Which interest rate is higher, credit card or Jiebei?

Jiebei is a product that calculates interest on a daily basis, and the daily interest rate is between 1.5 and 6 ten thousandths. Credit cards charge handling fees based on installment rates, and the standards for installment handling fees vary from bank to bank. Therefore, it can be analyzed through cases. It is known that 1,000 yuan of ICBC credit card is divided into 12 installments, and the installment rate is 15.6. If you borrow 1,000 yuan and repay it in 12 installments, the interest will be calculated using a daily interest rate of 0.03.

1. Credit card interest

1000*15.6=156 yuan

2. Borrowing interest

Choose equal monthly repayments for the loan , the total *** should be repaid is 1060.18 yuan, and the interest is 60.18 yuan. At the same time, the daily interest rate of borrowing money * 365 = 10.95 annual interest rate, so the calculated interest rate of borrowing money is low.

Summary: When the 12-term credit card rate is greater than the annual interest rate of the loan, the credit card installment fee is higher than the interest rate; when the 12-term credit card rate is less than the annual interest rate of the loan, the interest rate of the loan is higher than that of the credit card Installment fees. That is to say, the comparison of interest rates between credit cards and borrowed money should be done when the number of installments is the same. The one with the higher interest rate is the one with the higher interest rate.

Extended information:

1. "Jiebei" credit loan is a loan service launched by Alipay. According to the different Sesame scores, the loan amount that users can apply for No wait. The maximum repayment period of Jiebei is 12 months, and the daily interest rate of the loan is 0.045, and you can repay as you borrow[1].

On January 9, 2018, some user accounts were actively closed to control loan balances due to excessive leverage and violation of relevant central bank regulatory regulations.

According to news on November 8, 2021, it is reported that the name of Alipay’s “Jiebei” has been changed to “Credit Loan”. In response to this, Alipay customer service said that in order to facilitate you to have a clearer understanding of the actual consumer credit service provider, the consumer credit services independently provided to you by the financial institutions that cooperate with Ant have been updated to "credit loans" and are displayed on the credit loan page. Financial institution name. After this adjustment, the original borrowing, accounting, repayment and other services will not be affected. [Jiebei] is a loan service launched by Alipay. The current application threshold is a sesame score of above 600. Depending on the score, the loan amount that users can apply for ranges from 1,000 to 300,000 yuan. The longest repayment period for "Jiebei" The term is 12 months, and the daily loan interest rate is 0.045. You can borrow and repay anytime.

The consumer loans currently launched by e-commerce giants are mainly targeted at the consumption scenarios of this e-commerce platform. However, with the continuous accumulation of personal credit data, personal credit loans for non-consumption scenarios are also being launched. The following is the actual experience of raising the amount:

1. Deposit Yu'e Bao or recruit loans. Caibao (regular), deposit 15,000, and you can basically withdraw it after 10 days, usually the limit is issued on the 1st-10th;

2. Download the online merchant bank app on your mobile phone, and then deposit money to Yulibao, 10,000 If you deposit for one month, you can basically borrow a consumer loan of 10,000 from MYbank;

Second credit card usage methods

Swipe the card at the POS machine

Swiping the card at the POS machine is the most common When swiping a card, the operator should first check the credit card's validity period and the cardholder's last name, and then select the corresponding POS machine based on the card issuing bank and the currency type to be paid. The magnetic stripe of the magnetic stripe credit card is crossed on the POS machine, or the chip credit card is inserted into the card slot, connected to a payment gateway such as a bank, and the corresponding amount is entered. After the remote payment gateway accepts the information, the POS machine will print out a receipt for the card payment (at least. (two copies), the cardholder should sign the receipt after checking that the information on the payment receipt is correct. After the operator checks the signature on the receipt and the signature on the back of the credit card (including that the name is completely consistent and the handwriting is basically consistent), the credit card and the card are swiped. A copy of the payment receipt is given to the cardholder. At this point, the card swiping process on the POS machine is completed.

Which one has more interest, credit card or borrowed money?

When the credit card's 12-term interest rate is greater than the annual interest rate of borrowed money, the credit card installment fee is higher than the borrowed interest; when the credit card's 12-term interest rate is less than the annual interest rate of borrowed money , the borrowing interest is higher than the credit card installment fee. That is to say, the comparison of interest rates between credit cards and borrowed money must be carried out when the number of installments is the same. The one with the higher interest rate is the one with the higher interest rate.

First of all, everyone needs to understand that Jiebei is a financial tool that can only provide you with cash loans, while credit cards can be used for direct consumption or cash withdrawals.

Jiebei

Jiebei is a loan product that calculates interest on a daily basis, with a daily interest rate between 0.015-0.06. Everyone's credit situation will be different. If the daily interest rate of the loan is 0.05 and the loan amount is 10,000 yuan, then the interest on the loan for one day is 5 yuan.

Credit card

When using a credit card for overdraft consumption, everyone has an interest-free period of dozens of days. During the interest-free period, you do not need to bear loan interest. If you are unable to pay off the loan on the repayment date and choose to repay in installments, you will have to pay a certain handling fee. For China Merchants Bank credit cards, the installment fee will be between 0 and 1.67 per installment.

When withdrawing cash with a credit card, the interest rate of the credit card will be different from the installment payment. Taking the China Merchants Bank credit card as an example, the handling fee for each transaction is 1% of the loan amount, and the minimum charge is 10 yuan per transaction. In addition, you also need to pay interest on a daily basis, and collect interest based on the daily interest rate of 0.05%, and collect compound interest on a monthly basis.

It is not difficult to see that which one has higher interest rate, borrowing money or credit card, should be judged based on the purpose. If you use it to pay for consumption directly, then the interest rate will be lower if you use a credit card. If you want to withdraw cash for consumption, then borrowing money may be lower. Is the interest rate higher on borrowing money or on a credit card?

Both borrowing money and credit cards are common ways of borrowing money in daily life, and their interest collection methods and interest rates are different.

Jiebei is a short-term borrowing service provided through Alipay, usually used for emergency or short-term turnover. The interest rate for borrowing money is clear at the time of borrowing, and is usually determined based on factors such as the subject's identity, credit record, and loan amount. The comprehensive interest rate is generally between 8 and 24 annualized (as of July 2021). This interest rate is relatively lower than the interest rate of a credit card.

The interest on credit cards is calculated based on the daily interest rate during the billing cycle. The daily interest rate is generally five ten thousandths (0.05), which means the annualized interest rate is 18.25. Credit card rates mainly include overdraft interest, installment payment fees and cash withdrawal fees, among which overdraft interest is the most important fee. If the customer continues to overdraft, within the overdraft limit, a daily interest rate will be charged every month based on the overdraft limit. The interest rate is usually between Between 17 and 21, if the customer fails to repay on time, additional fees such as late payment fees and penalty interest will be incurred.

So, in general, the interest rate of borrowing money is lower than that of credit cards, but this does not mean that borrowing money is a better choice. Of course, which borrowing method you choose depends on your personal circumstances and needs.