How to pay in installments with ICBC credit card
Credit cards can be repaid in installments. Banks generally provide free installment options of 3, 6, 9, 12, 18, and 24 installments, with each installment being one month. The bank will charge corresponding handling fees for each installment based on the transaction installment amount and number of installments you applied for, as well as your personal credit situation. The monthly handling fee is 0.5% to 1.0%.
Credit card repayment.
About credit card repayment, the similarities and differences between the credit card transaction date and the credit date
Transaction date: literally means the cardholder’s actual consumption, cash deposits and withdrawals, transfer transactions or The date on which the transaction actually occurred with the relevant institution.
Accounting date: refers to the date when the card issuer credits the transaction amount to the cardholder's credit card account after the transaction occurs or charges, interest, etc. to the cardholder's credit card account in accordance with regulations.
Sometimes the transaction date and the account entry date are the same day, and sometimes they are not. Especially when purchasing overseas, the difference between the two may be more than just one day.
Concerning this point, many veteran drivers who grab cash back for overseas consumption must have a deep understanding of this, and many of them were rejected because they could not figure out the difference between the two dates.
It’s not that everyone is inexperienced, it’s actually that the deposit date of each bank is different, even for the same bank, it is not the same every month. This rule is really difficult to grasp.
In fact, not only overseas activities, many banks also like to calculate their activities based on the date of entry. You may wish to pay attention to the detailed instructions of various activities to avoid accidentally falling into a trap.
About credit card overdue
Speaking of the topic of overdue, let’s first explain a few terms.
The billing date means that the card-issuing bank will regularly summarize and settle the various transactions and fees that occurred in your credit card account every month, calculate the interest, and calculate the total amount of debt you owe in the current period and the minimum amount. The repayment amount and a statement will be sent to you (paper statements are almost extinct now, and they are basically text messages and emails). This date is your credit card statement date.
On the repayment date, for credit card non-cash transactions, the date between the bank accounting date and the due repayment date is the interest-free repayment date. The last day of interest-free is what is written on the bill. the final repayment date.
The minimum repayment amount means that if the cardholder has difficulty repaying all the amount payable before the due repayment date (inclusive), he can repay according to the minimum repayment amount stipulated by the card issuing bank, but You cannot enjoy the interest-free repayment period. The minimum payment is listed on the current bill.
Minimum repayment amount = 10% of the unpaid consumption amount within the credit limit (for some banks, it is 5) 100% of the cash advance transaction amount 100% of the unpaid portion of the initial minimum repayment amount exceeds the credit limit 100 fee and 100 interest.
In short, as for the minimum repayment amount, just look at the item on the bill.
Okay, with the above explanation of terms, this overdue is easy to explain.
If you pass the final repayment date and fail to pay the minimum payment, even if it is overdue, it may be recorded in the letter.
The reason why it is said that it is possible to be reported to the Hong Kong Economic and Trade News is because many banks also provide some conditions for exemption. The professional term is called tolerance, which is considered to be a mercy outside the law
"Tolerance and time tolerance" is the collective name of "tolerance service" and "time tolerance service" of bank credit cards.
The "tolerance service" means that if the cardholder has insufficient repayment in the current period and the unpaid portion of the account after the due repayment date is less than or equal to a certain amount, the cardholder shall be deemed to have fully paid. If you repay the balance in full, the unpaid amount will be automatically transferred to the next bill, and no interest will be charged on the unpaid amount.
“Time-tolerance service” provides cardholders with a certain period of repayment grace period service. The repayment grace period is within a few days from the due date of repayment; When repaying within the time limit, the cardholder shall be deemed to have repaid on time.
Generally, the repayment date of banks is 20 days after the bill date, and some banks are 25 days after the bill date; the tolerance is usually 2 or 3 days (note that the ICBC tolerance is 0 days); the tolerance is generally Within 10 yuan, only China Everbright Bank can extend the limit to 100 yuan.
In addition, the time tolerance services of China Guangfa Bank, China Everbright Bank and Shanghai Pudong Development Bank require application before you can enjoy it. Regarding this, it is understandable that you need to apply for time tolerance. The tolerance is only a few yuan. If everyone is aware of it, they will definitely pay it back easily. Who would bother to apply for it? With this application threshold, it means that there is no such service.
So, if the time limit of each bank has passed and it is truly overdue, will it definitely taint the credit report?
The answer is also no.
Because each bank does not report overdue items in real time and has its own work rhythm. The fastest one may take one working day, and some banks may even take more than ten days to report the overdue items.
The period of overdue reporting is also the last time for everyone to make amends. Pay back the loan in full as soon as possible, and take the initiative to explain your last resort (for example, forgetting, not being able to go on a business trip, etc.), anything that can be forgiven non-subjective reasons), if you have a more sincere attitude, you may be able to "turn the danger into safety".
Of course, this is not to let everyone take chances and delay the repayment. It is to solve the problem as early as possible once it is overdue, and not to ignore it and break it.
Credit Card Interest
Even if you are careful not to overdue, but do not repay in full by the repayment date, there will still be a hefty interest fee waiting for you.
Interest: caused by cash withdrawals or failure to repay in full on the repayment date (only the minimum repayment amount is paid). Currently, the more common algorithm for credit card interest is a daily interest rate of 5/10,000. Regardless of whether it is overdue or not, as long as the payment is not paid in full after the repayment date, interest will accrue.
Reminder: One billing cycle is the interest calculation cycle, and the interest in the next cycle will be incorporated into the principal and recalculated.
There are a few other points to note here:
1. Unlike cash withdrawals and card purchases, there is no interest-free period. As long as you withdraw cash, the bank can start calculating interest. . If you have an emergency because you don't have enough money to withdraw cash, remember to pay it back as soon as possible. Don't wait for the repayment date to pay it back together. A large interest fee will be waiting for you.
Of course, everyone must know this. Everyone takes it out on the same day and pays it back on the same day. It doesn’t cost any interest and only costs one handling fee
2. Credit card consumption The interest-free period is conditional, that is, you must repay the entire amount before the repayment date. If you only repay the minimum repayment amount, although it will not cause an overdue credit report, the interest will be calculated in full.
Associated repayment
Some people may have said that I have linked my debit card and set up automatic repayment. No matter how many pitfalls there are, they can't fool me.
If you think so, there may be a bigger pit waiting for you
Because credit card repayment still has a question of whether to pay by card or by account. Specifically, click by account or by card. , one thing you must keep in mind! If you don't understand this matter, I'll wait for you overdue.
After finding out which banks accept cards and which banks accept accounts, let’s make targeted related repayments.
How to calculate ICBC credit card installment interest/handling fees?
Credit cards not only have the function of interest-free overdraft consumption, but also can be paid in installments to ease the repayment pressure of cardholders. However, installment payments are not without free lunch, and there are interest/handling fees. Today I would like to introduce to you how to calculate interest/handling fees for ICBC credit card installment payments.
As the principal cardholder of an ICBC credit card, as long as your consumption amount or bill amount is greater than or equal to 600 yuan or equivalent, you can apply for the installment payment business.
The ICBC credit card installment interest/handling fee rates are as follows:
The rate standard for installments of 3 installments, 6 installments, 9 installments, 12 installments, 18 installments, 24 installments and above is: ICBC's benchmark reference value. When different cardholders apply for credit card installment payments, the bank will make appropriate adjustments based on the customer's credit conditions. Everything is subject to the review results.
How to calculate ICBC credit card installment interest/handling fees? It can be calculated according to the following formula:
ICBC credit card installment interest/handling fee = total installment amount, rate per installment, number of installments
For example, if a novice cardholder is buying When buying electrical appliances, the order amount was 2,000 yuan. He chose to ask the salesperson to directly apply for installment payment with an ICBC credit card for him. He chose to pay it off in 6 installments. The installment rate approved by the bank was then. Card friend Xiaobai asked for the total interest/handling fee. The amount is: 2,000 yuan; the interest/handling fee per period is: 75/6= yuan.
How to calculate ICBC credit card installment interest/handling fees? Through the above introduction, everyone should know how to calculate it. The key lies in the rate determined by the bank. Compared with other banks' credit card installment rates, ICBC is still relatively cost-effective.
How much additional interest will be charged for an installment payment of 20,000 yuan in 24 installments with an ICBC credit card and how to calculate it?
The monthly installment fee = 20,000 × 0.39 = 78 yuan, the monthly principal repayment = 20,000 ÷ 24 = 833.33 yuan, and the repayment per period is 833.3378 = 911.33 yuan.
Instalment payment handling fees and extension handling fees will be deducted from the cardholder's account at one time or monthly according to different standards when handling business. Installment payment handling fees and extension handling fees in different regions may be due to promotional activities. vary, please contact your local Industrial and Commercial Bank of China for specific standards. Users need to pay attention to ICBC regulations. The first installment of the installment handling fee is charged in one lump sum, and the handling fee cannot be paid back in installments.
Extended information:
Note:
There is a handling fee for bill installments. The more installments there are, the lower the installment interest rate, and the installment fees vary from bank to bank. Whether the bill contains a bill that has been issued or a bill that has not been issued, and when applying for bill installment, the installment fee will be calculated based on the installment interest rate. Banks encourage cardholders to make installment payments. If there is no financial pressure, it is best to repay the loan in full.
Early repayment fees will still be charged. Most banks stipulate that once a credit card bill is installmentd, if you pay the installment fee on a monthly basis, even if you repay the loan in advance, you still need to pay the fee in full for the remaining months.
There is a limit to the amount of installments that can be made on the bill. Not all the consumption amounts in the bill can be installed in installments. Generally, the installment amount of the credit card bill cannot exceed 90% of the new consumption in the current period.