A credit card can only withdraw 2,000 yuan per day. It takes you 10 days to withdraw 20,000 yuan. The interest on the withdrawal is calculated at 50,000 yuan per day, because the 20,000 yuan is withdrawn within 10 days, so The interest is not 300 yuan, but close to 300 yuan. Credit card withdrawals also charge a handling fee. Each withdrawal is 1% of the cash withdrawal amount, and your handling fee is 200 yuan. (The cash withdrawal fees of each bank are different)

Extended information:

Credit card installment payment means that when the cardholder uses a credit card to make large purchases, the bank pays the merchant one time The process of paying the cardholder's consumption funds for the goods (or services) purchased, and then allowing the cardholder to repay the bank in installments and pay handling fees. The bank will deduct consumption funds and handling fees from the cardholder's credit card account in installments based on the cardholder's application, and the cardholder will repay according to the monthly credit amount.

1. Handling fee

In the early days of the credit card installment business, banks often promoted it as "interest-free", and indeed many citizens were "fooled". In fact, interest-free is not free, it’s just called something different.

In general, the one-year credit card installment fee is lower than the one-year cash withdrawal interest of 18, and higher than the bank's one-year commercial loan interest of 5.31. It is worth mentioning that commercial bank loan interest rates have been reduced many times in recent years, but the standards for credit card installment fees and cash withdrawal interest have rarely changed. Although the standards for credit card installment fees vary from bank to bank, the calculation method is roughly the same.

Assume that the installment amount is 1,200 yuan, divided into 12 installments, with each installment (month) repayment of 100 yuan, the handling fee is 0.6/month, and the actual monthly deduction is 100 1200 × 0.6 = 107.2 yuan. If other factors are not considered, the convertible nominal annual interest rate is 7.2. However, the cardholder does not always owe the bank 1,200 yuan. In the last month, he actually only owed the bank 100 yuan, but the bank still charged a handling fee of 1,200 yuan.

According to calculations, the true annual interest rate paid by cardholders is approximately 15.48. According to the correct calculation formula, it should be 1200*0.6*(1 0.6)^12/((1 0.6)^12-1)=103.94 yuan, which means an extra handling fee of 3.2 per period.

2. Advantages

The main benefits of credit card installment payment:

(1) Enjoy it first, pay later.

(2) No guarantor is required and the procedure is simple.

3) Regular payment, easy payment.

4) You can choose any monthly repayment amount as you like

5) More options for payment methods.

3. Business type

From the perspective of the form of installment payment, when cardholders handle this business, the starting amount of a single transaction is limited, and the grades and procedures of installment repayment are The standards of fees are also different; they can be roughly divided into three categories:

The first category is provided by banks in cooperation with special merchants, but the product types are limited;

The second category is provided by banks In the product catalog, the cardholder selects and purchases from the catalog, and the bank then entrusts the supplier to deliver the products to the customer;

The third category is not limited to merchants and products. The cardholder applies to the bank after shopping. Just repay in installments, and some banks even set the scope of acceptance to be global.