Credit card installment interest is determined according to the installment time, and the charging standard of handling fee is different in different banks. Generally speaking, the more stages, the higher the handling fee rate. In addition, some banks will charge a certain fee for credit card installment. The credit card installment interest rate seems to be low, and the actual annualized rate is not low, because the principal is repaid every month, but the monthly handling fee is fixed.

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1. Can I prepay by credit card installment?

Yes, but it should be noted that you should try not to apply for prepayment after credit card installment, because many banks still charge fees or late fees for users who prepay. Except for ICBC, most banks stipulate that cardholders must pay off all the remaining principal and handling fees in one lump sum if they repay in advance.

2. Does the installment of credit card consumption have an impact on mortgage approval?

After credit card consumption is phased, if each installment is repaid on time, the debt ratio is not high, which will not affect the user's mortgage approval. After the installment, the user has overdue records, and the existing liabilities exceed 50% of the personal liabilities, which will directly affect the results of mortgage review, because the risk of bank lending to users is greater.

3. Will credit card installment repayment affect credit reporting?

No, credit card installment repayment will not affect personal credit information, because it is not overdue, but it should be noted that if the cardholder fails to repay on time after applying for installment repayment, it will affect personal credit information. In addition, it should be reminded that applying for credit card repayment will affect the personal quota and you need to pay a certain installment fee.

4. Credit card loan interest rate

Credit card installment is a credit card loan, and there will be a handling fee for installment. The credit card installment interest rate of each bank is different. For example, the interest rate of ICBC's credit card installment is 1.8% for the 6th installment, 2.7% for the 9th installment, 3.6% for the 1st installment, 5.85% for the 1st installment, and 5.6% for the 24th installment16 (one-time charge).

5. Credit card, right?

No, credit cards aren't. Credit card is a credit certificate issued by a commercial bank or credit card company to eligible consumers, rather than a high-interest loan, which usually belongs to private lending. These are two completely different concepts. Even from the interest point of view, credit cards usually pay 0.05% interest every day when they are withdrawn or overdue, and the annual interest rate is only 18%, far below 36%.

Is it cost-effective to pay by credit card in installments?

Credit card installment means overpaying the handling fee. The handling fee rate of credit cards varies from bank to bank, but it is mostly between 0.6% and 0.8%.

If you can't repay in full at one time, applying for installment payment can alleviate the financial pressure. Whether the specific charges are cost-effective or not depends on whether your handling fee can be borne.

Extended data:

Credit card installment means that if a single consumption amount reaches the minimum consumption amount stipulated by the bank, the cardholder can apply to the bank to split the consumption into several repayments, and the bank will charge the consumption into your credit card account several times.

Supplement: When each cardholder applies for a credit card, the bank will ask him to choose a date or a default date as the billing date.

Apply by phone or physical bank.

Because the cardholder does not spend in the cooperative merchants (shopping malls or online) of the issuing bank, that is, the products purchased by the cardholder do not come from the merchants designated by the issuing bank, but apply for installment business after consumption, so don't confuse consumption installment with mail order installment and merchant installment.

1. Cardholders need to apply for installment before the billing cycle after consumption (between the consumption date and the billing date), otherwise the bank will deduct their credit card amount and cannot return it. (The specific application date depends on the bank)

After successful consumption, you can apply within 10 days before the due repayment date after the bill date.

2. The interest-free repayment period of general consumption installment business is 50 days, but it is 56 days for Shanghai Bank and 5 1 day for Minsheng Bank.

When the cardholder repays the loan outside the interest-free period (overdue repayment), he has to pay a certain amount of late payment fee (5% of the unpaid part) and interest (five ten thousandths of the unpaid part, calculated by compound interest), and some banks will set a minimum amount of late payment fee.

3. The cardholder's consumption amount cannot be fully converted into installment payment. General banks stipulate that 90% of the cardholder's consumption amount can be converted into installment payment, that is, the cardholder has to pay a down payment of 10%.