Exclusive consumption installment credit cards are actually loan cards. But this loan is a credit card rather than a savings card. The funds in it can only be spent by swiping the card, but it cannot be withdrawn. If you need to withdraw cash, the cardholder must bear the card swiping fee.
Exclusive consumption installment credit card is a special installment card issued after the cardholder proposes consumption needs to the bank and is approved by the bank. After cardholders use the installment card to make purchases at merchants designated by the bank, the installment will be automatically completed according to the period agreed with the bank in advance. Cardholders can apply for installment cards through self-service channels such as the official bank credit card client and credit card customer service hotline. The specific application channels and application procedures are subject to the actual display.
China Merchants Bank’s exclusive consumption installment card is a special installment credit card. After use, the cardholder will automatically complete the installment and generate the installment principal and handling fee.
The application conditions for CMB’s exclusive consumption installment card:
1. Applications are limited to principal cardholders of China Merchants Bank’s personal credit cards. Cardholders who only hold a student card, business card, business card, shopping card or supplementary card are temporarily unable to apply. After successfully applying for an installment card for the first time, an independent installment card account will be generated.
2. Cardholders shall not use installment cards for production, operation, investment, house purchase, etc., or engage in illegal activities. After the automatic installment is completed, successful installment transactions cannot be canceled and the amount or number of installments cannot be changed. Successful installment transactions are automatically canceled and are not affected by repayments and returns.
The exclusive consumption installments launched by credit cards are very good for many people. Credit card exclusive consumption installments allow people to repay within a certain period of time, which is very good for many people. Many people don’t have the extra money to pay off their credit card balances after spending in advance. Therefore, credit card exclusive consumption installments allow people to pay back some money at regular intervals instead of paying it all at once. This will relieve a lot of people's stress. This also boosts bank income and consumption.
After the cardholder successfully applies for an installment card, the bank's credit card center will approve the installment card limit and installment processing rate for the cardholder. The CMB Credit Card Center will re-evaluate the cardholder’s installment card limit and installment processing rate from time to time (if the cardholder submits an application on or before November 5, 2021, the Bank’s Credit Card Center will re-evaluate the installment card limit and installment processing rate). For cardholders 6 months after their successful application, the CMB Credit Card Center has the right to evaluate and decide to adjust the installment card limit based on the cardholder's credit status and usage of the account credit limit.