Credit Card Installment Fees
The following is a list of the credit card installment fee rates of some banks.
Bank of China credit card installment fee: Installment fee generally starts at RMB 600, with 3 installments of RMB 15 (one-time charge);
2. ICBC credit card installment fee: 3 installments No handling fee, 6 installments will be collected at one time);
3. Agricultural Bank of China credit card installment fee: charged every month);
4. CCB credit card installment Handling fee: 3 and 12 installments are charged every month);
5. CITIC Bank credit card installment handling fee: 12 installments are charged every month);
6 . Pudong Development Bank Credit Card Installment Fee: 3 installments are charged every month);
7. China Merchants Bank Credit Card Installment Fee: 3 installments are charged every month);
8 . Bank of Communications credit card installment fee: charged every month);
9. Guangfa Credit Card installment fee: 6 and 12 issues are charged monthly);
10. Everbright credit card installment handling fee: apply for installment repayment before consumption, 12-month installment, monthly bill collection installment types include 3, 6, 9 and 12 periods, the handling fees are 2, 4, 5, 6 (one-time charge).
To summarize, ICBC and Bank of China charge one-time handling fees, while other banks share the handling fees in each period. There are also differences in the treatment of installment time. Some banks, such as Shanghai Pudong Development Bank, China Construction Bank, and China Everbright, charge lower service rates as the time goes by.
All major banks’ credit card installment fees are known to the eight major banks
As the new year approaches, everyone’s consumption needs are increasing, especially for large purchases. If you hold a credit card for consumption, If you have difficulty repaying the loan in full, you may wish to use credit card installments to relieve your stress for a period of time. A complete list of credit card installment fees of major banks, you need to make a clear calculation.
1. Industrial and Commercial Bank of China Credit Card Installment
Number of installments and corresponding handling fees: The starting amount of credit card installment for 3 installments is 600 yuan, and any amount less than 600 yuan will not be accepted. To be divided into installments.
2. Agricultural Bank of China Credit Card Installment
Cardholders can choose the number of installments: 3, 6, 9, 12 and 24,
The standard fee rate is that the starting amount of credit card installment is 500 yuan, and installments will not be granted if the amount is less than 500 yuan.
3. Construction Bank Credit Card Installment
The number of installments and the corresponding handling fee for each installment: The starting amount of the credit card installment for 3 installments is 300 yuan, and the amount is less than 300 yuan. No installment will be granted.
4. China Merchants Bank Credit Card Installment
Provides multiple options of 2, 3, 6, 10, 12, 18, 24 and 36 issues. The single-period handling rate is 0. The specific installment rate is subject to the real-time evaluation results of the bank's credit card center.
The starting amount of credit card installment is 300 yuan, and installments less than 300 yuan will not be allowed.
5. Guangfa Bank Credit Card Installment
The handling fee rate corresponding to different installment numbers: 0.7 for 6 and 12 installments; 0.72 for 18 and 24 installments.
Everbright Bank Credit Card Installment
Basic rate for one-time payment: 3 installments and equal installments: 3 installments and 12 installments in the actual implementation process , the bank will have a certain rate fluctuation based on the cardholder's card usage and policies, but the fluctuation range will not exceed 40.
7. Minsheng Bank Credit Card Installment
The handling fee rate corresponding to different installments: 0.82 for 3 installments; 0.7 for 6 installments; 0.67 for 9th, 12th and 18th installments; 24 Period 0.7.
CITIC Bank Credit Card Installment
The handling fee for 1st period is 1.5; the handling fee for 3rd and 6th period is 0.8; the 9th period is 0.76; the 12th period is 0.73; the 18th and 24th period is 0.73 , 36 periods handling fee 0.75.
Credit card installment fee = total installment amount, rate per installment, number of installments
As can be seen from the above, the credit card installment fees of different banks are different, and the number of installments provided Each one is different, but no matter which bank credit card it is, long-term installments of large amounts are not recommended. After all, the handling fee is an additional financial pressure.
List of installment handling fees of major banks
Bank of China: a handling fee of 1.95 is charged in 3 installments; a handling fee of 3.60 is charged in 6 installments; a handling fee of 5.40 is charged in 9 installments ; A handling fee of 7.20 will be charged in 12 installments; a handling fee of 11.70 will be charged in 18 installments; a handling fee of 15.60 will be charged in 24 installments. China Construction Bank charges a handling fee of 0.75 in 3 installments; a handling fee of 0.70 in 6 installments; a handling fee of 0.60 in 12 installments; a handling fee of 0.60 in 18 installments; and a handling fee of 0.62 in 24 installments. The installment handling fees for Agricultural Bank of China's 3rd, 6th, 9th, 12th and 24th installments are all 0.6.
ICBC charges a handling fee of 1.65 in 3 installments; a handling fee of 3.60 in 6 installments; a handling fee of 5.40 in 9 installments; a handling fee of 7.20 in 12 installments; and a handling fee of 11.70 in 18 installments. A handling fee of 15.6 will be charged in 24 installments.
Shanghai Pudong Development Bank charges a handling fee of 0.90 in 3 installments; a handling fee of 0.78 in 6 installments; a handling fee of 0.73 in 9 installments; a handling fee of 0.74 in 12 installments; and a handling fee of 0.75 in 15 installments. A handling fee of 0.76 will be charged in 18 installments; a handling fee of 0.76 will be charged in 24 installments. China Guangfa Bank charges a handling fee of 0.7 in 6 and 12 installments and a handling fee of 0.72 in 18 and 24 installments.
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.
In the early days of the credit card installment business, banks often promoted it as "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 payment 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 12000.6 (1 0.6)^12/((1 0.6)^12-1)=103.94 yuan, which means an extra handling fee of 3.2 per period.
That’s it for the introduction of the credit card installment fees of major banks.