How to calculate the installment interest for CITIC Credit Card?

CITIC Bank Credit Card Installment

Number of periods and handling fee rate: 3 periods, 0.65%; 6 periods, 0.60%; 12 periods, 0.55%; 24 periods, 0.60% .

Handling fee per period = total installment amount × handling fee rate per period.

Monthly (period) repayment amount = installment amount/number of installments, corresponding handling fee rate = 20000/6200000.60% = 3543.33

Interest = 3543.336-20000=1259.98

How much is the interest rate for 12 installments of CITIC Bank credit card?

The rate for 12 periods is 0.64%. 10,000 yuan is divided into 12 installments, each installment is 10,000/12=833.33 yuan, and the handling fee is 100,000.64%=64 yuan. Total: 833.3364=897.33 yuan. Periods 1 and 2: 1%/period; Period 3: 0.8%/period; Periods 6 and 9: 0.72%/period; Periods 12, 18, 24, and 36: 0.64%/period. Based on CITIC Bank's assessment of cardholders' risks, the handling rates charged to cardholders with different risk levels can be adjusted within a range of 50% above or below the above-mentioned base rate.

Extended information: The actual interest rate of installment is high and not cost-effective. The handling fee for user installment payment is calculated based on the total user installment amount at the beginning of the period multiplied by a certain rate coefficient, and is not calculated based on the remaining monthly loan amount. However, still taking the above loan of 12,000 yuan as an example, it is obvious that the installment interest rate of CITIC Bank Credit Card is

CITIC Credit Card can be paid in installments. CITIC Bank has two installment methods: single consumption installment and bill installment. Installment fees are required for installment.

Instalments can generally be divided into 3, 6, 9, 12, 18, 24, and 36 periods. The installment fee charging standards for a single installment and the bill installment are the same, corresponding to each installment. The rates are 0.80%, 0.80%, 0.76%, 0.73%, 0.75%, 0.75%, and 0.75% respectively.

Main features of credit card:

1. Credit card is one of the fastest growing financial services today. It is an electronic currency that can replace traditional cash circulation within a certain range. ;

2. Credit cards have both payment and credit functions. Cardholders can use it to purchase goods or enjoy services, and can also obtain certain loans from card issuers by using credit cards;

3. Credit cards are high-tech products that integrate financial services and computer technology.

4. Credit cards can reduce the use of cash;

5. Credit cards can provide settlement services, facilitate shopping and consumption, and enhance a sense of security;

6. Credit cards It can simplify the collection procedures and save social labor;

7. Credit cards can promote product sales and meet social needs.

Main types

According to different card issuers, they can be divided into bank cards and non-bank cards

Bank cards. This is a credit card issued by a bank. Cardholders can shop at the card-issuing bank's special merchants, and can also withdraw cash at any time at any branch of the card-issuing bank or at places with ATMs.

Non-bank card. Such cards can be specifically divided into retail credit cards and travel and entertainment cards. Retail credit cards are credit cards issued by commercial institutions, such as department stores, petroleum companies, etc., which are specially used for shopping in designated stores or refueling at gasoline stations, etc., and are settled regularly. Travel and entertainment cards are credit cards issued by the service industry, such as airlines, travel companies, etc., and are used for purchasing tickets, meals, accommodation, entertainment, etc.

According to the different objects of card issuance, it can be divided into corporate cards and personal cards

Corporate cards. Company cards are issued to various industrial and commercial enterprises, scientific research and education and other institutions, national party and government agencies, military units, groups and other legal organizations.

Personal card. Personal cards are issued to urban and rural residents, including workers, cadres, teachers, scientific and technological workers, self-employed households and other adult urban and rural residents with stable sources of income. A personal card is applied for in the name of an individual and he/she bears all responsibilities for using the card.

According to the credit status, status and other credit conditions of the cardholder, it can be divided into ordinary cards and gold cards

Ordinary cards.

Ordinary cards are issued to cardholders with average financial strength, credibility and status, and their various requirements are not high.

Gold Card. A gold card is a high-end credit card that pays high membership fees and enjoys special benefits. Cards are issued to those with higher credit standing, stronger repayment ability and credit, or those with a certain social status. The authorization limit of the gold card starts from a higher level, and the additional service items and scope are much wider, so the requirements for relevant service fees and security deposits are also relatively high.

Minimum installment interest for CITIC Bank credit card

If only the minimum repayment amount is paid on the repayment date, the interest will be calculated in two stages.

The first stage is from the day when the card is swiped to the day before the minimum repayment, based on the actual amount of the card swiped, with an interest rate of 0.5%; the second stage is from the minimum payment From the day of repayment to the day before repayment, the interest rate will be calculated based on the remaining amount after the minimum repayment at an interest rate of 0.05%. (If the bill settlement interest does not exceed 0.02 yuan, it will be waived. If it is greater than 0.02 yuan but less than 1 yuan, it will be charged at 1 yuan.)

For example, assume that someone’s CITIC credit card bill date is every day. On the 6th of each month, the repayment date is the 25th of each month.

The user spent 5,000 yuan on February 1st this year, and the account was recorded on February 6th. The total repayment for the current period is 5,000 yuan. The user only paid the minimum repayment amount of 500 yuan on February 25. If the remaining balance is not paid off until March 7, the interest generated will be: 5000×0.05%×24 (5000-500) ×0.05%×11=84.75 yuan.

Is the annual installment interest rate of 8.75% for CITIC Credit Card high?

Not high. CITIC Credit Card is a credit card officially issued by CITIC Bank Credit Card Center on December 8, 2003. The annual installment interest rate of CITIC Credit Card is 8.75%, which is not high. The annual installment interest rate is the annual interest rate involved in the installment business.

This concludes the introduction to CITIC Credit Card Installment Interest Rate and how to calculate CITIC Credit Card Installment Interest Rate. Have you found the information you need?