How to calculate the installment fee of China Merchants Bank's credit card?
calculation formula of credit card installment fee of China merchants bank:
installment fee = installment total amount × installment fee rate.
the total installment principal will be amortized on a monthly basis, and the remainder will be recorded in the last installment, and the installment amount and handling fee of each installment will be recorded simultaneously. The bank provides cardholders with personalized choices of 2, 3, 6, 1, 12, 18 and 24 installments, and the corresponding handling fee rates for each installment are 1.%, .9%, .75%, .7%, .66%, .68% and .68% respectively. For example, if you spend 2, yuan and repay it in three installments, the handling fee is 2X.26=52 yuan (billing installment fee = the handling fee rate of the total installment principal corresponding to the number of installments), plus the consumption of 2, yuan, you will have to repay 2,52 yuan in total.
China Merchants Bank handles bill installment, which is a financial function provided by our credit card center for eligible cardholders to repay the transactions in RMB account and USD account of their credit cards in installments, including the installment of transactions that have not been billed and transactions that have been billed. At present, the Bank provides seven installments, namely, 2 installments, 3 installments, 6 installments, 1 installments, 12 installments, 18 installments and 24 installments, and the corresponding handling fee rates for each installment are 1.%, .9%, .75%, .7%, .66%, .68% and .68% respectively, of which 2 installments are only through the Bank's mobile banking. Handling fee per installment = total installment principal × handling fee rate per installment corresponding to the number of installments. The handling fee will be credited to the RMB account of the credit card in installments after the bill installment business application is successful. For the installment of US dollar bills, the handling fee shall be calculated according to the total amount of RMB installment principal converted at the specified exchange rate. Once the bill installment fee is collected, it will not be refunded. Whether the application is successful or not shall be subject to the comprehensive evaluation results of the Bank's credit card center, which will reserve the right of approval.
How to calculate the installment interest of China Merchants Bank's credit card
The installment interest of China Merchants Bank's credit card needs to be determined according to the number of installments. Under normal circumstances, you can choose to divide the bill into 3, 6 and 12 installments. There is no interest on the bill installment, and the handling fee rates are .26%, .42% and .72% respectively.
You have paid 4, yuan in installments. If you apply for installment repayment before the repayment date of the current month, you can avoid interest, but there is still a certain handling fee. If it is divided into 12 installments, the monthly repayment is 333.334.72%=362.13 yuan.
calculation method of installment fee for China Merchants Bank's credit card bill
1. If you don't go to the designated merchant to swipe your card or go to the credit card mall for consumption, this kind of consumption is the installment of the bill. The application is divided into 3, 6 or 12 installments, and the corresponding handling fee is 2.6%, 4.2% or 7.2%.
2. It is enough to pay the single installment for several months after the first installment. The bank provides cardholders with personalized choices of 2, 3, 6, 1, 12, 18 and 24 installments, and the corresponding handling fee rates for each installment are 1.%, .9%, .75%, .7%, .66%, .68% and .68% respectively.
3. To apply for installment for unbilled transactions, only 2, 3, 6, 1 and 12 installments are available at present. The second phase can only be applied through China Merchants Bank's mobile banking and pocket life channels.
4. Handling fee for each installment = total installment amount × handling fee rate for each installment. The total amount of installment principal is amortized on a monthly basis, and the remainder is included in the last installment. The installment amount of each period and the handling fee of each period are recorded at the same time.
credit card installment refers to the process that when a cardholder uses a credit card to make a large amount of consumption, the bank pays the consumer funds of the goods (or services) purchased by the cardholder to the merchant in one lump sum, and then the cardholder repays the money to the bank in installments and pays the handling fee. According to the cardholder's application, the bank will deduct the consumption funds and handling fees by stages through the cardholder's credit card account, and the cardholder will repay them according to the monthly recorded amount.
in the early days of credit card installment payment, banks often advertised under the banner of "interest-free", and many citizens were indeed "fooled". In fact, interest-free is not free, just a different name.
Advantages
The main advantages of credit card installment payment are:
Enjoy first, then pay.
no guarantor, simple procedure.
fixed time and easy payment.
Free monthly repayment amount for payment
More space for choosing payment methods.
business type
From the perspective of installment payment, the starting amount of a single transaction is limited for cardholders to handle this business, and the level of installment repayment and the standard of handling fee are also different; It can be roughly divided into three categories:
The first category is the cooperation between banks and special merchants, but the product categories are limited;
the second category is the bank's catalogue, which is selected by the cardholder, and then the bank entrusts the supplier to deliver the goods to the customer;
The third category is not limited to merchants and commodities. Cardholders only need to apply to the bank for installment repayment after shopping. Some banks even set the acceptance scope as global.
How to calculate the installment interest of China Merchants Bank
The installment payment of China Merchants Credit Card has no interest and only charges a handling fee.
China Merchants Bank's credit card installment payment only charges a handling fee without interest: first of all, it should be understood that if China Merchants Bank's credit card is used for installment payment without interest, only the handling fee can actually be understood as interest. There will be no relevant interest after using the installment business, but this does not mean free. China Merchants Bank pays the handling fee every month in installments, for example, 2 yuan is divided into 12 installments, and the monthly handling fee is 2 x .66% = 13.2 yuan. There are also related installment service fees for specific installments. The specific installment service fee will be averaged to each installment and returned to the bank together with the amount of goods that should be returned in a single installment. Cardholder's handling fees are: 1%/ month (3 issues), .6%/ month (6 issues) and .5%/ month (12 issues).
calculation method of installment fee of China merchants bank credit card: installment fee = total installment amount × installment fee rate. The total amount of installment principal is amortized on a monthly basis, and the remainder is included in the last installment, and the installment amount and the handling fee of each installment are recorded at the same time. If you don't swipe your card at the designated merchant or go to the credit card mall to spend money, this kind of consumption is the installment of the bill. The application is divided into 3 installments (handling fee 2.6%), 6 installments (4.2%) or 12 installments (7.2%), and the single installment can be paid for many months after the first installment.
the bank offers cardholders a variety of installments, including 2 installments (handling fee 1.%), 3 installments (.9%), 6 installments (.75%), 1 installments (.7%), 12 installments (.66%), 18 installments (.68%) and 24 installments (.68%). At present, only 2, 3, 6, 1 and 12 installments are available for the application of installment for unbilled transactions. The second phase can only be applied through China Merchants Bank's mobile banking and pocket life channels.
1. Brief introduction of China Merchants Bank: In 1987, China Merchants Bank was established in Shekou, Shenzhen, the forefront of China's reform and opening up. It is the first joint-stock commercial bank in China, and the first pilot bank promoted by the state from outside the system. Now it has developed into a banking group listed in Shanghai and Hong Kong, with financial licenses such as commercial banks, financial leasing, fund management, life insurance and overseas investment banks.
how to calculate the installment interest and handling fee of China Merchants Bank's credit card
The installment interest and handling fee of credit card largely determine the choice of many cardholders, whether to pay in full or choose installment. Today, I would like to introduce to you how to calculate the installment interest and handling fee of China Merchants Bank's credit card.
if you want to know how to calculate the installment interest and handling fee of China merchants bank's credit card, you must first know what kinds of installment there are.
1. Credit card installment fee of China Merchants Bank
1. Billing installment
The number of invoiced installments is: 2, 3, 6, 1, 12, 18, 24 and 36;
the number of unpaid bills in installments is: 2, 3, 6, 1 and 12;
the handling fee rate for a single installment is %, and the handling fee for each installment is included in the monthly bill for installment repayment. The handling fee for each installment = total installment amount × handling fee rate for each installment, and the final rate is subject to the actual ordering situation.
2. The handling fee of Zunshang Platinum Card by installment
is charged monthly, and the rate of each installment is 3, 6, 1, 12, 18 and 24.
if 6, yuan is repaid in 6 installments, the principal needs to be repaid in 6,/6 = 1, per month, and the handling fee will be charged 6, yuan per month.
3. Cash installment
Cash installment mainly charges service fees, and its rates are: 3 installments, 6 installments, 1 installments, 12 installments, 18 installments and 24 installments. The principal and corresponding service fees of each cash installment are fully included in the minimum repayment amount of the current bill.
2. installment interest of China Merchants Bank's credit card
I've temporarily introduced the installment interest and handling fee of China Merchants Bank's credit card. I hope the above contents can be useful to you. In the credit card column, just click
convenient entrance
to quickly apply for China Merchants Bank credit card!
how to calculate the installment interest of China merchants bank's credit card?
calculation formula of credit card installment fee:
fee = installment fee rate of installment principal.
For example, the credit card is divided into 12 installments of 3, yuan, and the handling fee rate is .72%, and the handling fee for each installment is 3,/12.72% 3,/12
Requirements for credit card bill installment application:
1. Time for bill installment application
From the trading day to the repayment date, you can freely choose to installment the transactions under RMB or USD accounts.
for transactions without bills: you can apply for installment between the transaction date and 19:3 on the billing date of the corresponding bill for the transaction.
for the issued bill, you can apply for installment from the day after the billing date to the due repayment date (for customers with automatic repayment in their accounts, the deadline for application is 17: on the due repayment date).
2. Conditions for applying for bills by installments
Applicants must hold a personal card of a bank credit card, have a good record of using the card and have no delay in current repayment. Customers who only hold business cards, business cards, purchasing cards, ANA guarantee cards or supplementary cards are temporarily unable to apply for bill installment.
3. Application amount for bill installment
For RMB bill installment, the minimum application amount is not less than RMB 3 yuan each time; Apply for US dollar bills in installments, with a minimum application amount of not less than US$ 1 each time. After successful installment of RMB or USD bills, the principal of each installment and the handling fee of each installment are included in the RMB account, that is, the installment amount of USD bills is converted into RMB at the exchange rate specified at the time of application.
how to calculate the installment fee of China merchants bank
the installment fee of China merchants bank's credit card = the total installment amount × the installment fee rate.
the handling fee rate of China merchants bank is related to the number of installments, which are 2, 3, 6, 1, 12, 18, 24 and 36, and the corresponding handling fee rates for each installment are 1.%, .9%, .75%, .7%, .66%, .68% and .68% respectively.
You can also directly open the official website bill installment expense calculator of China Merchants Bank, then directly enter the installment amount, and then select the installment number, and the system can automatically calculate the handling fee and the total repayment amount of each installment.
Extended information:
Credit card application conditions of China Merchants Bank
(1) China residents, foreigners living in China and compatriots from Hong Kong, Macao and Taiwan who have reached the age of 18, have full capacity for civil conduct and have good credit standing can apply for personal credit card master cards with their valid identity documents. Personal card holders can also apply for supplementary cards for other natural persons with full civil capacity or natural persons with limited civil capacity. The main cardholder can apply for cancellation of the supplementary card at any time.
(2) Enterprises, administrative institutions, social organizations and other economic organizations authorized by legal persons who open basic account in financial institutions in China can apply for corporate cards from card issuers with supporting documents such as the basic account account opening permit issued by the central bank (if applying for an international corporate card, they must also have a foreign exchange settlement account). The qualification of the cardholder of the unit card shall be designated and revoked in writing by the legal representative of the unit or its authorized person. The applicant shall bear all debts incurred by the unit card.
(3) When applying for a credit card for the first time, the applicant shall fill in the credit card application form correctly, completely and truthfully and submit the relevant supporting documents required by the credit card issuer, and agree that the credit card issuer can inquire about the applicant's credit status from any relevant departments, units and individuals, and keep and use relevant data.
(4) according to the credit status of the applicant, the card issuing institution decides whether to issue the card, whether to require the applicant to provide the guarantee and the way of guarantee, and determines the way and type of obtaining the card, and the credit line approved to the applicant, etc. Failed application materials will not be returned.
(5) The ways for the applicant to provide guarantee include: guarantee, mortgage and pledge. A corresponding guarantee contract shall be signed separately for the guarantee. The scope of guarantee covers all the debts incurred by the cardholder under his credit card (including but not limited to the principal and interest, over-limit fees, late fees and recourse fees for overdrafts within and beyond the credit limit).
(6) after receiving the credit card, the cardholder shall immediately sign the same signature as the credit card application form in the signature column on the back of the credit card, and use the same signature when using the credit card for transactions, otherwise, the cardholder shall be responsible for the losses arising therefrom. Card issuers also provide cardholders with inquiry passwords and transaction passwords (i.e. cash advance passwords and credit card consumption passwords) through designated channels.
Let's stop here for the introduction of how to calculate the credit card installment of China Merchants Bank.