the final repayment date.

The minimum repayment amount means that if the cardholder has difficulty repaying all the amount payable before the due repayment date (inclusive), he can repay according to the minimum repayment amount stipulated by the card issuing bank, but You cannot enjoy the interest-free repayment period. The minimum payment is listed on the current bill.

Minimum repayment amount = 10% of the unpaid consumption amount within the credit limit (5% for some banks) 100% of the cash advance transaction amount 100% of the unpaid part of the previous minimum repayment amount exceeds 100% of the credit limit consumption fee and 100% of the interest.

In short, as for the minimum repayment amount, just look at the item on the bill.

Okay, with the above explanation of terms, this overdue is easy to explain.

If you pass the final repayment date and fail to pay the minimum payment, even if it is overdue, it may be recorded in the letter.

The reason why it is said that it is possible to be reported to the Hong Kong Economic and Trade News is because many banks also provide some conditions for exemption. The professional term is called tolerance, which is considered to be a mercy outside the law

< p> "Tolerance and time tolerance" is the collective name of "tolerance service" and "time tolerance service" of bank credit cards.

The "tolerance service" means that if the cardholder has insufficient repayment in the current period and the unpaid portion of the account after the due repayment date is less than or equal to a certain amount, the cardholder shall be deemed to have fully paid. If you repay the balance in full, the unpaid amount will be automatically transferred to the next bill, and no interest will be charged on the unpaid amount.

“Time-tolerance service” provides cardholders with a certain period of repayment grace period service. The repayment grace period is within a few days from the due date of repayment; When repaying within the time limit, the cardholder shall be deemed to have repaid on time.

Generally, the repayment date of banks is 20 days after the bill date, and some banks are 25 days after the bill date; the tolerance is usually 2 or 3 days (note that the ICBC tolerance is 0 days); the tolerance is generally Within 10 yuan, only China Everbright Bank can extend the limit to 100 yuan.

In addition, the time tolerance services of China Guangfa Bank, China Everbright Bank and Shanghai Pudong Development Bank require application before you can enjoy it. Regarding this, it is understandable that you need to apply for time tolerance. The tolerance is only a few yuan. If everyone is aware of it, they will definitely pay it back easily. Who would bother to apply for it? With this application threshold, it means that there is no such service.

So, if the time limit of each bank has passed and it is truly overdue, will it definitely taint the credit report?

The answer is also no.

Because each bank does not report overdue items in real time and has its own work rhythm. The fastest one may take one working day, and some banks may even take more than ten days to report the overdue items.

The period of overdue reporting is also the last time for everyone to make amends. Pay back the loan in full as soon as possible, and take the initiative to explain your last resort (for example, forgetting, not being able to go on a business trip, etc.), anything that can be forgiven non-subjective reasons), if you have a more sincere attitude, you may be able to "turn the danger into safety".

Of course, this is not to let everyone take chances and delay the repayment. It is to solve the problem as early as possible once it is overdue, and not to ignore it and break it.

Credit Card Interest

Even if you are careful not to overdue, but do not repay in full by the repayment date, there will still be a hefty interest fee waiting for you.

Interest: caused by cash withdrawals or failure to repay in full on the repayment date (only the minimum repayment amount is paid). Currently, the more common algorithm for credit card interest is a daily interest rate of 5/10,000. Regardless of whether it is overdue or not, as long as the payment is not paid in full after the repayment date, interest will accrue.

Reminder: One billing cycle is the interest calculation cycle, and the interest in the next cycle will be incorporated into the principal and recalculated.

There are a few other points to note here:

1. Unlike cash withdrawals and card purchases, there is no interest-free period. As long as you withdraw cash, the bank can start calculating interest. . If you have an emergency because you don't have enough money to withdraw cash, remember to pay it back as soon as possible. Don't wait for the repayment date to pay it back together. A large interest fee will be waiting for you.

Of course, everyone must know this. Everyone takes it out on the same day and pays it back on the same day. It doesn’t cost any interest and only costs one handling fee

2. Credit card consumption The interest-free period is conditional, that is, you must repay the entire amount before the repayment date. If you only repay the minimum repayment amount, although it will not cause an overdue credit report, the interest will be calculated in full.

Associated repayment

Some people may have said that I have linked my debit card and set up automatic repayment. No matter how many pitfalls there are, they can't fool me.

If you think so, there may be a bigger pit waiting for you

Because credit card repayment still has a question of whether to pay by card or by account. Specifically, click by account or by card. , one thing you must keep in mind! If you don't understand this matter, I'll wait for you overdue.

After finding out which banks accept cards and which banks accept accounts, let’s make targeted related repayments.

How to repay a credit card in installments? How to repay a credit card in installments

1. Cardholders only need to apply to the bank for installment repayment after the statement date. There are many installment options now. , such as cash installment, free installment, etc. Cash installment is mainly the installment application for the withdrawal amount, and free installment is the installment of the bill.

2. Credit card installments can be repaid in advance, but you need to contact customer service in advance to terminate the installment. If you do not apply to terminate the installment, the remaining balance of the installment will not be billed at once, and the card limit will still be occupied. The money you deposit is only equivalent to a deposit.

How to repay credit card in installments

Credit card bill installment refers to the installment of unbilled transactions and billed transactions. The application qualifications, installment amount, number of installments and rates are subject to the comprehensive evaluation of the credit card center. [You can click here for the web link].

If it is a China Merchants Bank credit card, you can choose the following channels to apply for bill installment:

Handheld Life: After logging in to Handheld Life, click Finance → Installment → Bill Installment, fill in the amount and number of installments, Then click "Preview Order" to submit the application.

Online banking: Log in to the public version or professional version, click "Instalment Management" - "Bill Installment - Deposited" / "Bill Installment - Not Deposited" - "Instalment Application" on the credit card interface.

Mobile banking: After logging in to mobile banking, click My → All → Credit Card → Installment to enter the operation page. Enter the application page to see the optional number of installments and installment rates.

Credit card telephone channel: Dial the credit card customer service hotline and press the button to directly state the business you need to apply for.