Haoxiangdai is a trap.

The biggest scam of the Bank of Communications business is that as long as you spend more than 1,500 yuan with your card, you will be automatically repaid in 12 monthly installments. The interest for the 12 installments is 1,500 × 0.72 × 12 = 129.6 yuan.

The biggest trap in this business is "automatic" installment, forced loans, and mandatory handling fees. Generally speaking, everyone's card has a limit of about 50,000, and there is basically no interest on how much you swipe back every month. But as long as you activate this service, as long as you swipe more than 1,500, you will be paid in installments, and it will earn interest. So everyone must be careful. It is best not to activate it. If you have activated it, it is best not to use it for small amounts. For large amounts, you must make sure that your funds cannot be turned around before you use it, otherwise the interest will kill you.

Haoxiangdai 100,000 yuan algorithm, divided into 12 periods, each period is 0.72, and the interest in each period is 100,000 * 0.72 = 720 yuan. It doesn’t seem like much. The actual interest calculation is: 0.72*12 periods*2 times (because the actual loan amount decreases every month, you are paying back every month, but the interest remains the same) = 17.2. This algorithm is also applicable to small amounts.