From the perspective of saving money, it is more cost-effective to reverse the credit card (without withdrawing cash) than to pay in installments. However, these two methods only treat the symptoms but not the root cause and are only suitable for short-term use. Doing so in the long-term is very risky. . After all, whether it is installment or card repayment, repayment must be made, and it can only be done with a credit card. Once the credit card is blocked and the funds are broken, it is easy to become overdue.
So, if you have too much credit card debt and you really can’t afford it, the best way is to confess it to your family and see if you can pay it off with the help of your family, or borrow money from relatives and friends to pay it off. payment. The important thing is to control your consumption desires, use credit cards within your ability, and strive to increase your income.
1. Credit card installment: Spread the current bill amount to each month for repayment. After the application, only the amount that has not been installmentd will be required in the current month. Starting from the next month, every month Make repayments. Credit card installments are interest-free but not free. There are two types of handling fees: monthly income and one-time charging. The rates vary according to the number of installments. The highest rate is about 0.75. The handling fee for early repayment is still charged.
2. Credit card dumping: If you have multiple credit cards in hand, use the interest-free period of each credit card. After one card is issued, you can cash in the limit of the other card to repay. There are two methods. , one is to withdraw cash to transfer the card, the other is to pay the handling fee and find a merchant to swipe the card to withdraw cash, etc.
Bill Installment
1. Bill installment is not only a daily consumption with a credit card, but also extends to an installment loan product. The bank will provide you with a loan based on your credit record for using the credit card. For some of your large-scale consumption in installments, such as Guangfa's Caizhijin, China CITIC Bank's Dream Realm, and Pudong Development Bank's Universal Fund, the bank will provide you with some credit lines based on your qualifications and data. The general limit is the credit card limit you currently use. About 3 to 8 times.
2. Bill installments can generally be applied for by calling the customer service center or telephone banking of the card-issuing bank. ICBC cardholders can apply for installment payment at any ICBC branch, ICBC online banking, telephone banking and mobile banking. China Merchants Bank You can apply for it through the bank's online banking. Relevant personnel from China Construction Bank reminded cardholders that although various banks have launched bill installment payments, it does not mean that every cardholder can pay in installments through credit cards. Banks generally evaluate the cardholder's credit status based on the cardholder's credit limit, credit history of cardholder purchases, etc. Only when the evaluation is passed can the cardholder successfully make installment payments; if the evaluation results are not satisfactory, the bank may reject the cardholder's installment application, or may not be able to grant the cardholder the installment payment amount he wants. Cardholders can apply for installment by phone after fully considering their own financial situation.