What happened to credit card installment payment?

The first thing to explain is:

The so-called credit card installment business includes two types: one is shopping mall installment; the other is bill/single installment

Shopping mall installment:

Take your situation as an example. The CCB credit card in your hand cooperates with some merchants across the country, such as Gome and Suning. When you pay at Gome and Suning, the merchant’s cashier We will ask for your advice on whether to make installment payments. If you don't agree, then pay directly. If you agree, the merchant's cashier will directly handle the installment payment business for you on the spot. The so-called installment fee is negotiated between the bank and the merchant. The amount of the fee is different depending on the region and merchant, but the general principle is: 1. It is much less than the interest generated if you only pay the minimum repayment amount; 2. The longer your installment period is, the higher the handling fee will be.

Bill/Single Installment:

After you pay with your card, you will be asked whether you want to make an installment payment by applying to the bank or calling the bank for enquiry. There is a certain handling fee. The rates of each bank are different. The general rate is 0.6% of your installment amount per month. Among them, Everbright's twelve installments are the lowest at 0.5% per month, followed by CITIC at 0.55% per month.

Your additional question,

Your monthly installment payment is the installment payment for the goods you have already consumed with your card.

The installment plan in the shopping mall means that you will pay for the goods you buy in installments.

These two types of installment payments allow you to save money when you do not have sufficient funds. Once you can only pay the minimum repayment The interest accrued on the amount is because the installment fee is generally lower than the interest.

In other words, it is your decision whether to pay in installments. Each installment is unrelated and it is up to you to decide which installment to pay.

What does credit card installment payment mean?

Instalment payment is a method of payment for purchasing goods and services.

PayByLnstallments are mostly used in product transactions with long production cycles and high costs. Such as the export of complete sets of equipment, large-scale vehicles, heavy machinery and equipment and other products. The method of installment payment is that after the import and export contract is signed, the importer first pays a small part of the payment to the exporter as a deposit, and the rest of the payment is paid after part or all of the product is produced, shipped, or after the goods arrive for installation and test run. , investment and repayment in installments when the quality guarantee period expires.

The installment payment method was developed after World War II. At the beginning, it was limited to the purchase of general daily commodities or services. Later, with the rapid development of productivity, the scale of industrial and agricultural production expanded day by day, and the required expenses increased. In addition, with the development of bank credit, the field of installment payment expanded to the purchase of large machinery, equipment and raw materials by enterprises.

What is the credit card bill installment plan?

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.