Is there any interest charge when buying a mobile phone in installments?

Using a credit card to buy a mobile phone in installments generally does not charge interest. However, the bank will charge the user an installment fee.

1. The meaning of installment payment

Instalment payment (PaybyInstallments) is mostly used in some product transactions with long production cycles and high costs. Such as the export of complete sets of equipment, large-scale vehicles, heavy machinery and equipment and other products. The method of installment payment is that after the import and export contract is signed, the importer first pays a small part of the payment to the exporter as a deposit, and the rest of the payment is paid after part or all of the product is produced, shipped, or after the goods arrive for installation and test run. , investment and repayment in installments when the quality guarantee period expires.

2. Suggestions on the use of installment payment

Clear the scope of installment payment. Each bank has different approaches to installment payment. In addition to the products in the credit card installment payment catalog, some banks There are specific requirements for purchase location and amount. For example, Guangfa Card can apply for installment payment for a single transaction of over 500 yuan, and you must call customer service to register before consumption; while China Merchants Bank can apply for installment payment when making purchases at Gome Electrical Appliances, B&Q, etc. It is important to find out whether the purchase can be paid in installments before making a purchase.

Accurately calculate handling fees There is no free lunch in the world. Although credit card installment payments are interest-free, handling fees are unavoidable. It is necessary to calculate the handling fee to be paid before consumption. If the price is acceptable after adding the handling fee, it is not too late to swipe the card.

Choose the most cost-effective credit card. Since each bank calculates handling fees differently, after understanding the credit card handling fees, you should choose the most suitable card for transactions. The handling rates of each bank are as follows: Bank 3, 6, 9, 12 Guangfa Bank 1.8% 3.6% 5.4% 7.2% China Merchants Bank 2.6% 4.6%-7.2% Industrial and Commercial Bank of China 1.65% 3.6% 5.4% 7.2% China Construction Bank 2.1 %3.6% - 7.2% Bank of Communications divides according to the consumption amount: 1,500 (inclusive) - 6,500 yuan, 0.72% per month; 6,500 (inclusive) - 12,500 yuan, 0.7% per month; above 12,500 yuan (inclusive), 0.68 per month %

Instalment payment is actually a loan provided by the seller to the buyer. The seller is the creditor and the buyer is the debtor. The buyer can obtain the required goods or services after paying only a small part of the payment. However, because future installment payments include interest, the amount paid for the same goods or services by installment payment is higher than that of a one-time payment. The payment for goods is more.

How is the interest calculated when buying a mobile phone in installments?

It can be analyzed in the following way:

1. There is no interest in mobile phone installment, and it is not allowed. Generally, it is about 5~6% of the total amount, that is The so-called handling fee. It depends on the store, ranging from 1% to 4.5% per installment depending on the length of the installment period.

2. The monthly payment fee is calculated as follows: transaction amount X (1~4.5)% transaction amount ÷ number of periods = monthly payment amount.

3. When buying a mobile phone in installments, the actual payment is generally about 500 to 600 higher than the price of the mobile phone.

Extended information

1. The bank's installment repayment is a segmented payment introduced in order to avoid penalty interest based on the entire consumption limit when the customer is unable to repay the credit card overdraft amount in one go. Repayment business.

2. Compared with the installment payment business, the application procedures and application scope of installment repayment are different. For example, if Xiao Li wants to use the installment payment service to buy a mobile phone, he should go to a store that cooperates with credit cards. As for the installment repayment business, there is no need to specify the consumption place and consumption category. If the customer realizes that he cannot repay the loan in full on time after swiping the card, he can call to apply. However, it should be noted that the installment repayment fee is relatively high, which is generally higher than the commercial loan interest rate for the same period.

How to calculate mobile phone installment interest

It can be analyzed as follows:

1. There is no interest in mobile phone installment and it is not allowed. Generally In this case, about 5~6% of the total amount is the so-called handling fee. It depends on the store, ranging from 1% to 4.5% per installment depending on the length of the installment period.

2. The monthly payment fee is calculated as follows: transaction amount X (1~4.5)% transaction amount ÷ number of periods = monthly payment amount.

3. When buying a mobile phone in installments, the actual payment is generally about 500 to 600 higher than the price of the mobile phone.

Extended information

1. The bank's installment repayment is a segmented payment introduced in order to avoid penalty interest based on the entire consumption limit when the customer is unable to repay the credit card overdraft amount in one go. Repayment business.

2. Compared with the installment payment business, the application procedures and application scope of installment repayment are different. For example, if Xiao Li wants to use the installment payment service to buy a mobile phone, he should go to a store that cooperates with credit cards. As for the installment repayment business, there is no need to specify the consumption place and consumption category. If the customer realizes that he cannot repay the loan in full on time after swiping the card, he can call to apply. However, it should be noted that the installment repayment fee is relatively high, which is generally higher than the commercial loan interest rate for the same period.

How to calculate the installment interest

1. The interest of the installment payment = the total price of the product, the installment interest rate, and the number of installments.

2. The total price of the product is fixed, and the interest rate of the installment increases with the number of installments. The number of installments is generally divided into 3/6/12.

3. For example, a 2,000 yuan mobile phone is divided into 3 installments, and the installment interest rate is 1%, then the interest that needs to be paid is 20,001%3, which is 60 yuan in interest.

4. If you want to increase the installment to 6 months, the installment interest rate will increase accordingly, for example, 1.5%, then the interest paid will be 20001.5%6, and you need to pay 180 yuan in interest.

Extended content:

Mobile phone installment payment content:

1. First of all, before you decide to buy a mobile phone by installment in a physical store, consult the store first Salesperson, such as installment interest and installment down payment, these are the first things you need to know

2. Then, you need the phone address of your company and your residential address, which must be detailed, true and accurate, because The bank will verify these situations one by one.

3. You need to fill in the names and addresses of your parents, relatives (uncles, aunts, uncles, aunts), boyfriend or husband, and contact numbers. The contact information of a colleague must also be filled in.

4. When you go to apply, you need to bring your original ID card and the bank card that your ID card is used for. There will be a dedicated person to handle it.

5. There must be at least one penny in the bank card you provide, because when applying, there will be a card swiping process and a document will be swiped out, and that document requires your signature.

6. Someone will take a photo of you and upload it to your database. In this database, all your information will exist, and someone will verify whether the information you provided is correct. If it is true, it will pass easily.

7. Finally, after paying the down payment, you can get the mobile phone. Keep the receipts and other receipts. There will be an account number with your installment payment. Remember to make the monthly payment. If it is overdue, overdue fees will be incurred. You can pay it in advance, so that the interest generated will be less.