How to calculate the installment fee for China Merchants Bank credit card?
The formula for calculating the installment handling fee of China Merchants Bank credit card:
The handling fee per installment = the total installment amount × the handling fee rate for each installment.
The total principal amount of the installment is amortized evenly on a monthly basis, and the remainder is included in the last installment. The installment amount of each installment and the handling fee of each installment are recorded at the same time. China Merchants Bank provides cardholders with personalized options of 2, 3, 6, 10, 12, 18 and 24 periods. The corresponding handling fee rates for each period are 1.0, 0.9, 0.75, 0.7, 0.66, 0.68, 0.68. For example, if you spend 2,000 yuan and repay it in three installments, the handling fee is 2,000 2,000 yuan, you have to repay a total of 2,052 yuan.
China Merchants Bank handles bill installment. Bill installment is a financial management function provided by our credit card center for eligible cardholders to repay transactions in RMB accounts and U.S. dollar accounts in installments, including Unbilled transactions and billed transactions are divided into installments. At present, our bank provides seven installments: 2, 3, 6, 10, 12, 18 and 24. The corresponding handling rates for each period are 1.0, 0.9, 0.75, 0.7, 0.66 and 0.68 respectively. , 0.68, of which 2 installments can only be applied through our bank’s mobile banking and mobile life channels (the maximum number of installments provided by mobile life is 36). Handling fee per period = total installment principal × handling rate per period for the corresponding period. The handling fee will be credited to the credit card's RMB account in installments after the bill installment business application is successful. For US dollar bill installments, the handling fee is calculated based on the total RMB installment principal amount after conversion at the specified exchange rate. Once collected, the bill installment handling fee is non-refundable. Whether the application is successful or not is subject to the comprehensive evaluation results of the Bank's Credit Card Center, which reserves the right to approve the application.
How much is the installment fee for China Merchants Bank’s credit card?
The installment fee for China Merchants Bank's credit card depends on the number of installments. The longer the number of installments, the lower the handling fee for each installment. Divided into 2 installments, the handling fee for each installment is 1.0;
Divided into 3 installments, the handling fee for each installment is 0.9; Divided into 6 installments, the handling fee for each installment is 0.75; Divided into 10 installments, the handling fee for each installment is 0.75 It is divided into 12 installments, and the handling rate for each installment is 0.66;
It is divided into 18 installments, and the handling rate for each installment is 0.68, and divided into 24 installments, and the handling rate for each installment is 0.68.
A credit card, also called a credit card, is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. It takes the form of a card with the issuing bank's name, validity period, number, cardholder's name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially designated commercial service departments, and then the bank will settle the accounts with merchants and cardholders. Cardholders can overdraft within the prescribed limit.
Main features
1. Credit card is one of the fastest growing financial services today. It is an electronic currency that can replace traditional cash circulation within a certain range;
2. Credit cards have both payment and credit functions. Cardholders can use it to purchase goods or enjoy services, and can also obtain certain loans from card issuers by using credit cards;
3. Credit cards are high-tech products that integrate financial services and computer technology.
4. Credit cards can reduce the use of cash;
5. Credit cards can provide settlement services, facilitate shopping and consumption, and enhance a sense of security;
6. Credit cards It can simplify the collection procedures and save social labor;
7. Credit cards can promote product sales and meet social needs.
Financial Management Strategy
1. Control the number of credit cards and only have enough.
Once there are too many credit cards, it is easy to make mistakes or forget the repayment date of the card. Issues such as the credit limit of that card are difficult to manage and can easily lead to late repayments and leave a bad record.
Moreover, if you swipe multiple cards to earn points, the points will be too scattered and it is not conducive to redeeming gifts. Therefore, it is recommended that only 1 to 2 credit cards are enough.
2. Keep the credit card receipts
Most credit card holders do not care about the receipts and will not keep them. Most of them throw them away. This is a very bad habit. In fact, retaining credit card vouchers not only facilitates the monthly summary of consumption records to analyze and optimize consumption habits, but also helps improve the rationality and transparency of credit card consumption, so that the card can be swiped clearly. And many people do not set passwords on their credit cards. Discarding the credit card credentials at will may lead to theft of the credit card.
For security reasons, it is best to keep the credit card receipt after swiping the card to make yourself aware of it and develop good credit card financial management habits.
3. Reduce cash withdrawals
Credit cards have two functions: overdraft and cash withdrawal, but cash withdrawals require a certain percentage of handling fees, and even if you deposit your own money into it, you will be charged. Therefore, it is not cost-effective to use or use it as a passbook.
What is the handling fee for China Merchants Bank's credit card installment?
The handling fee is related to the bill amount. China Merchants Bank's credit card installment is divided into two types: bill installment and cash installment. The number of bill installments is 3, 6, and 12, and the corresponding handling fees are 0.9, 0.75, and 0.66 respectively. The number of cash installments is 3, 6, and 12, and the corresponding handling fee rates are 0.95, 0.80, and 0.75 respectively.
Operating environment: Apple 12, ios14 China Merchants Bank 9.5.2 WeChat version 8.0.13
1. China Merchants Bank credit card installments are divided into two types: bill installments and cash installments. Bill installment means that on the repayment date, the cardholder is unable to pay the entire balance at once, so he applies for bill installment and repays the installment amount in the bill in installments to reduce the pressure of repayment. Cash installment is similar. After agreeing on the amount and number of installments, the bank will directly deposit the money into your designated debit card, and you can freely withdraw cash for use.
2. Both bill installment and cash installment will incur certain handling fees, and the bill installment handling rate is slightly lower than that of cash installment. The installments of CMB bills are 2, 3, 6, 10, 12, 18 and 24, and the corresponding handling fees are 1.0, 0.9, 0.75, 0.7, 0.66, 0.68 and 0.68 respectively. The number of CMB cash installments is 3, 6, 10, 12, 18 and 24, and the corresponding handling fee rates for each period are 0.95, 0.80, 0.75, 0.75, 0.75 and 0.75 respectively.
3. How to apply for installment repayment of China Merchants Bank Credit Card? Installment is the repayment method chosen when the cardholder cannot pay all the outstanding debt in a short period of time. If you want to apply for China Merchants Bank Credit Card Installment, you can do it in one step There are four methods to apply, namely online banking application, telephone application, SMS application and WeChat application. Online banking application: Enter the China Merchants Bank Credit Card Center, log in to personal online banking, click Installment Management - Bill Installment, enter the installment amount, and select the number of installments. Telephone application: Call the China Merchants Bank credit card service hotline. After identity verification, select the credit card hotline according to the voice prompts, and then determine the installment amount and number of installments according to your needs. Telephone application: Call the China Merchants Bank credit card service hotline. After identity verification, select the credit card hotline according to the voice prompts, and then determine the installment amount and number of installments according to your needs.
How is the installment interest of China Merchants Bank credit card calculated?
Credit card installment fee calculation formula:
Handling fee = Installment principal and each installment handling fee.
For example, if a credit card installment of 3,000 yuan is divided into 12 installments, the handling fee is 0.72, and the handling fee for each installment is 3,000/120.723000/12
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.
That’s it for the introduction of how to calculate the installment fee of China Merchants Credit Card.