1. The calculation formula of total interest for credit card installment repayment is: interest = installment amount, installment fee and installment number. Suppose you spend 3,000 yuan to apply for repayment in three installments, and the installment fee is 1%, so the total installment interest is 3,0001%3 = 90 yuan.
2. Usually, the more credit card installments, the more interest banks charge. Some banks, such as China Merchants Bank and Bank of China, will charge an installment fee in the first period, and then only need to repay the principal.
How to calculate the interest of credit card installment repayment
Credit card prepayment by installment, if it is a one-time installment interest, then prepayment will not refund the interest already paid. The installment fee is paid on a monthly basis, and the interest on early repayment is calculated from the date when the principal and interest of the bank are paid off. In addition, users may have to pay a part of liquidated damages.
Users who settle the credit card installment in advance may be asked by the bank to pay the installment fee of the remaining principal in one lump sum.
Credit card cash installment interest: there are 3 to 24 installments of cash installment business, and the benchmark handling fee rate for each installment is as follows. 0.95% in the third phase, 0.80% in the sixth phase, 0.75% in the 10 phase, 0.75% in the 12 phase, 0.75% in the 18 phase and 0.75% in the 24th phase.
Extended data:
On this issue, in fact, the installment interest of different banks is different. Therefore, you'd better check with the issuing bank before applying for credit card installment. The general calculation is as follows:
1. Credit card installment interest: If the minimum repayment amount is selected for repayment, most banks will pay interest in full, charging five ten thousandths (0.05%) of interest every day from the date when the consumption is recorded, and compound interest will be calculated monthly.
Therefore, it is not necessarily cost-effective to prepay credit cards in installments. When users pay in advance, it's best to do it themselves.
After applying for credit card installment repayment, you can repay in advance, but you can only pay off all the money in advance at one time. Paying off part of the money in advance is not supported. If you want to pay off in advance after installment, you need to contact the bank to terminate the credit card installment. After the installment is terminated, the remaining installment amount will be recorded in one lump sum on the next billing date, and then paid off in full before the repayment date.
Most banks have such regulations on credit card installment: even if repayment is made in advance, a handling fee will be charged.
Bank of China
The installment fee will be charged once in the first installment and will not be refunded once charged.
China construction bank
The handling fee is charged in installments. The cardholder has successfully processed the bill installment. If he applies for prepayment, he must pay off all the remaining principal and handling fee in one lump sum, and the installment handling fee collected will not be refunded.
China Merchants Bank
The handling fee is charged in installments. If you need to cancel the installment or prepay, you need to apply for installment settlement. Unpaid installment amount and handling fee must be paid in one lump sum, and early settlement cannot be cancelled.
Bank of Communications
The handling fee will be collected in installments. If the installment is ended early, the fees received will not be refunded, and the remaining fees will be paid in one lump sum.
Guangdong Development Bank
The handling fee is charged in installments, and it is more convenient to prepay online banking in installments. After the prepayment registration is successful, the remaining unpaid handling fee and unpaid principal will be repaid in one lump sum.
Minsheng Bank
The handling fee will be collected in installments. Early repayment will deduct all the handling fees of the unpaid principal and the unpaid remaining installments in the account at one time, and the received handling fees will not be refunded.
Huaxia Bank
The handling fee is charged in installments, and the handling fee for other installments also needs to be paid as usual.
How to calculate the installment interest of credit card?
The longest credit card installment is 24 months, which is two years. In bank credit card business, interest is calculated according to the total principal amount for installment repayment and minimum repayment. If you pay in installments, no matter how many months you have paid back, the interest is calculated according to the total principal.
Credit card installment payment refers to the process that when the cardholder uses the credit card to make a large amount of consumption, the bank pays the consumer funds of the goods (or services) purchased by the cardholder to the merchant in one lump sum, and then the cardholder repays the money to the bank in installments and pays the handling fee. According to the cardholder's application, the bank deducts the consumption funds and handling fees by stages through the cardholder's credit card account, and the cardholder repays according to the monthly recorded amount.
In the early days of credit card installment business, banks often advertised under the banner of "interest-free", and many citizens were really fooled. In fact, interest-free is not free, just a different name.
Generally speaking, the handling fee of credit card installment 1 year is lower than the annual cash withdrawal interest 18%, and higher than the bank commercial loan interest 1 year 5.3 1%. It is worth mentioning that in recent years, the loan interest rate of commercial banks has been lowered many times, but the standard of credit card installment fee and cash withdrawal interest has rarely changed. Although different banks have different standards for credit card installment fees, the calculation method is roughly the same.
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