“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, includingAgricultural Bank of China Many banks, including China Construction Bank, Postal Savings Bank of China, and China Zheshang Bank, issued announcements to adjust their credit card installment business. After the adjustment, some credit cards of the relevant banks will stop the automatic installment business, and the “installment fee” will be renamed “installment interest”.
The industry believes that , banks intensively adjust the credit card business in order to implement the requirements of the new credit card regulations, and at the same time, better protect the rights and interests of cardholders.
Some credit card automatic installment services are offline
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A few days ago, China Construction Bank issued an announcement that starting from December 30, 2022, the bank’s Long Card Benefit Loan Card (Gold Card, Platinum Card) card) The automatic installment function will be adjusted offline, that is, the newly generated bills that have been issued from this date will no longer be automatically installmented, and customers need to make reasonable arrangements for repayment according to the amount listed on the bill.
Image source: China Construction Bank official website
It is understood that Longka 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
span> issued a similar announcement recently. The announcement shows that starting from December 30, 2022, will cancel the automatic installment of Zheshang Bank’s Fun Card, Zheshang Bank’s Dianjin Card, Zheshang Bank’s Zengjin Card, and Zheshang Bank’s Jingdong Financial Co-branded Card. Serve.
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.Construction Bank as an example For example, “Cardholders can apply for the bill installment service through mobile banking, WeChat banking or calling the customer service hotline. Each bill requires a separate application. “Introduced by the bank’s credit card specialist.
For offline automatic The reason for the installment business, Dong Ximiao, the chief researcher of China Merchants Union Finance, 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 right to choose, and the offline automatic installment business can also be better. Safeguard the interests of cardholders.
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In addition to offline credit card automatic installment business, recently, many banks have also changed the name of “installment fee” to “installment fee” Interest”.
China Construction Bank Announcement It shows that starting from January 7, 2023, the “installment service fee” of the bank’s Long Card credit card will be adjusted to “installment interest”, and the “installment service fee rate” will be adjusted to “installment 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
In this regard, Dong Ximiao analyzed that credit cards are essentially microfinance loans issued by banks to cardholders, and the fee income generated by installments is included Fee income does not meet 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, Rong360 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 credit cards, Liu Yinping suggested that consumers We should focus on two aspects: One is to repay the loan on time, Understand the billing date and repayment date of the credit card, especially the repayment date, try to set a repayment reminder to avoid Forgetting to repay will cause unnecessary losses; The second is to understand the interest of credit cards and other charges, especially to figure out installment repayment, minimum repayment amount repayment and other real annualized interest rates.
Source: China Securities Journal, China Economic Net