How to apply for a large credit card loan?
Process: handling large credit card loans in two steps.
The first step is quota approval:
In addition to the usual credit card application materials, the applicant should also provide detailed proof of salary flow and other strict materials.
The second step is the loan review:
This kind of loan is generally a personal consumption loan. The customer provides the bank with proof materials that can prove that there is consumption and it needs to be greater than the withdrawal amount. After the approval, the bank will transfer the money to the customer's credit card, and the customer can withdraw it freely.
Is a large credit card loan reliable?
Minimum repayment amount of credit card
Every month, there is a minimum repayment amount on the monthly bill of the credit card, which is generally 5%- 10% of the total bill of the month. And there will be no bad credit history.
However, the minimum repayment amount cannot enjoy interest-free, and the interest calculation method of the minimum repayment amount is five ten thousandths of the total bill. Look carefully, it's the total! And the interest is calculated from the second day of your credit card consumption. If you spend 10000 yuan, then the minimum repayment is 2000 yuan. Even if you pay back 9990 yuan, the interest is calculated according to 10000 yuan. If it takes 30 days, simply calculate: interest = 10000 yuan 0.5%30= 150 yuan. And the money you haven't paid back this month will be accounted for next month, and the interest will be calculated together, at five ten thousandths of a day.
Credit card installment payment
There is no interest on the installment introduced by the bank, but the installment fee is higher than expected. Many friends have been cheated by the installment fee of credit cards, and the fees for banks to see or introduce them are not high. Take the credit card of China Merchants Bank as an example. 0.66% for each issue if the bank shows it to you or the customer service introduces it. 0.66%* 12=7.92%. Many people calculate it directly, and the annual interest rate is only 7.92%, less than 8%. I feel like I got a big bargain.
But is this really the case? We pay back the principal every installment, but the bank interest has always been the total amount of all installments used. So the real interest rate is much higher than this. The formula is directly applied here: annual interest rate =2n/(n+ 1)x installment commission rate ×12,24/13 * 0.66% *12 =14.62%. (In the formula, n represents the number of periods, and the derivation process of the calculation formula is complicated, so the present value formula of annuity is needed. You can check it yourself if you are interested. ). You can know what the actual interest is, so you often receive installment invitations from banks. Besides ICBC, other banks have to pay the handling fee for the remaining months.
Withdraw cash by credit card
Once the credit card is withdrawn, not only the handling fee will be charged, but also the interest will be calculated immediately. Moreover, the annual interest rate is as high as 18%, and the handling fee for withdrawing cash generally varies from 250 yuan. Interest is calculated on a daily basis, with annualized interest rate of 18%. And now many bank policies stipulate that cash withdrawal is not included in the minimum repayment amount. Different banks have different cash withdrawal policies and interest rates, and some banks will have interest-free treatment for cash withdrawal.
But try not to withdraw cash by credit card. Some people use credit cards as savings cards because of their low credit limit. Many times, the extra money you save becomes overpayment. Many banks require a handling fee for withdrawing the overpaid part, so be sure to consult the bank before withdrawing the credit card.
Reminder: Credit card loans are reliable, but at the same time, the interest or procedures of these loans are also high. If you can't see clearly, you will feel trapped if you want to understand. Therefore, it is best not to use the above credit card loans, and do what you can and spend reasonably. If you need money urgently, you can ask the bank for some loans with lower interest rates. But remember, pay back the money on time. So as not to pay these unnecessary costs.