Application process: Apply by phone or go to a physical bank. Because the cardholder does not consume at the card issuer's cooperative merchants (in shopping malls or online), that is, the cardholder purchases goods that do not come from merchants designated by the card issuer, and the cardholder applies for the installment business after the purchase has been made. Do not confuse consumer installment with mail-order installment and merchant installment.
Instalment features 1. Cardholders must apply for installment before the billing cycle (between the consumption date and the billing date) after consumption, otherwise the bank will deduct the credit card amount and it cannot be refunded. (The specific application date depends on the bank) Application can be made within 10 days from the successful consumption to the due date of repayment after the bill date. 2. The interest-free repayment period for general consumer installment business is 50 days, but Shanghai Bank has 56 days and Minsheng Bank has 51 days. If the cardholder repays the loan outside the interest-free period (overdue repayment), he or she will have to pay a certain late fee (5% of the unpaid portion) and interest (0.05% of the unpaid portion, calculated based on compound interest). The bank will set a minimum limit on late payment fees. 3. The cardholder's consumption amount cannot be converted into installments in full. Generally, banks stipulate that only 90% of the cardholder's consumption amount can be converted into installment payment. In other words, the cardholder needs to pay 10% down payment.