What is the bank credit card installment interest rate?
The interest rate for credit card installment payments may vary from bank to bank. Take the four major banks as an example:
1 , Industrial and Commercial Bank of China
The interest rate for ICBC credit card installment payment is: 0.9 for 3 installments, 1.8 for 6 installments, 2.7 for 9 installments, 3.6 for 12 installments, and 3.6 for 18 installments. Calculated as 5.4, divided into 24 periods as 7.2.
2. China Construction Bank
If you pay in installments with a CCB credit card, you can choose to pay in 3, 6, 12, 18, and 24 installments. In addition to the interest calculated in 3 installments at 0.7 per period, the interest in 6, 12, 18 and 24 periods are calculated at 0.6 per period.
3. Agricultural Bank of China
Agricultural Bank of China credit card installment payment can be divided into 3, 6, 9, 12 and 24 installments. Regardless of the number of installments, Agricultural Bank of China The interest on bank credit card installments is calculated at 0.6 per installment.
IV. Bank of China
Bank of China credit card installments can be divided into 3, 6, 9, 12, 18 and 24 installments, of which the interest in 3 installments is 1.95 is calculated, the interest divided into 6 periods is calculated as 3.6, the interest divided into 9 periods is calculated as 5.4, the interest divided into 12 periods is calculated as 7.2, the interest divided into 18 periods is calculated as 11.7, and the interest divided into 24 periods is calculated as 15.
There are two loan repayment methods: equal principal and interest and equal principal.
1. Equal amounts of principal and interest. Compared with equal amounts of principal, the total repayment of interest is more, but the monthly repayment amount is the same, which can reduce the early repayment pressure. The interest of this loan interest calculation method is calculated based on the total principal. Although a part of the principal is repaid later, the calculation of interest does not actually decrease with the decrease of the principal. The calculation formula is as follows: [Loan principal] Gold×monthly interest rate×(1-month interest rate)^number of repayment months]÷[(1-month interest rate)^number of repayment months-1]
2. Repayment method of equal principal and equal principal Although there is more money to be paid upfront, the overall interest paid is less than the equal principal and interest. Taking a mortgage as an example, if it is a house that requires a loan of 200,000 yuan and is repaid in 20 years, using the calculation method of equal principal payments, the interest can be saved by about 15,000 yuan. The repayment method of equal principal amounts is to calculate interest based on the actual reduction of your principal. The monthly repayment amount will decrease gradually, and the principal in the monthly repayment will be the same. The specific calculation formula is as follows: monthly repayment amount = (loan principal ÷ number of repayment months) (principal - cumulative amount of principal repaid) × monthly interest rate.
How much is the interest rate for credit card installment?
The maximum credit card installment is 24 months, that is, two years. In bank credit card business, interest is calculated based on the total principal amount for installment repayment and minimum repayment. If you pay in installments, no matter how many months you repay, the interest is calculated based on the total principal amount.
Credit card installment payment means that when the cardholder uses a credit card to make large purchases, the bank pays the merchant a one-time payment for the goods (or services) purchased by the cardholder, and then allows the cardholder to pay in installments The process of repaying money to the bank and paying handling fees. The bank will deduct consumption funds and handling fees from the cardholder's credit card account in installments based on the cardholder's application, and the cardholder will repay according to the monthly credit amount.
In the early days of the credit card installment business, banks often promoted it as "interest-free", and indeed many citizens were "fooled". In fact, interest-free is not free, it’s just called something different.
In general, the one-year credit card installment fee is lower than the one-year cash withdrawal interest of 18, and higher than the bank's one-year commercial loan interest of 5.31. It is worth mentioning that commercial bank loan interest rates have been reduced many times in recent years, but the standards for credit card installment fees and cash withdrawal interest have rarely changed. Although the standards for credit card installment fees vary from bank to bank, the calculation method is roughly the same.
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