How to calculate the handling fee and interest for ICBC credit card installment payment
If a single purchase of 2,000 yuan is repaid in 12 installments: Interest first payment: interest = installment balance 12 period rate. Monthly repayment amount = installment balance/12 (The integer part is based on the current ICBC preferential rate until the end of the year: 0.9 for 3 periods, 1.8 for 6 periods, 2.7 for 9 periods, 3.6 for 12 periods, 5.4 for 18 periods, 7.2 for 24 periods. Interest = 2000 × 3.6 = 72 yuan. Repayment per period = 2000/12 = 167 yuan.
The calculation method of the handling fee is: transaction amount × monthly rate × number of installments, although the handling fee may be in the first installment. It may be charged once or monthly, but the amount will be the same as the repayment increases, but the handling fee will not decrease with the repayment progress. This is different from the way interest is calculated on bank loans.
Extended information
When a cardholder uses a credit card to make a large purchase, the card-issuing bank pays the merchant a one-time payment for the goods (or services) purchased by the cardholder. , and based on the cardholder's application, consumption funds will be deducted from the cardholder's credit card account in installments, and the cardholder will repay according to the monthly credit amount.
In the past, credit card installments mainly included bill installments. There are two types of installments for single consumption. Banks usually charge corresponding handling fees according to the number of installments. Whether it is bill installment or single consumption installment, the premise is that consumption behavior occurs first, and then the bank will provide credit loans. Set up installment repayment.
Baidu Encyclopedia - Credit Card
What is the installment fee for ICBC credit card? The smaller the installment, the lower the fee.
The installment function of credit card has always been Attracting the attention of card friends, when you encounter financial difficulties and cannot pay off the balance in full for a while, installment repayment is a good way. Everyone knows that handling credit card installment business requires a certain handling fee. So, What are the installment procedures for ICBC credit cards?
Instalment payment fees: You can apply for installment repayment when your RMB consumption reaches 600 yuan. The rates vary depending on the number of installments chosen by the cardholder.
The handling fee is: 1.65 for 3 periods, 3.6 for 6 periods, 5.4 for 9 periods, 7.2 for 12 periods, 11.7 for 18 periods, and 15.6 for 24 periods.
The handling fee for each period = the installment amount. Ratestrong
Everyone needs to note that the installment payment handling fee is charged in one lump sum according to different standards when handling business. The smaller the installment, the lower the fee. However, if the cardholder chooses to repay in advance, the handling fee will be charged. You still have to pay in full.
Reminder
I believe everyone is aware of the ICBC credit card installment fee. If you are short of funds and need to apply for a credit card, you can apply for one. "The First Credit Card in the Universe"
What is the ICBC credit card installment fee?
As we all know, credit card overdraft consumption has an interest-free period, but credit card installment is not a free lunch. Cardholders need to bear a certain handling fee. Today I will introduce to you how much the ICBC credit card bill installment fee is.
The starting amount of the ICBC credit card bill installment is 600 yuan, and it cannot be lower than 600 yuan. For installments, the bank will determine the installment rate based on the number of installments applied for by the applicant and combined with personal credit conditions.
ICBC credit card bill installment fee = total installment amount and total installment rate (number of installments and rate per installment)
ICBC credit card bill installment rate standard is as follows:
3 installments: Rate installments: 6 installments: Rate installments: 9 installments: Rate installments: 12 installments: Rate installments: 18 installments: Rate installments: 24 installments: Rates The specific rates will be raised or lowered by the bank according to the actual situation. Depending on the situation, banks will also offer some bill installment promotions from time to time. If you are under repayment pressure, you can choose bill installment relief.
The installment handling fees of ICBC are introduced as above. In fact, compared with China Merchants Bank, China Construction Bank, and Bank of Communications, it is relatively cost-effective. However, frequent installments are not recommended. After all, the more installments, the greater the pressure on handling fees.
What is the ICBC credit card installment fee?
ICBC credit card installment fee calculation formula:
Handling fee = installment principal and each installment fee rate
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ICBC credit card installments are available in six installments: 3, 6, 9, 12, 18, and 24. The handling fees are respectively 1.65 for 3 installments, 3.6 for 6 installments, 5.4 for 9 installments, 7.2 for 12 installments, and 11.7 for 18 installments. Issue 24 15.6.
The methods of installment include summary installment, cash installment, consumption installment, etc. The handling fee is collected in one lump sum for the first installment and cannot be paid in installments. The installment function can only be used when a single purchase of 600 yuan or more is made. There are two repayment methods: full repayment and application for early repayment and partial early repayment
The most common handling fee for 12 periods is 7.2, which is equivalent to 7.2/(12 1)24=13.29 annual interest rate.
ICBC’s handling fee of 3.58 for 12 installments, the annualized interest rate is 6.61, which is equivalent to 1.1 times the one-year loan base interest rate of 6.0
Instalments charge 0.0358/1324=0.06609=6.61
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If the first installment is charged, the annualized interest rate should be divided by (1-installment fee).
First installment charge 0.0358/1324/(1-0.0358)=0.06854=6.85
Extended information
Credit card bill installment application requirements:
1. Bill installment application time
From the transaction date to the repayment date, you can freely choose to install installments for transactions under RMB or USD accounts.
For transactions that have not been billed: You can apply for installment between the day the transaction occurs and 19:30 on the billing date corresponding to the transaction.
For bills that have been issued: You can apply for installments between the day after the bill date and the due payment date (for customers whose accounts have set up automatic repayment, the application deadline is 17:00 on the due payment date: 00).
2. Conditions for applying for bill installments
Applicants must hold a bank credit card, personal card master card, good card usage record, and no current delay in repayment. Customers who only hold commercial cards, business cards, purchasing cards, ANA guaranteed cards or supplementary cards cannot apply for bill installments at the moment.
3. Bill installment application amount
To apply for RMB bill installment, the minimum application amount each time is not less than RMB 300; to apply for USD bill installment, the minimum application amount each time is not less than RMB 300. $100. After successfully applying for RMB or U.S. dollar bill installments, the principal of each installment and each installment handling fee will be credited to the RMB account, that is, the U.S. dollar bill installment amount will be converted into RMB according to the exchange rate specified at the time of application.
How much is the ICBC credit card installment fee of RMB 5,000?
Users who need 5,000 yuan in the short term can choose ICBC credit card installment payment. They only need to pay a small handling fee and pay in installments. The monthly handling fee is at least 30 yuan, which is quite cost-effective. The specific fees are as follows:
Warm reminder: The following is the base reference price. ICBC will fluctuate according to market conditions and customer qualifications. The specific price shall be subject to the customer’s notification when applying.
Issuing bank: Industrial and Commercial Bank of China
Total installment payment: 5,000 yuan
Number of installment payments: 6
Total interest (handling fee ): 180 yuan
Total repayment amount: 5180 yuan
Repayment amount per period (month): yuan
Number of installments: 12
p>Total interest (handling fee): 360 yuan
Total repayment amount: 5360 yuan
Repayment amount per period (month) yuan
Note: ICBC stipulates that the first installment of the installment handling fee shall be charged once, and the handling fee cannot be paid back in installments.
This concludes the introduction on ICBC credit card installment fees and how to collect ICBC credit card installment fees. Have you found the information you need?