1. Repayment method:
The application method for CITIC Bank credit card installment is as follows:
1. WeChat application
Follow CITIC Bank credit card WeChat service account, click "Card Application/Instalment" - "Bill Installment" to handle it.
2. Apply by phone
Call the credit card customer service of China CITIC Bank, press 1 in Mandarin and # in Mandarin to enter the main menu, select 0 and enter the card number or ID number to enter the manual service and inform the application amount and The customer service specialist will inform you of the application result after system review.
3. Online banking application
Log in to online banking, enter the credit card page, select "My Account", click "Bill Inquiry for this Issue" - "Select Card". Click Apply for Bill Installment, select the number of installments, and confirm submission.
2. How many installments can be divided into:
1960 yuan can be divided into up to 24 installments, with a minimum of 3 installments for repayment. Other installments include 6, 9, 12 and 18 phases. The monthly repayment required is 95.4 yuan in 24 installments, and the monthly repayment in 3 installments is 667.43 yuan. How many installments you need to repay depends on your repayment ability. The fewer the installments, the lower the handling fee.
The handling fee is calculated as follows: transaction amount ; Period 6: 0.66%; Period 9: 0.66%; Period 12: 0.65%; Period 18: 0.70%; Period 24: 0.70%. The monthly repayment amount varies depending on the number of installments.
3. Can the loan be repaid in other banks?
The loan can be repaid in other banks. You can carry any debit card with the UnionPay logo, and use the Lakara card posted at major banks such as CITIC, Minsheng, Ping An, Pudong Development, Hua Xia, and Shenzhen Development Bank, as well as tens of thousands of special merchants or convenience stores across the country. Self-service smart terminals with the logo or Fuyou logo, UnionPay logo and UnionPay Business Payment Easy to transfer repayments to CITIC credit cards.
Extended information
Handling fees
In the early days of the credit card installment business, banks often advertised it as “interest-free”, and indeed many citizens were “fooled” ". In fact, interest-free is not free, it’s just called something different.
In general, the one-year credit card installment fee is lower than the annual cash withdrawal interest of 18%, and higher than the bank's one-year commercial loan interest of 5.31%. It is worth mentioning that commercial bank loan interest rates have been reduced several times since last year, but the standards for credit card installment fees and cash withdrawal interest have rarely changed. Although the standards for credit card installment fees vary from bank to bank, the calculation method is roughly the same.
Assume that the installment amount is 1,200 yuan, divided into 12 installments, with each installment (monthly) repayment of 100 yuan, the handling fee is 0.6%/month, and the actual monthly deduction is 101200×0.6%=107.2 Yuan. If other factors are not considered, the convertible nominal annual interest rate is 7.2%. However, the cardholder does not always owe the bank 1,200 yuan. In the last month, he actually only owed the bank 100 yuan, but the bank still charged a handling fee of 1,200 yuan. .
According to calculations, the true annual interest rate paid by cardholders is approximately 15.48%. According to the correct calculation formula, it should be 1200*6%*(1+6%)^12/((1+b)^12-1)=103.94 yuan, which means an extra 3.2% handling fee will be paid in each period.
Advantages
The main benefits of credit card installment payment:
1. Enjoy first, pay later.
2. No guarantor required and the procedure is simple.
3. Fixed time and fixed amount, easy payment.
4. You can choose any monthly repayment amount as you like
5. More options for payment methods.
Reference: Baidu Encyclopedia-Credit Card Installment