1. The reporter learned that many consumers mistakenly think that "zero interest" is completely free. In fact, all banks will charge a handling fee of about 0.65%~ 15%. Moreover, there is also a difference between one-time collection and installment collection in the way of collecting handling fees. If consumers don't know clearly, it is often easy to save less money when repaying, which leads to bad credit records after overdue. In addition, interest-free does not mean exemption from late payment fees, which is often ignored by many cardholders. During the National Day holiday, individual banks will temporarily increase the credit card limit by 20%. For example, temporarily increase the overdraft limit to 1 0,000 yuan to10.2 million yuan. At this time, the cardholder must pay attention to the repayment. If the overdraft is overdue, a 5% overrun fee will be charged.
Second, how to calculate the credit card installment fee? In the early days of credit card installment payment, banks often advertised under the banner of "interest-free", and many citizens were really fooled. In fact, interest-free is not free, just a different name. Generally speaking, the handling fee of credit card installment 1 year is lower than the annual cash withdrawal interest 18%, and higher than the bank commercial loan interest 1 year 5.3 1%. It is worth mentioning that the loan interest rate of commercial banks has been lowered many times, but the standard of credit card installment fee and cash withdrawal interest has rarely changed. Although different banks have different standards for credit card installment fees, the calculation method is roughly the same. Suppose the installment amount is 1.200 yuan, divided into 12 installments, and each installment (month) repays 1.000 yuan, and the handling fee is 0.6%/ month, and the actual monthly deduction is100+1.200× 0. If other factors are not considered, the convertible nominal annual interest rate is 7.2%. But the cardholder did not always owe the bank 1.200 yuan. In the last month, he actually only owed the bank 1 1,000 yuan, but the bank still charged the handling fee according to 1, 200 yuan. According to the calculation, the actual annual interest rate that the cardholder has to pay is about 15.48%.
3. Are you looking for a big bank or a small bank by installment? Due to the different customer resources and brand maturity of banks, their handling fees are not the same, or even very different. Statistics show that small banks with low market share have relatively low fees. For example, China Everbright Bank and Bank of Ningbo, the three-phase installment fee rate is as low as 1.5%, which is lower than China Merchants Bank and Minsheng Bank by 1.65 and 438+0 percentage points. Calculated by annualized interest rate, the annualized service fee rates of China Everbright Bank and Bank of Ningbo 18.09% are also much lower than those of China Merchants Bank (32.32%).
Which is more cost-effective, arbitrary installment or designated merchant installment?
Fourth, installment shopping can reduce the repayment pressure. According to the reporter's understanding, there are currently two credit card repayment methods on the market. One is to determine the installment payment when shopping, which is the installment payment of the designated merchant; The other is to call the credit card center before repayment and confirm that it is an installment payment, which belongs to any installment payment. Which of the two credit card installment methods is more cost-effective?
It is understood that Bank of Communications is the first company to introduce credit card installment payment at will. No matter where you buy things, as long as you apply for a dual-currency credit card from Bank of Communications, and the consumption of a single card exceeds 1500 yuan, you can call customer service two days after the transaction date and two days before the bill date to convert this consumption into six months, nine months and 12 months. Although this installment payment is also interest-free, the cardholder will not incur any interest charges when paying the repayment amount on time, and the bank will charge a certain percentage of handling fees every month. Specifically, the standard of handling fee is determined according to the total amount of installment payment. The handling fee is divided into 0.72%, 0.7% and 0.68% according to the consumption amount. If you spend 6,000 yuan by credit card and repay it in six months, you will have to pay back the arrears 1000 yuan and 43.2 yuan each month, totaling 259.2 yuan.
Comparatively speaking, installment shopping is not limited by shopping malls and commodities, but the cost is slightly higher than that of installment payment by designated merchants. The fee for installment payment by designated merchants is low, but shopping is restricted. Banks have designated merchants and products, and cardholders will decide to pay by installments when swiping their cards. Take China Merchants Bank as an example. The bank's credit card cooperates with merchants such as Gome, Suning, Industry & Trade, etc., and any electrical appliances with a value exceeding 1500 yuan can be paid in installments, and the handling fee will be charged at one time at 2.5% or 4.5% depending on the installment. However, in shopping malls such as Wangfujing Department Store and Dayang Department Store, shopping (except gold) can be paid in installments when it reaches 600 yuan, and the expenses are free. Credit cards of China Merchants Bank and Bank of Communications have this service.