There is no interest in the credit card installment of China Merchants Bank, only the installment handling fee, and the handling fee rate for each installment is between 0-1.67.
When a credit card is used in installments, there is generally only an installment fee and no interest. Only credit card overdrafts and cash withdrawals have interest.
The installment fee rate for China Merchants Bank credit card is related to the number of installments. The longer the installment period, the lower the fee rate. Currently, China Merchants Bank offers seven installments: 2, 3, 6, 10, 12, 18 and 24. The corresponding handling rates for each installment are 1.0, 0.9, 0.75, 0.7, 0.66 and 0.68 respectively. ,0.68.
The handling fee for each period = the total principal amount of the installment × the handling rate for each period of the corresponding period. The handling fee will be credited to the credit card's RMB account in installments after the bill installment business application is successful. The principal repayable in each installment of the bill installment is equal to the total principal amount divided by the number of installments. The principal repayable in each installment (accurate to the minute) is charged to the cardholder's credit card account month by month, and the remainder is included in the last installment.
If the installment amount of 5,000 yuan is repaid in 6 installments, the handling fee for each installment is 0.75, then the handling fee for each installment = 5000*0.75=37.5; the principal payable for each installment = 5000/6= 833.33 yuan; the total amount payable per period = 37.5 833.33 = 870.83 yuan.
Extended information:
The installment payment processed by China Merchants Bank credit card can be paid off in advance, but the handling fee for installment payment by China Merchants Bank credit card is a one-time charge, that is, when you choose to pay in installments , the initial bill amount and installment handling fees are paid in one lump sum. There is a one-time handling fee, so even if you repay early later, the money will not be refunded.
It should be noted that if the interest is collected in one lump sum when you make installments, the interest collected before the early repayment will not be refunded. If the interest is charged monthly, then the interest after your early repayment will not be charged again. You can consult China Merchants Bank Credit Card Customer Service for the specific amount of repayment.
The installment methods of China Merchants Bank Credit Card are:
1. Online banking application:
Cardholders can log in to China Merchants Bank Credit Card Online Banking and click "Instalment Finance" online Page, enter "Bill Installment", enter the installment amount, select the number of installments, wait for the bank's review, and the installment will be successful if the review is passed.
2. Telephone application:
Cardholders can call China Merchants Bank’s credit card customer service hotline at 400-820-5555. After identity verification, cardholders can press 708 to transfer bill installment hotline. Select the appropriate installment amount and number of installments, wait for system review and approval, and the installment will be successful.
3. SMS application:
The cardholder edits the SMS "AG#Amount#Issue" and sends it to 1065795555 (mobile users) or 1065502010095555 (China Unicom users). After the system application is approved , the installment can be successful.
Baidu Encyclopedia-Credit Card Installment