“After the automatic installment service is offline, you can no longer perform automatic installment on the new bill of your credit card. If you want to repay by installment, you need to apply for installment on the bill first.” A bank credit card specialist said.
Recently, including Agricultural Bank of China, China Construction Bank , Postal Savings Bank, Zheshang Bank, etc., issued announcements to adjust their credit card installment business. After the adjustment, some credit cards of the relevant banks will stop the automatic installment service, and the “installment fee” will be renamed “installment interest”.
Industry insiders believe that banks are intensively adjusting credit cards The business is to implement the requirements of the new credit card regulations, and at the same time, better protect the rights and interests of cardholders.
section Credit card automatic installment business offline
A few days ago, China Construction Bank announced that starting from December 30, 2022, the automatic installment function of the bank’s Long Card Benefit Loan Card (Gold Card, Platinum Card) will be adjusted offline, that is, the newly generated and issued Bills will no longer be automatically installed, and customers need to make reasonable arrangements for repayment according to the amount listed on the bill.
Image source: China Construction Bank official website
As far as we know, Dragon Card Yidai Card is an automatic revolving consumer credit card launched by China Construction Bank. The cardholder’s total consumption in the current period is automatically installed in installments on the billing date, and the customer repays the payment in equal monthly installments in 12 installments. “The automatic installment function of the Longka Yidai Credit Card has been set up when the card is issued. After the adjustment, the new bills that have been issued can no longer be repaid automatically by installments.” A credit card specialist of China Construction Bank introduced.
Zheshang Bank issued a similar announcement recently. The announcement shows that starting from December 30, 2022, the automatic installment service will be cancelled, starting from December 30, 2022, for the Zheshang Bank Fun Card, Zheshang Bank Dianjin Card, Zheshang Bank Zengjin Card, and Zheshang Bank Jingdong Finance Co-branded Card.
Image source: Zheshang Bank official website
However, according to some banks, after the automatic installment service is offline, cardholders can apply for installment separately for each bill according to their personal needs. Taking China Construction Bank as an example, “cardholders can apply for the bill installment service through mobile banking, WeChat banking or calling the customer service hotline. Each bill needs to be applied separately.” The bank’s credit card specialist introduced.
As for the reasons for the offline automatic installment business, the China Merchants Union Dong Ximiao, the chief financial researcher, said that this move is to implement the requirements of the new credit card regulations. At the same time, the automatic installment business hinders the cardholder’s right to know and choose, and the offline automatic installment business can also better protect the rights and interests of cardholders.
“Instalment Fee” Renamed “Instalment Interest”
In addition to offline credit card automatic installment business, recently, many banks also changed the name of “installment fee” to “installment interest”.
The China Construction Bank announcement shows that since January 7, 2023 Starting today, the “Instalment Handling Fee” of the Bank’s Long Card credit card will be adjusted to “Instalment Interest”, and the “Instalment Handling Fee Rate” will be adjusted to “Instalment Interest Rate” accordingly.
Since this year, there are Postal Savings Bank of China and Agricultural Bank of China , China Merchants Bank, Huaxia Bank and many other banks issued similar announcements. Judging from the relevant announcements, This adjustment mainly involves the change of the name. Many banks stated that the billing rules and standards have not changed, and the actual repayment amount of each installment has not changed.
Data map. Photo by Ou Yunhai, China Economic Net
Yes In this regard, Dong Ximiao analyzed that credit cards are essentially small loans issued by banks to cardholders, and the fee income generated by installments is included in the fee income, which does not meet the regulatory requirements. Now adjusting it to interest income is actually more standardized and returns to the essence of the credit card business.
From the perspective of customers, Rong 360 Digital Technology Liu Yinping, an analyst at the research institute, said that although the installment fee standards and calculation rules have not changed, for customers, the information is more transparent, and it can also remind consumers to pay attention to the fees incurred during the installment process.
In the process of using a credit card
strong>, Liu Yinping suggested that consumers should focus on two aspects: One is to repay the loan on time, understand the credit card statement date, repayment date, especially the repayment date, and try to set repayment reminders to avoid Forgetting to repay will cause unnecessary losses; Secondly, you need to understand various fees such as credit card interest, especially to find out the real annualized interest rate of installment repayment, minimum repayment, etc.
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Data: China Economic Net
Editor: Gao Qin
*Reprint please indicate the source from “Shanghai Changning”