Is the interest rate of Bank of Communications Haoxiangdai high?

It is relatively high. The interest rate of Bank of Communications Haoxiandai is not fixed and is determined based on the number of installments and the installment amount applied by the user. . According to the official announcement, the Bank of Communications Haoxiangdai borrowed 10,000 yuan in 12 installments. The monthly interest is 0.72, so the monthly handling fee is 10,000 × 0.72 = 72 yuan. This interest is relatively high among the credit card installment interests of many banks. Users who need to apply can consider their own financial situation before making a decision. The interest rate of Bank of Communications' Haoxiangdai is quite high among other bank consumer loans, but the main point of controversy is that as long as you choose the starting amount, installments will be automatically made above the starting amount, and interest will inevitably be charged. , and early repayment will not be reduced. For a 10,000 yuan credit card payment, the rate for twelve periods is 0.72, the monthly handling fee is 72 yuan, and the total handling fee is 7212 = 864 yuan. Bank of Communications Haoxiangdai interest charges have two major standards based on consumption purposes, as follows:

Credit card installment interest

Bank of Communications credit card installment interest is based on the amount of your installment The decision has nothing to do with the number of installments. For example:

1. Above 500 yuan, 0.72 per month;

2. Above 6,500 yuan, 0.70 per month;

3. Above 12,500 yuan, per month 0.68 per month.

The maximum number of installments is 24.

If you pay in 24 installments, the repayment in each installment = 36,000/24 ??installments handling fee 360,000.68 = 1,744.8 yuan.

Compared with bank loans, because the loan types and interest calculations are different, it is recommended to consult the relevant bank for detailed charging standards.

1. Credit card installment payment means that when the cardholder uses a credit card to make large purchases, the bank pays the merchant a one-time payment for the goods (or services) purchased by the cardholder, and then allows the cardholder to pay The process of repaying the loan in installments to the bank and paying handling fees.

The bank will deduct the consumption funds and handling fees 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.

2. Generally, the one-year credit card installment fee is lower than the one-year cash withdrawal interest of RMB 18, and higher than the bank's one-year commercial loan interest of RMB 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 payment fees vary from bank to bank, the calculation method is roughly the same.