How much is the interest rate for credit card installment?
The maximum credit card installment is 24 months, that is, two years. In bank credit card business, interest is calculated based on the total principal amount for installment repayment and minimum repayment. If you pay in installments, no matter how many months you repay, the interest is calculated based on the total principal amount.
Credit card installment payment means that when the cardholder uses a credit card to make large purchases, the bank pays the merchant a one-time payment for the goods (or services) purchased by the cardholder, and then allows the cardholder to pay in installments The process of repaying money to the bank and paying handling fees. The bank will deduct consumption funds and handling fees from the cardholder's credit card account in installments based on the cardholder's application, and the cardholder will repay according to the monthly credit amount.
In the early days of the credit card installment business, banks often promoted 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 many times in recent years, 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.
If you want to borrow money, the Duxiaoman platform is convenient and easy to use. Du Xiaoman's credit service products have money to spend, providing users with safe, convenient, unsecured, and unsecured credit services. To borrow money, just go to the Du Xiaoman APP (official measurement amount below). Youqianhua consumer loans have daily interest rates starting as low as 0.02%, annualized interest rates starting as low as 7.2%, and you can borrow up to 200,000! It has the characteristics of easy application, low interest rates, fast disbursement, flexible borrowing and repayment, transparent interest fees, and strong security.
Reference: Du Xiaoman Youqianhua official website
Share with you the application conditions for Youqianhua consumer products: mainly divided into two parts: age requirements and document requirements.
1. Age requirement: between 18-55 years old. Special reminder: Youqianhua declines to provide consumer installment loans to current students. If you are a current student, please give up the application.
2. Information requirements: During the application process, you need to provide your second-generation ID card and personal debit card.
Note: The application only supports debit cards, and the application card is also your borrowing bank card. My identity information must be the second-generation ID card information. Temporary ID cards, expired ID cards, and first-generation ID cards cannot be used to apply.
Bank of China Credit Card Installment Interest
Bank of China Easy Installment Purchase-Consumption Installment The maximum handling fee per installment is: 0.65% for 3 installments, 0.60% for 6 installments, and 0.60% for 9 installments , 0.60% for 12 periods, 0.65% for 18 periods, and 0.65% for 24 periods. For example, if 1,000 yuan is used for 12 periods, the procedure is 10000.00612=72 yuan. Since various regions will also carry out preferential handling fee activities based on market conditions, please refer to the specific handling fees displayed when handling the business.
The above content is for your reference, please refer to actual business regulations.
If you have any questions, please feel free to consult Bank of China’s online customer service.
You are sincerely invited to download and use Bank of China Mobile Banking APP or Bank of China Cross-border GOAPP to handle related businesses.
Credit card installment interest
The interest rate for credit card installment may vary from bank to bank:
ICBC credit card installment interest is: 3 points It is calculated at 0.9% per period, 1.8% for 6 periods, 2.7% for 9 periods, 3.6% for 12 periods, 5.4% for 18 periods, and 7.2% for 24 periods.
China Construction Bank credit card can be divided into 3, 6, 12, 18 and 24 installments. Except for the interest calculated in three installments at 0.7% per installment, the rest of the interest is calculated at 0.6% per installment.
Agricultural Bank of China can divide the loan into 3, 6, 9, 12 and 24 periods. Regardless of the number of periods, the interest is calculated at 0.6% for each period.
Bank of China can issue 3, 6, 9, 12, 18 and 24 tranches.
Credit card bill installment payment is one type of credit card installment payment. This type of installment payment means that the credit card holder requests the credit card center to return the consumption amount to the bank in installments after using the credit card to swipe the card.
Credit card bill installment payment is the simplest method of installment payment. You only need to call the bank's credit card center or log in to personal online banking to apply between the time the card payment is credited and the due date of repayment. You can pay in installments, and generally you can get approval as long as you have no bad personal credit history.
The minimum repayment amount is the minimum amount that needs to be repaid in the current month when using revolving credit. The minimum repayment amount is listed on the current bill. The minimum repayment amount for each period of bill is calculated as follows: Minimum repayment amount = 10% of all general transactions on the credit card account + 100% of the single-period amount of all outstanding installment transactions in the account + 100% of the unpaid portion of the minimum repayment amount of the previous period +100% of all funds used in excess of the account credit limit +100% of fees +100% of interest.
Bill installments can generally be applied for by calling the customer service center or telephone banking of the card-issuing bank. ICBC cardholders can apply for installment payment at any ICBC branch, ICBC online banking, telephone banking and mobile banking. China Merchants Bank can apply for installment payment at Apply for the bank's online banking. Relevant personnel from China Construction Bank reminded cardholders that although various banks have launched bill installment payments, it does not mean that every cardholder can pay in installments through credit cards.
Banks generally evaluate the credit status of cardholders based on their credit limit, credit history of cardholder purchases, etc. Only when the assessment is passed can the cardholder successfully make installment payments; if the assessment result is not satisfactory, the bank may reject the cardholder's installment application, or may not be able to grant the cardholder the installment payment amount he wants. Cardholders can apply for installment by phone after fully considering their own financial situation.
The minimum consumption amount applied for installment by various banks is basically between 500 and 1,500 yuan, including 600 yuan for ICBC, 1,000 yuan for China Construction Bank, Bank of China, and China Merchants Bank, and 1,500 yuan for Bank of Communications (Y-power card) (single transaction amount is 500 yuan), CITIC is 1,200 yuan, while Agricultural Bank of China and China Guangfa Bank stipulate that single transaction amount of 500 yuan or more can apply for installment. Everbright Bank has no requirement on the amount. As long as the cardholder uses the designated card, the bill will be automatically divided into 12 installments.
How to calculate credit card installment interest?
Credit card installment payments generally have no interest and only charge a handling fee. Whether there are points depends on the specific installment purchases. For example, there are generally no points for buying a car with a credit card, but there are generally points for paying with a credit card for restaurants and supermarkets. , In addition, banks often have activities that give points when paying bills in installments.
The following are the installment fee standards of several banks:
1. ICBC credit card installment fee: no fee for 3 periods, 1.8% for 6 periods, 2.7% for 9 periods, 12 3.6% for every period, 5.85% for 18th period, and 15.6% for 24th period. (One-time charge)
2. Agricultural Bank of China credit card installment fee: 0.6% per month (charged every month).
3. Bank of China credit card installment fee: 1.95% for 3 periods, 3.6% for 6 periods, 5.4% for 9 periods, 7.5% for 12 periods, 11.7% for 18 periods, 15% for 24 periods (one-time charge)< /p>
4. CCB credit card installment fee: 0.7% for 3rd period, 0.6% for 6th period and 12th period (charged every month).
5. CITIC Bank credit card installment fee: 1.50% for 1 period, 0.82% for 3 periods, 0.82% for 6 periods, and 0.77% for 12 periods (charged every month).
6. Pudong Development Bank credit card installment fee: 0.72% for 3 periods, 0.7% for 6 periods, 0.66% for 12 periods (charged every month)
7. China Merchants Bank credit card installment fee: 1.0% for 2nd period, 0.9% for 3rd period, 0.75% for 6th period, 0.7% for 10th period, 0.66% for 12th period, 0.68% for 18th period, 0.68% for 24th period (charged every month).
8. Bank of Communications credit card installment fee: 0.72% per month (charged every month).
9. Guangfa Credit Card Installment Fee: 0.65% for 6th and 12th periods, 0.7% for 18th period, and 0.72% for 24th period (charged every month).
How to calculate credit card installment interest?
There is no interest after the credit card installment. Only the installment fee is charged. The credit card installment fee = the installment balance installment rate. The credit card installment fee rate is generally related to the number of installments. The longer the installment number, the higher the fee rate. There are differences in the installment fee rates of different banks. It is best to find out clearly from the card issuing bank before applying for credit card installment.
The annualized interest rate, or "annualized rate of return", is the interest rate discounted by discounting the product's inherent rate of return to the entire year. The annualized interest rate is the theoretical rate of return, not the actual rate of return. Unlike annual yield, which is the ratio of a fund's actual return to that of an investment over a year. Annualized rate of return refers to the annual rate of return in the past 7 days converted into net income per 10,000 fund units.
The annualized rate of return calculation formula is:
Annualized rate of return = [(investment return rate ÷ principal) ÷ ??number of investment days] × 365 × 100%;
Annualized income = principal × annualized rate of return;
Actual income = principal × annualized rate of return × number of investment days ÷ 365
: 1 : What is a credit card?
A credit card, also known as a credit card, is a credit certificate issued by a commercial bank or credit card company to eligible consumers. The form is a card with the name of the card issuer, validity period, number, cardholder name, etc. printed on the front, and a magnetic strip and signature strip printed on the back. Consumers holding credit cards can shop or spend money in specialized business service departments, and then the bank will settle accounts with merchants and cardholders. Cardholders can overdraw within a specified amount.
If you want to borrow money, the Duxiaoman platform is convenient and easy to use. Du Xiaoman's credit service products have money to spend, providing users with safe, convenient, unsecured, and unsecured credit services. To borrow money, just go to the Du Xiaoman APP (official measurement amount below). Youqianhua consumer loans have daily interest rates starting as low as 0.02%, annualized interest rates starting as low as 7.2%, and you can borrow up to 200,000! It has the characteristics of easy application, low interest rates, fast disbursement, flexible borrowing and repayment, transparent interest fees, and strong security.
Reference: Du Xiaoman Youqianhua official website
Share with you the application conditions for Youqianhua consumer products: mainly divided into two parts: age requirements and document requirements.
1. Age requirement: between 18-55 years old. Special reminder: Youqianhua declines to provide consumer installment loans to current students. If you are a current student, please give up the application.
2. Information requirements: During the application process, you need to provide your second-generation ID card and personal debit card.
Note: The application only supports debit cards, and the application card is also your borrowing bank card. My identity information must be the second-generation ID card information. Temporary ID cards, expired ID cards, and first-generation ID cards cannot be used to apply.
What is the bank credit card installment interest rate?
The interest rate for credit card installment payments may vary from bank to bank. Take the four major banks as an example:
1 , Industrial and Commercial Bank of China
The interest rate for ICBC credit card installment payment is: 0.9% for 3 installments, 1.8% for 6 installments, 2.7% for 9 installments, 3.6% for 12 installments , divided into 18 periods, calculated at 5.4%, divided into 24 periods, calculated at 7.2%.
2. China Construction Bank
If you pay in installments with a CCB credit card, you can choose to pay in 3, 6, 12, 18, and 24 installments. In addition to the interest calculated in 3 installments at 0.7% per period, the interest in 6, 12, 18 and 24 periods are calculated at 0.6% per period.
3. Agricultural Bank of China
If you pay in installments with Agricultural Bank of China credit card, you can pay in 3, 6, 9, 12 and 24 installments. Regardless of the number of installments, Agricultural Bank of China The interest on bank credit card installments is calculated at 0.6% per installment.
IV. Bank of China
Bank of China credit card installments can be divided into 3, 6, 9, 12, 18 and 24 installments, of which the interest in 3 installments is 1.95%, the interest divided into 6 installments is calculated as 3.6%, the interest divided into 9 installments is calculated as 5.4%, the interest divided into 12 installments is calculated as 7.2%, the interest divided into 18 installments is calculated as 11.7%, and the interest divided into 24 installments is calculated as 1.95%. 15% calculation.
There are two loan repayment methods: equal principal and interest and equal principal.
1. Equal amounts of principal and interest. Compared with equal amounts of principal, the total repayment of interest is more, but the monthly repayment amount is the same, which can reduce the early repayment pressure. The interest of this loan interest calculation method is calculated based on the total principal. Although a part of the principal is repaid later, the calculation of interest does not actually decrease with the decrease of the principal. The calculation formula is as follows: [Loan principal] Deposit Although the upfront payment of the loan method is more, the overall interest paid is less than the equal principal and interest. Taking a mortgage as an example, if it is a house that requires a loan of 200,000 yuan and is repaid in 20 years, using the calculation method of equal principal payments, the interest can be saved by about 15,000 yuan. The repayment method of equal principal amounts is to calculate interest based on the actual reduction of your principal. The monthly repayment amount will decrease gradually, and the principal in the monthly repayment will be the same. The specific calculation formula is as follows: monthly repayment amount = (loan principal ÷ number of repayment months) + (principal - cumulative amount of principal repaid) × monthly interest rate.
That’s it for the introduction to credit card installment interest.