How to calculate the installment interest for Industrial Bank credit card consumption? You will understand after reading this

Industrial Bank Credit Card Center provides a variety of installment methods to reduce the repayment pressure of cardholders. Among them, consumer installments are widely used, which means that cardholders will pay a single payment. The unbilled consumption amount of 100 yuan and above can be repaid in installments. You only need to pay one principal and interest every month. So, how much is the installment interest for Industrial Credit Card consumption? How to calculate? Let’s find out together.

Some people will say that credit card installments are not interest-free. Why do you say it is interest-free? In fact, the interest here can be regarded as a handling fee. Credit card installments are interest-free but not free. This handling fee is equivalent to interest. The interest on Industrial Credit Card consumption installments is not calculated on a daily basis, but on the number of installments, which means that the number of installments determines the interest (handling fee).

It should be noted that Industrial Bank’s credit card consumption installment service fee provides two methods of one-time collection and installment collection. The installment fee charging standard for each installment is as follows:

You can calculate interest according to the following two formulas:

The handling fee for each installment is the total principal amount of the installment, and the handling fee for each installment will be recorded on the billing date of each installment after the installment;

The one-time installment handling fee = the total installment principal and the installment handling fee will be recorded in one lump sum on the first billing day after the installment.

For example: Suppose you use Industrial Credit Card to make a single purchase of 5,000 yuan, and plan to repay it in 6 installments. The handling fee is paid in each installment. Then, the handling fee you need to pay every month is The total handling fee is RMB 5,000.

The above is the relevant introduction of "How to calculate the installment interest of Industrial Bank credit card consumption? You will understand after reading it." I hope it will be helpful to everyone. All in all, there are two types of installment handling fees for Industrial Credit Card consumption: one-time collection and installment collection. One-time collection is slightly cheaper than installment collection. It is recommended to choose the appropriate handling fee payment method according to your actual needs.

How is the interest calculated for Industrial Bank credit card consumption installment repayment?

Answer: The installment service fee for credit card consumption, the installment fee standard for each installment is as follows:

1. A one-time charge of 2.55 for 3 installments, and an installment fee of 0.85 per installment ;

2. A one-time charge of 4.20 for 6 periods and 0.75 per installment;

3. A one-time charge of 8.40 for 12 periods and 0.75 per installment;

4. A one-time charge of 12.60 for the 18th period and 0.75 for an installment; 5. A one-time charge of 16.80 for the 24th period and a fee of 0.75 for the 36th period;

6. A one-time charge of 23.40, and an installment fee of 0.72;

It depends on how many installments you repay. Xingye usually pays 3, 6, 12, and 24 installments. The handling fee for each installment is different. This handling fee is a one-time charge. For details, you can check the installment rate on the Xingye official website, and then apply for the installment online or by phone. The installment only has a handling fee and no interest. If it is overdue or cash is withdrawn, there will be interest, with daily interest rate of 0.05% and monthly compound interest.

Supplementary information:

1. How to cancel and repay Industrial Bank credit card installments in advance. If Industrial Bank credit card holders want to cancel credit card installments, they need to call the Industrial Bank credit card customer service hotline 95561. Apply or process it on Industrial Bank Credit Card Online Banking or Mobile Banking. Industrial Bank Credit Card Center reserves the right to review and approve. If Industrial Bank credit card holders want to pay off the installment balance in advance, they need to call the Industrial Bank customer service hotline 95561 to apply. Installment transactions that have been successfully repaid in advance cannot be reversed, and the amount of early repayment cannot be processed in installments again. Regulations on the handling of early repayment fees: If the handling fee is collected in installments, Industrial Bank will deduct the unpaid principal and the installment handling fees for the remaining installments in one go. Fees will not be refunded.

2. The number of installments that cardholders can apply for are 3, 6, 12, 18, 24, and 36 (each installment is one month). The principal repayable in each installment is equal to the total installment principal divided by the number of installments, accurate to the minute. It will be amortized starting from the first billing day after the installment and will be recorded on the billing date of each installment. The consumption installment handling fee will be collected in one time and There are two ways to collect in installments. The handling fee collected in installments is equal to the total principal amount multiplied by the handling rate in each installment. It will be recorded in the account on the billing date of each installment after the installment. The handling fee collected in one installment is equal to the total principal amount multiplied by the installment amount. The installment fee will be credited to the account in one go on the first billing day after the installment.

How is Industrial Bank credit card interest calculated?

Industrial Bank’s credit card charges a daily interest rate of 0.05%, with compound interest calculated monthly. (Industrial Bank credit card interest will not be calculated during the interest-free period)

The revolving credit interest calculation method has always been adopted by Industrial Bank. Revolving Credit: A revolving credit is a small, unsecured loan with daily interest. Based on your own financial situation, decide how much to repay every month before the due date of the current credit card bill. If the amount you repay is equal to or higher than the minimum payment amount of the current period's bill, but less than the amount due for the current period, the remaining deferred payment amount is the revolving credit balance.

Interest calculation method: Each consumption amount in the previous period's statement is regarded as the interest-bearing principal, and the number of interest-bearing days is from the date when the account is recorded to the date when the account is paid off. The daily interest rate is 0.05%, and the interest on the revolving credit will be listed in the next period's bill.

Extended information:

Principles for charging Industrial Bank credit card interest:

1. After using a credit card for consumption, the full amount is not paid before the due date. payment without using the credit card installment payment function.

2. Use the cash advance function of your credit card.

3. No interest will be calculated on the money stored in the Industrial Bank credit card.

Industrial Bank-How to use a credit card

How is the interest on installment payment of Industrial Bank credit card calculated?

Industrial Bank’s credit card consumption installment service fee provides two methods: one-time collection and installment collection. The installment handling fee standard for each installment is as follows:

Instalment collection for each installment Handling fee = the total principal amount of the installment and the handling fee for each installment. The handling fee will be recorded on the billing date of each installment after the installment.

The one-time installment handling fee = the total installment principal and the installment handling rate. The handling fee will be recorded in one lump sum on the first billing day after the installment.

Extended information:

How to cancel and repay the Industrial Bank credit card installment in advance

If Industrial Bank credit card holders want to cancel the credit card installment, they need to call Industrial Bank Apply at the credit card customer service hotline 95561 or process it on Industrial Bank Credit Card Online Banking or Mobile Banking. Industrial Bank Credit Card Center reserves the right to review and approve.

If Industrial Bank credit card holders want to pay off the installment balance in advance, they need to call the Industrial Bank customer service hotline 95561 to apply. Installment transactions that have been successfully repaid in advance cannot be reversed, and the amount of early repayment cannot be processed in installments again.

Provisions on the handling of early repayment handling fees: For handling fees collected in installments, Industrial Bank will deduct the unpaid principal and installment handling fees for the remaining installments in one go. , the installment handling fee collected in the previous period will not be refunded.

Industrial Bank - Bill Installment Business Terms and Conditions

This ends the introduction to the installment interest of Industrial Bank credit card and the installment interest of Industrial Bank credit card. I don’t know what you will find from it. Got the information you need?