Credit card bill installment is between the statement date and the repayment date.

Because you are applying for bill installment, you must apply for installment after the bill comes out. Cardholders of commercial cards, business cards, purchase cards or supplementary cards cannot apply. Installment services can be applied for by calling the bank’s customer service phone number.

Time to apply for bill installment:

1. For transactions that have not been billed (except for transactions recorded one day before the bill date and on the same day): You can go to the corresponding transaction address on the day the transaction occurs. Apply for installment within one day before the billing date. Apply for installment before the bill date, and the minimum application amount is no less than RMB 500.

2. For bills that have been issued: You can apply for installments between the day after the bill date and the due repayment date (for customers whose accounts have set up automatic repayment, the application deadline is the due repayment date 17:00 on the same day). During the period when the cardholder uses the reservation function for future transactions, transactions recorded on the billing date cannot be applied for installment.

1. How to calculate credit card installment interest

When it comes to installment repayment, you must first understand its interest calculation mechanism. Strictly speaking, it is the calculation of handling fees. Different banks have certain differences in terms of the number of installments and the rates.

Take China Merchants Bank as an example. There are 2, 3, 6, 10, 12, 18, 24 and 36 invoices to choose from. Many people cannot afford to repay the money, so they think that the longer the installments, the better, and they only need to pay back a small part every month, but that is wrong.

Because although the installment handling fee is fixed every month, it changes according to the number of installments. The extra fees for 24 installments are much higher than those for 3 installments. Handling fee per period = application amount * handling fee rate per period. This rate is generally between 0% and 1.67%.

2. Can credit card installments be repaid in advance?

There are too many users who subconsciously go for long-term installments, which not only incurs more handling fees, but also makes consumption inconvenient. I originally owed 10,000 yuan and divided it into 10 installments. Let alone having the money to pay it back, the unpaid installments occupied the credit limit, making it inconvenient to swipe a credit card.

Therefore, many people have the intention of repaying their loans in advance, thinking that if they pay off their loans earlier, they can regain their freedom as soon as possible. But everyone must understand that once you apply for installment repayment, you cannot cancel it. And it’s not just how many installments you want to pay in advance. If you want to pay back part of it in advance and pay back the rest slowly, it’s not possible.

If you want to end the installment early, you not only have to apply for it yourself and customer service, but you also have to pay off all the remaining outstanding debts at once. This is one of the reasons why installment payments are not recommended.