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

1. Is it cost-effective to repay by installment with a credit card?

Although credit card installment repayment can reduce our repayment pressure, it is not particularly cost-effective from the point of view of paying handling fees. Of course, credit card installment also has certain benefits, which can help us increase the credit card limit. Credit card repayment The common credit card repayment methods in China mainly include the following categories (according to the cost): intra-bank repayment. The repayment methods mainly include: issuing bank counter, ATM, online banking, automatic transfer, telephone banking repayment, etc. The credit card limit will be restored immediately after repayment, and the money will generally be recorded after being processed by the system on the same day. Mobile phone repayment mobile phone is a personal payment terminal of mobile financial system, which can be used for direct repayment and transfer of credit cards. Arrive immediately! Convenience store repayment Convenience store repayment is mainly completed through the "Lacarra" intelligent payment terminal installed in the convenience store. Generally, it will arrive in 2~3 working days, and there is no handling fee for repayment in this way. Online Repayment The common online repayment methods in China are Baidu Wallet, UnionPay Online, Kuaiqian, Shengfutong, Alipay and Yifubao. Choose different platforms and banks, and the charging standards and specific arrival time are different. Inter-bank transfer Inter-bank transfer/remittance repayment is mainly divided into two ways: inter-bank in the same city and inter-bank in different places. Whether it is transfer or remittance, the remittance bank will charge a certain fee, and the payment time and repayment convenience are not as good as those of peers, online repayment and convenience stores. Counter access refers to bank cards issued by various networked financial institutions, and RMB current deposit and withdrawal transactions are conducted through counters of other bank outlets registered in the host system of UnionPay Trading Center. Lacarra cardholders can complete credit card repayment, mobile phone recharge, online bill payment and other services through convenience stores, bank outlets or terminals that purchase "Lacarra" equipment. Xinfutong "Xinfutong" smart credit card phone is an innovative electronic product independently developed by China UnionPay, certified by the Bank Card Testing Center and supported by the financial services provided by China UnionPay's inter-bank information exchange network. Repayment Pass uses "Repayment Pass" for repayment, and generally charges fees according to the charging standards for inter-bank transfer in the same city and inter-bank remittance in different places stipulated by the local people's bank. As a new industry, the main function of intelligent repayment is to make a good consumption repayment plan by using the balance of about 5%- 10% in the card, and then make automatic consumption repayment through a licensed payment company, so as to achieve the purpose of full repayment and charge a certain handling fee. Basic functions include bill management, local payment, card-free application, etc.

Second, how many stages are the most cost-effective for banks?

Credit cards of different banks have different installment fees, which are generally between 0.6%- 1%. However, the longer the number of credit cards, the more expenses are needed, so from this perspective, the shorter the number of credit cards, the more cost-effective.

For example, I have a credit card, and the third installment fee is 0.6%, and the 12 installment fee is 0.75%. Then, I divided 10000 yuan into three installments, and only needed the handling fee of 180 yuan, while 12 installment needed the handling fee of 900 yuan. It can be seen that it will be more cost-effective to have fewer stages.

Of course, the specific number of periods still depends on your actual needs. Although the long installment will require more handling fees, the pressure of repayment in the short term is less than that in the short installment. So everyone can go on stage according to their own needs.

Third, is it cost-effective to repay credit cards in installments?

In fact, if you can't repay in full, it is more cost-effective to use installments.

I use CCB's credit card. Let me give you an example.

Bought a mobile phone, 4800. If I don't repay in full before the final repayment date, the consumer will not enjoy the interest-free period, and the bank will charge interest at the rate of five ten thousandths per day from the date when the consumer is credited. Then, if the first month is 30 days, the interest is 48000.000530=72, and the second month is 800, then the interest is (4800-80072) 0.000530 = 61.08, and so on every month until the end, and the interest is about 270.

If you apply for the installment of CCB's consumption, it will be divided into six phases. The installment amount of each installment is 4800/6=800, the handling fee of each installment is 48000.6%=28.8, and the total handling fee of six installments is 172.80. The installment amount recorded in each subsequent period is 80028.8=828.8.

So the installment fee is less than your interest 100 or so. You will know which one is cost-effective. Staging, in fact, in addition to the fact that the handling fee is cheaper than interest, it can also alleviate the repayment pressure, which can be considered.

4. Is it cost-effective to prepay after credit card installment?

Credit card cannot be modified after successful installment. However, if it is settled in advance by stages, it is generally necessary to repay the remaining unpaid fees in one lump sum and cannot be reduced or exempted. I used to have to return it. Even some banks will charge a certain penalty for canceling the credit card installment business (specially sending it to customer service).

How to repay in advance by credit card installment?

If the credit card needs to be repaid in advance by installments, the customer can call the hotline of the issuing bank and then refund the card through manual service, and the banking system will naturally initiate the deduction.

Of course, customers can also find the installment bill directly on the online banking/mobile banking client/credit card APP of the issuing bank, and then apply online to terminate the installment in advance.

If there is an offline business outlet of the issuing bank near the work and residence, the customer will bring his personal ID card and credit card to the outlet to find the counter staff to return it in advance.

Is there a penalty for prepayment by credit card installment?

Whether the prepayment of credit card by installment will charge liquidated damages mainly depends on the regulations of the issuing bank. But different.

For example, in China Construction Bank, if the customer applies to terminate or cancel the bill/consumption/cash installment in advance, the remaining unpaid principal will be included in the next bill in one lump sum, and the customer can repay the remaining principal and installment fee before the bill is due for repayment (the installment fee received will not be refunded). Another example is China Industrial and Commercial Bank. If the installment transaction with installment fee is repaid in advance, it is necessary to pay liquidated damages.

After credit card installment payment, the available balance of advance payment is

After credit card installment payment, the available balance of prepayment will increase. Users can choose to return the current installment amount in advance, or they can choose to pay off all the remaining installment amounts at one time. After the repayment is received, the credit card available amount will be restored in real time, so that the user's credit card available balance can be improved.

If the credit card installment fee is paid in one lump sum, the prepayment fee is non-refundable, so prepayment is different for users.