Friends who have applied for a bank card or credit card will more or less receive a call from the bank inviting them to pay for installments. Even if the situation is bad, they will also receive an installment text message from the bank. So, what are the bank’s installment plans?

What are the bank’s installment plans?

1. Claim that installment can reduce repayment pressure:

When you have large purchases , or when the amount of a certain installment bill is high, you will usually receive a text message or phone call from the bank inviting you to make installment payments. The customer service staff will tell you that these purchases do not need to be paid off in one go, but can be repaid in installments, which can also reduce repayment pressure. However, these customer service personnel did not tell cardholders how much the interest and handling fees would be in installments, so they only realized the high handling fees when they repaid the card.

2. Grant loans in the name of increasing the credit limit:

Many bank customer service calls claim that they can provide tens of thousands of credits for free. The common method is to secretly increase the credit limit and issue the loan. The concept of a loan is equivalent to actively lending money to the cardholder, and this fee requires payment of interest. This is the interest income mentioned above.

If you don’t use credit cards often or don’t know much about credit cards, you may be easily confused by the salesperson’s words. Therefore, you must learn to identify when receiving such calls.