There are two methods.

First of all, you directly choose the mobile phone you like, and then when you pay, if the merchant selling the mobile phone has a POS machine, and then they apply for the installment business, you can directly swipe your card to make the payment, and the payment will be made in installments automatically. .

The second type does not have a POS machine, or has not applied for installment business. After swiping the card, you need to call the phone number on the back of the credit card, and then apply for installment payment to the customer service. There is no interest for installment payment, but corresponding handling fees will be charged first.

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 in installments The process of repaying money to the bank and paying handling fees. The bank will deduct consumption funds and handling fees from the cardholder's credit card account in installments based on the cardholder's application, and the cardholder will repay according to the monthly credit amount.

Handling fee:

In the early days of the credit card installment business, banks often promoted it under the banner of “interest-free”, and indeed many citizens were “fooled”. In fact, interest-free is not free, it’s just called something different.

In general, the one-year credit card installment fee is lower than the one-year 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 many times in recent years, 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 (month) repayment of 100 yuan, the handling fee is 0.6/month, and the actual monthly deduction is 100 1200 × 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 1200*0.6*(1 0.6)^12/((1 0.6)^12-1)=103.94 yuan, which means an extra handling fee of 3.2 per period.

Advantages:

1. The main benefits of credit card installment payment:

Enjoy it first, pay later.

No guarantor required and the procedure is simple.

Timed and fixed amount, easy payment.

Pay as you please with any monthly repayment amount

More space to choose payment methods.

2. Business type:

From the perspective of installment payment form, when cardholders handle this business, the starting amount of a single transaction is limited, and the installment repayment grade and The standards of handling fees are also different; they can be roughly divided into three categories:

The first category is carried out by banks in cooperation with special merchants, but the product types are limited;

The second category is carried out by banks A product catalog is provided, and the cardholder can choose and purchase from the catalog, and the bank then entrusts the supplier to deliver the products to the customer;

The third category is not limited to merchants and products, and the cardholder purchases the product from the bank. Just apply for installment repayment, and some banks even set the acceptance scope to be global. [1]

3. Classification:

Most domestic banks have credit card installment business. Installments are generally divided into shopping mall (POS) installments and online installments according to different occasions. "Mail order installment" and bill installment by mail, etc.

Shopping mall installment

Also known as POS installment, it means that cardholders go to shopping places and make purchases at "malls" where installment can be carried out. When checking out, please show the shopping mall's credit card that supports installment payment and indicate that you need to pay in installments. Then the cashier will swipe the card on a dedicated POS machine according to the number of issues required by the cardholder (such as 3 issues, 6 issues, 12 issues, etc., a few shopping malls support 24 issues).

Note: Cardholder identity verification is required when making installment purchases in shopping malls, so remember to bring your ID card.

Shopping mall installments are generally free of charge for three installments. The rates for 6 and 12 periods vary from bank to bank. Installment products can generally be purchased as long as they are normally sold in the shopping mall. In many cases, cardholders can also bundle multiple items together at checkout and then make installment payments.

Mail order installment

It means that the cardholder receives the installment mail order catalog manual sent by the card-issuing bank (or the bank's online installment mall) and chooses from limited products. Then order through the online installment mall, call or fax the mail order installment application form, etc. to the bank for installment mail order.

There is generally no handling fee for mail order installments regardless of the number of installments. However, due to the long ordering cycle (in many cases it will take more than 15 working days to get the product) and the relatively cumbersome return and exchange process, it is recommended to compare before purchasing.

Bill installment

This is the most convenient installment method. Basically, all card-issuing banks can support this installment method, and the application is simple. Users only need to submit an installment application to the card-issuing bank by phone or other methods after swiping their card for consumption and before monthly bills are issued. However, it should be noted that each bank will stipulate some special cases. For example, speculative card swiping will not be successful in installments. So before proceeding with staging, be sure to read the staging manual carefully.

The disadvantage of bill installment is that the handling fee cannot be waived. The longer the number of installments, the higher the handling fee, which must be borne by the cardholder himself.