The arrival time of China Merchants Credit Card installment refunds varies according to specific circumstances. Under normal circumstances, the arrival time for installment refunds from China Merchants Credit Card is 3-5 working days.

The specific arrival time may be affected by the following factors:

1. Bank processing time: The bank needs a certain amount of time to process the refund request, including internal review and processing.

2. Inter-bank transfer time: If the refund amount needs to be transferred from other banks to China Merchants Bank, the time will be increased. Inter-bank transfer time generally takes between 1-2 working days.

3. Holidays and weekends: If the refund application is submitted on holidays or weekends, it may be delayed.

It should be noted that the time mentioned above is only for reference. The specific arrival time may vary depending on personal circumstances, refund amount, bank processing speed and other factors. If you have not received a refund for a long time, please contact China Merchants Bank customer service in time to inquire about the specific situation.