ICBC Credit Card Installment Interest Rate
If ICBC handles installment payments and repays the bill in full and on time, no interest will be charged and only a handling fee will be charged.
Starting from May 1, 2022, ICBC will launch a 40% discount on consumption conversion to installments and bill installment handling fees. The activity quota is limited and first come, first served. The actual charging rate is subject to the settings of each branch, except for branch specialty businesses.
The rates after discount are: 1.35% for 3rd period, 2.52% for 6th period, 3.78% for 9th period, 4.32% for 12th period, 6.75% for 18th period, 8.93% for 24th period, 13.39% for 36th period
Warm reminder:
1. Different regions and different credit card products will be different, and there are also marketing activities at different times, so the rates will also change. Please refer to the time of application. The actual rate displayed by the system shall prevail.
2. You can log in to mobile banking and handle installment business through the "Credit Card - Installment Payment/Bill Installment" function. During the operation, the system will display the handling fee collection method and interest rate, and automatically calculate the handling fee you need to pay.
(Answer time: May 22, 2022. In case of business changes, please refer to the actual situation.)
How much is the installment interest of ICBC credit card?
ICBC Credit card installments do not require interest, but you need to pay corresponding handling fees.
The handling fee is calculated according to the total installment amount × installment rate. The installment rate is different for different installment numbers.
1. When divided into 3 periods, the handling fee rate is 1.95%;
2. When divided into 6 periods, the handling fee rate is 3.60%;
3. When divided into 9 periods, the handling fee rate is 5.40%;
4. When divided into 12 periods, the handling fee rate is 7.2%;
5 , when divided into 18 periods, the handling fee rate is 11.7%;
6. When divided into 24 periods, the handling fee rate is 15.6%.
Note that the ICBC credit card installment handling fees may be different in different regions. Some regions will have handling fee discounts. The specific amount will be prompted by the system when the user applies for installment, whichever is displayed on the page.
Extended information
After installment, if each installment is deducted and repaid in full on time, no interest will be charged, only a handling fee will be charged. Different installment amounts and different installment numbers require different handling fees, which will be displayed by the system on the application page. If you need to calculate the handling fee for the installment you need to apply for, please download ICBC e-Life, select the credit card that requires installment business through the "Finance" page, enter the "Instalment Payment" function and follow the page prompts to select the installment. Check the issue number and amount.
Warm reminder:
1. The handling fee for installment extension will be recalculated based on the remaining number of installments;
2. If you handle an installment transaction that charges handling fees in installments, Early repayment requires liquidated damages.
CreditCard is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit.
The form of a credit card is a card with the name of the card-issuing bank, validity period, number, cardholder name, etc. printed on the front. Consumers holding credit cards can go to a special commercial service department for shopping or consumption, and then The bank makes settlements with merchants and cardholders, and cardholders can overdraw within the prescribed limit.
What is the bank credit card installment interest rate?
The interest rate for credit card installment payments may vary from bank to bank. Take the four major banks as an example:
1 , Industrial and Commercial Bank of China
The interest rate for ICBC credit card installment payment is: 0.9% for 3 installments, 1.8% for 6 installments, 2.7% for 9 installments, 3.6% for 12 installments , divided into 18 periods, calculated at 5.4%, divided into 24 periods, calculated at 7.2%.
2. China Construction Bank
If you pay in installments with a CCB credit card, you can choose to pay in 3, 6, 12, 18, and 24 installments. In addition to the interest calculated in 3 installments at 0.7% per period, the interest in 6, 12, 18 and 24 periods are calculated at 0.6% per period.
3. Agricultural Bank of China
Agricultural Bank of China credit card installment payment can be divided into 3, 6, 9, 12 and 24 installments. Regardless of the number of installments, Agricultural Bank of China The interest on bank credit card installments is calculated at 0.6% per installment.
IV. Bank of China
Bank of China credit card installments can be divided into 3, 6, 9, 12, 18 and 24 installments, of which the interest in 3 installments is 1.95%, the interest divided into 6 installments is calculated as 3.6%, the interest divided into 9 installments is calculated as 5.4%, the interest divided into 12 installments is calculated as 7.2%, the interest divided into 18 installments is calculated as 11.7%, and the interest divided into 24 installments is calculated as 1.95%. 15% calculation.
There are two loan repayment methods: equal principal and interest and equal principal.
1. Equal amounts of principal and interest. Compared with equal amounts of principal, the total repayment of interest is more, but the monthly repayment amount is the same, which can reduce the early repayment pressure. The interest of this loan interest calculation method is calculated based on the total principal. Although a part of the principal is repaid later, the calculation of interest does not actually decrease with the decrease of the principal. The calculation formula is as follows: [Loan principal] Deposit Although the upfront payment of the loan method is more, the overall interest paid is less than the equal principal and interest. Taking a mortgage as an example, if it is a house that requires a loan of 200,000 yuan and is repaid in 20 years, using the calculation method of equal principal payments, the interest can be saved by about 15,000 yuan. The repayment method of equal principal amounts is to calculate interest based on the actual reduction of your principal. The monthly repayment amount will decrease gradually, and the principal in the monthly repayment will be the same. The specific calculation formula is as follows: monthly repayment amount = (loan principal ÷ number of repayment months) + (principal - cumulative amount of principal repaid) × monthly interest rate.
How to calculate ICBC credit card installment interest
The calculation method of handling fee is: transaction amount × monthly rate × number of installments. Although the handling fee may be charged in one lump sum in the first period, It may also be charged monthly, but the amount is the same. As repayments increase, the money owed to the bank decreases, but the handling fees will not decrease with the repayment progress. This is different from the way interest on bank loans is calculated.
For example: If a single purchase of 2,000 yuan is repaid in 12 installments:
Interest payment in the first installment: interest = installment balance rate in 12 installments.
Monthly repayment amount = installment balance/12 (integer part)
According to the current ICBC preferential rate until the end of the year: 3.6% for 12 installments
Interest =2000×3.6%=72 yuan
Repayment per period =2000/12=167 yuan
Instalment payment business of ICBC Peony Credit Card only applies to Peony International Credit Card and Peony Credit Card Cards are provided to individual customers.
The starting amounts for the installment payment business of ICBC Peony Card are: RMB 600, HKD 600, USD 100, and EUR 100. Consumption below the starting amount cannot be used for the installment business.
ICBC freezes the full amount of consumption.
ICBC supports installment payment through POS for special merchants. You can also convert ordinary consumption to installment payment through ICBC telephone banking and over the counter at business outlets.
Reference material: Credit card installment payment - Baidu Encyclopedia
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