The "universal money" personal credit business issued by Shanghai Pudong Development Bank was first tried out in early 2006. Relying on the credit card, the cardholder's cash withdrawal limit is increased without occupying the credit limit. However, it is also different from pilots. First, interest rates are different. At the time of the pilot, the one-year interest rate was about 12% to 14%, and now it is 8%. Secondly, other bank debit cards can also be processed during the pilot period, which is now limited to Pudong Development Bank's debit card.
Take a credit card with a cash withdrawal amount of 1 10,000 yuan as an example. The "universal cash" business allows cardholders to have a maximum withdrawal limit of 10000 yuan in their debit cards, and there is no handling fee. He only needs to repay the loan every month, and he can choose to divide it into six installments or 12 installments.
At present, a certain percentage of handling fee is charged for cash withdrawal of credit cards. Shanghai Pudong Development Bank charges 3%, starting from 1 1,000 yuan, and 30 yuan handling fee will be charged if it is less than 1 1,000 yuan. In addition, from the date of cash withdrawal, Pudong Development Bank will also charge overdraft interest at the daily interest rate of five ten thousandths (annualized interest rate 18.25%).
"Universal Fund" business loan interest rate is lower than the credit card overdraft interest rate. One-year loan 1 000 yuan, only 900.7 yuan (including interest of 67.4 yuan) needs to be repaid every month, regardless of the time value of funds, and the annual interest rate is 8.084%. Loan for two years, with annual interest rate of 7.9%; The loan term is 3 years, and the annual interest rate is 7.97 1%, all of which will be repaid by monthly installments.