General 1 year credit card installment fee is lower than annual cash withdrawal interest 18% and higher than bank commercial loan interest 1 year 5.3 1%. It is worth mentioning that the loan interest rate of commercial banks has been lowered many times since last year, but the standards of credit card installment fees and cash withdrawal interest have rarely changed. Although different banks have different standards for credit card installment fees, the calculation method is roughly the same.
Suppose the installment amount is 1.200 yuan, divided into 12 installments, and each installment (month) repays 1.000 yuan, and the handling fee is 0.6%/ month, and the actual monthly deduction is100+1.200× 0. If other factors are not considered, the convertible nominal annual interest rate is 7.2%. But the cardholder did not always owe the bank 1.200 yuan. In the last month, he actually only owed the bank 1 1,000 yuan, but the bank still charged the handling fee according to 1, 200 yuan.
According to the calculation, the actual annual interest rate that the cardholder has to pay is about 15.48%. According to the correct calculation formula, it should be1200 * 6% * (1+6%)12/(1+b)12-1) =/kloc.
Extended data
Minimum repayment amount of credit card installment:
① It means that if the cardholder has difficulty in repaying all the payables before the due repayment date (inclusive), he can make repayment according to the minimum repayment amount stipulated by the issuing bank;
2 but you can't enjoy the interest-free repayment period;
③ The minimum repayment amount is 65438+ 00% of consumption amount plus other payables;
④ The minimum repayment amount is listed on the current bill;
⑤ Minimum repayment amount = 65,438+00% of the unpaid consumption amount within the limit+65,438 of the cash advance transaction amount+000% of the unpaid part of the previous minimum repayment amount+65,438+000% of the consumption amount exceeding the limit+65,438+000% of expenses and interest.
Baidu encyclopedia: credit card installment payment