If you apply for installment, the installment quota will occupy your credit card quota, and the quota will be gradually released after each repayment is recorded.
Suppose your quota is 10000, and you have made 6000 installments without any other consumption, then your available quota is 4000. If the first month is recorded in installments 1000, and you repay the loan, the available amount will be restored to 5000, and so on.
Unpaid installment amount will occupy the available quota. For example, the credit line 1000 and the credit card 6000 have been divided into stages, and there is still an available credit line of 4000 yuan on the card at this time. With the monthly repayment, the available amount will be restored accordingly with the repayment amount.
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.
Suppose the installment amount is 1.200 yuan, divided into 12 installments, and each installment (month) repays 1.000 yuan, and the handling fee is 0.6%/ month, and the actual monthly deduction is100+1.200× 0. If other factors are not considered, the convertible nominal annual interest rate is 7.2%.
But the cardholder did not always owe the bank 1.200 yuan. In the last month, he actually only owed the bank 1 1,000 yuan, but the bank still charged the handling fee according to 1, 200 yuan.
According to the calculation, the actual annual interest rate that the cardholder has to pay is about 15.48%. According to the correct calculation formula, it should be1200 * 0.6% * (1+0.6%)12/(1+0.6%)12/).
From the form of installment payment, there is a limit on the initial amount of a single transaction for cardholders to handle this business, and the level of installment repayment and the standard of handling fee are also different; It can be roughly divided into three categories:
The first category is the cooperation between banks and special merchants, but the product types are limited;
The second category is the product catalogue provided by the bank, which is purchased by the cardholder, and then the bank entrusts the supplier to deliver the goods to the customer;
The third category is not limited to merchants and commodities. Cardholders can apply for installment repayment from banks after shopping, and some banks even set the acceptance scope to the whole world.
Can the flower buds still be used after repayment in installments?
After the flower buds are repaid in installments, they can continue to be used as long as there is still a quota available. Moreover, the amount of flower buds is cyclical and can be recovered after repayment. Therefore, after applying for installment repayment, Bai Hua usually restores a part of the quota in each installment, and the restored part of the quota can be used by users.
However, after the flower buds are divided into stages, they are generally accounted for in the next bill for repayment. Therefore, if the flower garden quota is fully applied for installment repayment, it can only be used after repayment next month and the quota is restored. However, before repayment, the user has no available quota because the quota has been used up, and all of them have applied for installment and have not recovered.
Of course, the flower garden quota can generally be restored as soon as possible, so users can choose to repay in advance if they are in urgent need, so that the quota can be restored in advance. However, we also need to pay attention to the fact that if there have been bad behaviors that lead to credit problems before, the system may reduce the quota for risk control, and users may choose not to restore the quota after repayment.
Will the installment payment be restored? Can I use my credit card again?
If the credit card repays in installments, the credit card limit will be restored after the installment. If the installment repayment period does not affect the normal use of credit cards, credit cards can be reused.
Usually, the money deposited in a credit card at one time will not be used to repay the installment payment. After the cardholder applies for installment payment, the banking system will transfer money every month as required. During this period, the one-time refund will be recognized as cash deposit, and this part of the funds will be given priority in future credit card consumption.
At present, if the credit card fails to repay according to the regulations, there will be three kinds of liquidated damages: late payment fee, handling fee and interest, with different penalties. For installment payment, besides the monthly installment fee, you also need to pay the installment fee. At present, the highest handling fee is RMB 1%, and the highest foreign currency is 3%.
Among various repayment methods, only when all repayment is made before the due date of each month, other expenses will not be deducted. Before going through the installment payment procedures, cardholders should consult clearly about matters such as early repayment, so as to avoid unreasonable application period and overpayment of handling fees.
Extended data
pay by Installments
Credit card installment payment refers to the business that when a cardholder uses a credit card to make a large amount of consumption, the card-issuing bank pays the consumption funds of the goods (or services) purchased by the cardholder to the merchant in one lump sum, and deducts the consumption funds through the cardholder's credit card account in stages according to the cardholder's application, and the cardholder repays according to the monthly recorded amount.
In the past, credit card installment mainly included bill installment and single consumption installment, and banks usually charged corresponding handling fees according to the number of installments. Whether it is bill installment or single consumption installment, the premise is to generate consumption behavior first, and then the bank will set installment repayment for the generated credit loan.
Most domestic banks have credit card installment business. Installment payment is generally divided into POS installment, "mail order installment" and bill installment according to different occasions.
1, shopping mall by stages
(1), also known as POS staging, refers to the cardholder's visit to a shopping place, such as a "shopping mall" that can be staged. When you check out, you need to pay by installment with a credit card supported by the mall. Then the cashier will swipe the card on the special POS machine according to the number of periods required by the cardholder (such as 3 periods, 6 periods, 12 periods, etc.). There are also a few shopping malls that support the 24 th issue).
(2) Note: When the shopping mall is divided into stages, you need to verify the identity of the cardholder and remember to bring your ID card. Shopping malls are generally free in three stages. The rates for Stage 6 and Stage 12 vary from bank to bank. As long as the goods are sold normally in shopping malls, they can generally be paid by installments. In many cases, the cardholder can also bundle a number of goods together for settlement, and then pay in installments.
2. Mail order installment payment
It means that the cardholder receives the installment mail order catalog manual sent by the issuing bank (or the online installment mall of the bank) and chooses from the limited commodities. Then the bank orders in installments through online installment mall, telephone or fax installment application form, etc. Generally, there is no handling fee for mail order installment regardless of the number of installments. However, due to the long ordering cycle (in many cases, it takes more than 15 working days to get the goods), and the return is relatively complicated. It is recommended to compare before buying.
3. Bill installment payment
(1) This is the most convenient staging method, and all card-issuing banks can basically support this staging method, and the application is simple. Users only need to apply to the issuing bank for installment by phone after spending their credit cards and before sending monthly bills.
(2) However, it should be noted that banks will stipulate some special circumstances, for example, credit cards with speculative nature cannot be successful in installments. So before the trial run, be sure to read the trial run manual carefully.
(3) The disadvantage of bill installment is that the handling fee cannot be exempted. The longer the number of installments, the higher the handling fee, and the cardholder must bear it himself.
References:
Baidu encyclopedia-credit card
Can I still use my credit card after installment payment?
After the credit card is phased, the amount inside can still be used, but only if the credit card is in normal condition, there is no overdue debt and it is not subject to bank risk control. In the risk control state, credit cards can't be used even if there is a limit.
The available amount of credit card can be used for consumption, cash withdrawal and transfer, and the amount in credit card belongs to the available amount after installment.
Credit limit refers to the maximum overdraft limit given to your credit card by the bank when approving your credit card. You can only spend your credit card within this limit. If you exceed this limit, you can't spend your credit card normally.
The credit limit is approved by comprehensive evaluation based on the information filled in when you apply for a credit card and the relevant supporting documents provided. The main card and the supplementary card enjoy the same credit limit. In general, the RMB limit and the US dollar limit of dual-currency credit cards can be converted to each other.
For people with fixed income, the employees of financial institutions such as civil servants or large banks have the highest relative quota. The size of the company and the position of the individual also have great influence. Account type will also have an impact. The biggest influence is usually personal income (that is, solvency, including asset status, historical credit records, etc. ).
The credit card applying for China Merchants Bank will basically have a limit of 5000- 10000 yuan; The initial credit card limit of Bank of Communications is around 5,000 yuan. In addition to the relatively high credit card quota, China Merchants Bank's credit card withdrawal speed is also relatively fierce. As long as it is used normally, it can be withdrawn in 3-6 months, and the amount can reach 30%.
The threshold for Bank of Communications to handle cards will be relatively low, so the probability of a large quantity is relatively high, reaching 74%. As long as the information is complete and not dark, you can basically get the card.
The initial amount of the card issued by Bank of Communications will be around 5,000 yuan, but it should be noted that if the card is not standardized, it will be targeted.
To apply for a credit card in Shanghai Pudong Development Bank, you need complete information and good credit information, and the probability of large sum is 7 1%. Pufa pays more attention to personal comprehensive credit score, so a good credit record will be the trick for Pufa to get a large card.
The probability of issuing large cards under Guangfa can reach 67%, mainly because platinum cards are relatively easy to approve. If you have a real estate license, the platinum card is basically stable. If you are lucky, you can give a quota of 50-65438+ 10,000.
The probability of approval of the big card of China Everbright Bank is 66%, which may be relatively low, but it is quite easy to raise the amount, and the temporary quota is also very high. Some netizens gave feedback, and the gift amount of the Platinum Card was 654.38+ 10,000.