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 money to the bank in installments. 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.
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.
3. Category:
Most domestic banks have credit card installment services. Installments are generally divided into shopping mall (POS) installments, online, mail, etc. according to different occasions. "Mail order installment" and bill installment carried out in this way.
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.
Credit Card Installment Payment
Credit Card Installment Payment
When checking out, hold a credit card that supports installment payment in the shopping mall 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.