A new business developed by the bank is to buy cars by credit card installment, which is a consumption method specially prepared for credit card customers. Although there is no need to pay interest, there will be formalities fees and strict requirements for personal credit records.

At present, the banks that can buy a car by credit card include China Bank's car loan service, Bank of Communications' e car loan service, China Construction Bank's Longka installment car purchase service, Minsheng Bank's car purchase service, China Merchants Bank's car purchase service and ICBC's peony card installment car purchase service. The conditions of different banks are also different: China Merchants Bank has to pay more than 30% down payment before it can be phased, while ICBC says it can be phased in full.

It is understood that many credit card products have an interest-free period, so car buyers will repay their monthly bills in full and on time, so there is no need to pay interest. However, interest-free is different from free. Most banks charge a handling fee of 4%- 12% of the loan amount. Of course, many banks cooperate with car dealers, and car companies bear this part of the handling fee for car buyers, thus achieving zero interest rate and zero handling fee.