ICBC’s credit card installment calculation method is based on principal and handling fees. If you want to repay 20,000 yuan in 24 installments, the monthly handling fee is 0.39 of the principal, which is 78 yuan. The principal you need to repay every month is the total amount divided by the number of periods, which is 833.33 yuan. Therefore, the actual repayment amount for each period is the principal plus handling fee, totaling 911.33 yuan.

The method of collecting handling fees and extension handling fees depends on local policies and bank promotions. It may be deducted once when the business is processed, or it may be charged monthly. However, ICBC stipulates that the initial handling fee is fixed and cannot be repaid in installments. In addition, it is worth noting that even if you repay early, the handling fee for the remaining installments still needs to be paid. Moreover, the amount of bill installments is usually limited, and usually does not exceed 90% of the new consumption in the current period.

The cost of bill installment includes installment interest rate and handling fee. The more installments, the lower the interest rate may be, but the specific rates of each bank are different. Banks usually encourage full repayment, which is the most economical option if there is no financial pressure. Finally, early repayment may incur additional fees, even if you have already paid the current installment.

The above information comes from Baidu Encyclopedia’s credit card installment payment and the relevant introduction of Industrial and Commercial Bank of China, for reference.