The differences between China Merchants Bank’s credit card cash installment business and cash advance loans are as follows:

(1) The fees charged are different

Cash advance loans will charge handling fees and interest , the handling fee is calculated at 1% per transaction domestically, with a minimum charge of 10 yuan per transaction, and 3% per transaction overseas, with a minimum charge of 30 yuan per transaction, and the interest is calculated at a daily interest rate of 0.05% until repayment Until clear.

Cash installment only has handling fees and no interest. The rates are: 0.95%/period for 3 periods, 0.80%/period for 6 periods, 0.75%/period for 10 periods, 0.75%/period for 12 periods, 18 0.75%/period, 0.75%/period for 24 periods.

(2) The conditions for application are different

There are no conditions required for cash advance application. As long as you have a credit card, you can hold the credit card through ATM, bank counter, online banking and telephone. Cash Advance. Cash installment needs to meet the following two conditions: hold a credit card and debit card, and the cash installment funds can only be used for consumption.

(3) The methods used are different

Pre-borrowing means withdrawing cash. The amount of cash withdrawal is affected by the credit card limit. If the limit is 20,000 and 5,000 has been used, then, You can borrow up to 15,000 yuan. After applying for a cash advance, you will get a sum of cash loaned to you by China Merchants Bank. You can use it for any purpose, similar to a cash loan.

The cash installment payment can only be used for consumption. It cannot be used for investment, futures, house purchase, car purchase, etc. You need to keep the consumption voucher, and the bank will check it, which means that you cannot use it applied elsewhere.

China Merchants Bank official website - cash advance loan

China Merchants Bank official website - cash installment