What does credit card cash installment mean and what are its benefits

Credit card cash installment refers to transferring the credit limit in a credit card to a savings card and repaying it in installments. Interest-free advertisements, but in fact many banks will charge interest in the form of handling fees.

Comparison between credit card cash installment and cash withdrawal:

Almost all credit cards have cash withdrawal function, but many card-issuing banks do not support credit card cash installment. Credit card cash withdrawals can be made directly at ATMs or card-issuing bank counters, without applying in advance; for credit card cash installments, you need to call the customer service of the card-issuing bank, or apply on the card-issuing bank's official website or APP.

The credit card cash withdrawal limit is generally 50% of the total limit, and there is a daily cash withdrawal limit (between 2,000 and 20,000). If you need to move more cash, credit card cash withdrawals are slower; and credit card installments The limit can reach the total limit of the credit card, or even higher. After the application is successful, the card-issuing bank will transfer it to the debit card designated by the cardholder in one go.

When withdrawing cash with a credit card, the cardholder needs to pay a certain handling fee (1-3% of the cash withdrawal amount). After withdrawing the cash, an interest of 0.5% will be paid on a daily basis. You can repay the loan at any time, and the sooner you pay the interest, the more interest will be paid. The less; after applying for a credit card cash installment, you need to make monthly repayments (part of the principal and interest) starting from the second month of application. It cannot be canceled after application, and all interest will still be paid for early repayment.

PS: Whether it is a credit card cash withdrawal or cash installment, the fees are relatively high. It is recommended that you try to choose cheaper ways to borrow money to reduce unnecessary expenditures.

Notes:

1. Choose the right bank

The cash installment fee standards of each bank are different, so it is important to choose the right bank. Taking 3 periods as an example, ICBC's handling fee is 0.43 per period, while CMB's is as high as 0.95; taking 12 periods as an example, ICBC's handling fee is 0.35 per period, while CMB's is 0.75.

The cash installment fee of each bank will be adjusted from time to time. Cardholders in need may wish to call the bank in advance to choose the most suitable bank.

2. The number of installments is crucial

Similar to bill installments, the longer the installment period, the lower the monthly fee rate. Cardholders can choose the number of installments based on their actual circumstances.

What does cash installment mean? What does cash installment mean?

1. Cash installment, also known as cash withdrawal installment, is usually applied by the credit card holder, or the card issuer actively invites the holder to do so. An installment method in which the cardholder applies, converts the credit limit on the cardholder's credit card into cash, transfers it to a designated debit card (our bank or another bank), and divides it into specified monthly installments for repayment.

2. Basic definition: In order to face the increasingly fierce credit card cash-out trend, many banks, such as Hua Xia Bank's Express Gold business, will increase the credit card credit limit after reviewing the relevant qualifications of the applicants. Through transfer, the amount will be credited to the applicant's account in installments, providing a disguised cash-out.

3. Handling fee: Cardholders only need to return the fixed principal and handling fee every month to use the cash in advance. Generally, the handling rate for cash installments will be higher than the handling rate for consumer installment products of the card issuing bank, and lower than the 0.5‰ recurring interest rate.

What does Bank of China Credit Card Cash Installment mean?

Bank of China Credit Card Cash Installment is a personal small-amount financing consumer financial product launched by Bank of China based on its credit card business, which can meet your cash expenditure needs for daily personal consumption.

You apply for cash installment business within the credit card limit. After the system automatically reviews and approves, the funds will be released to your personal Bank of China debit card in real time, realizing self-service application and real-time release, and enjoying efficient and convenient services.

The above content is for your reference, please refer to actual business regulations.

What does Ping An Bank's credit card cash installment mean?

Ping An Bank's credit card cash installment means that users who hold Ping An's credit cards can apply for cash withdrawals within their credit limit and repay on schedule. A kind of business, after withdrawal, Ping An Bank will charge users interest according to a certain interest rate.

To put it simply, it is a borrowing behavior in which users transfer the credit limit of their credit card to a savings card, and then make monthly repayments according to the credit card bill.

Cash installment, also known as cash withdrawal installment, is generally applied by the credit card holder, or the card issuer actively invites the cardholder to apply. It converts the limit on the cardholder's credit card into cash. An installment method in which the funds are transferred to a designated debit card (our bank or another bank) and divided into designated monthly installments for repayment.

In order to face the recent intensification of credit card cash-outs, many banks, such as Hua Xia Bank's Express Gold business, will transfer the credit card credit limit to the applicant after conducting relevant qualification reviews. The amount is credited to the applicant's account in installments, providing a disguised cash-out.

Cardholders only need to return the fixed principal and handling fees every month to use the cash in advance. Generally, the handling rate for cash installments will be higher than the handling rate for consumer installment products of the card issuing bank, and lower than the 0.5‰ recurring interest rate.

Ping An Bank, whose full name is Ping An Bank Co., Ltd., is a cross-regional joint-stock commercial bank controlled by Ping An Insurance (Group) Co., Ltd. of China. It is one of the 12 national joint-stock commercial banks in mainland China. It is one of the three major business pillars of Ping An Group and is headquartered in Shenzhen, Guangdong. Its predecessor was Shenzhen Development Bank, which mainly engaged in financial and credit services.

Ping An Bank is a national joint-stock commercial bank headquartered in Shenzhen (SZ000001). Ping An of China and its holding subsidiaries are the controlling shareholders of the Bank. As of June 2021, Ping An Bank had 37,384 employees and provided customers with a variety of financial services through 101 branches and 1,110 business institutions.

On October 20, 2021, Ping An Bank announced that in the third quarter, it achieved a net profit of 11.55 billion yuan, a year-on-year increase of 32.5%; in the first three quarters, it achieved a net profit of 29.135 billion yuan, a year-on-year increase of 30.1%.

What is Bank of China’s credit card cash installment?

Cash installment is a personal small cash consumer financial product launched by Bank of China’s credit card business. Customers can apply for the cash installment business within the limit of 40% of the credit limit and within the current available limit. After the system automatically reviews and passes the approval, the customer needs to pay the handling fee as agreed, and the funds are released to the customer's personal Bank of China debit card in real time, realizing self-service. Apply, make real-time loans, and enjoy efficient and convenient services.

The above content is for your reference, please refer to actual business regulations.

What does CCB credit card cash installment mean?

Cash installment is a credit card cash credit business launched by China Construction Bank, which instantly meets customers' small-amount capital needs for travel, payment, shopping, etc., and can flexibly use the credit card credit limit to withdraw cash. You can also easily enjoy repayment in 3, 6, 12, 18, and 24 installments. Self-service applications can be made through online banking, mobile banking, smart teller machines, WeChat and other channels. The application amount must be an integral multiple of 100 yuan, with a minimum of 500 yuan and a maximum that does not exceed the cardholder’s available cash advance limit (excluding overpayments and Temporary quota) and the cumulative amount does not exceed RMB 50,000.

(In case of business changes, please refer to the actual situation.)

This is the introduction of credit card cash installment.