The credit card installment interest rate is determined by the issuing bank according to the credit status of the cardholder. Generally, the monthly interest rate is around 0.75%, which translates into an annual interest rate of 9%. However, the real interest rate of credit card installment is not that low. Assuming that the installment amount of the credit card is 10000 yuan, which is paid off in 12 months, and the interest is charged at 0.75% per installment, the total installment interest is10000 * 0.75% *12 = 900 yuan.
Judging from the superficial interest rate, the installment interest rate of 0.45% is not high. Most installment interest rates of prime Bank are around 0.6%~0.7%, and those below 0.5% are relatively few. Generally, only the credit cards of the four major state-owned banks have such low rates, which is basically impossible for commercial banks. But don't think that 0.45% of each issue is 5.4% of one year 12 months. After all, the calculation method of the actual annual interest rate of a credit card is not as simple as multiplying the monthly interest rate by 12 months. This involves the problem of efficiency in the use of funds.
The installment principal of a credit card will decrease with the repayment of each installment, that is, the period of using real funds is not that long. However, from the first installment to the last installment, the installment fee rate is calculated according to the total principal. The actual calculation formula should be: actual annual interest rate = monthly interest rate * 12*2n/( 1+n)= monthly interest rate *24n/( 1+n), where n is a period. In other words, the monthly interest rate of 0.45% is 12 months, and the actual interest rate is about 10%, which is nearly 5% higher than the superficial interest rate of 5.4%. Obviously, the credit card installment rate of 0.45 is still very high.
About credit card installment payment
Credit card bill installment refers to an early consumption method in which the cardholder applies to the issuing bank for installment payment by telephone after credit card consumption and before the due repayment date. Credit card bill installment payment is a kind of credit card installment payment, which means that the credit card holder asks the credit card center to return the consumption amount to the bank in installments after swiping the card. Installment payment of credit card bill is the simplest installment payment method. You only need to call the bank credit card center or log in to personal online banking to apply for installment payment during the period from credit card consumption to due repayment date. Under normal circumstances, as long as there is no bad personal credit record, you can get approval.