信用卡分期“打折”，多家银行已着手落地执行

Core Viewpoint - The recent announcement by the Ministry of Finance regarding the optimization of personal consumption loan interest subsidy policies has significant implications for the consumer finance sector, particularly with the inclusion of credit card installment payments for the first time in the subsidy program [3][5]. Policy Changes - The implementation period for the personal consumption loan interest subsidy policy has been extended from August 31, 2026, to December 31, 2026 [5]. - Credit card installment payments are now explicitly included in the subsidy program, with an annual interest subsidy rate of 1 percentage point [5]. - The policy has removed previous restrictions on the maximum subsidy amount per transaction and the cumulative subsidy limit for borrowers, retaining only an annual cap of 3,000 yuan per borrower at a single institution [5]. Bank Responses - Multiple banks, including major state-owned and joint-stock banks, have quickly adapted to the new policy, indicating that the credit card installment business is already highly standardized [7]. - The subsidy will likely be integrated into existing credit card installment approval and accounting systems, allowing for a rapid response from banks [7][8]. Execution Differences - Different banks have varying technical approaches to how the subsidy will be applied, but all are using interest deduction methods [8]. - For example, China Merchants Bank will reduce the interest charged on eligible installments, while Postal Savings Bank will directly deduct the subsidy amount from the interest charged [8]. Eligibility Criteria - Not all credit card users will automatically qualify for the subsidy; banks will enforce strict eligibility criteria based on transaction authenticity and compliance [9]. - Transactions with suspicious characteristics or those not meeting compliance standards may not qualify for the subsidy, indicating a focus on genuine consumer spending [9]. Impact on Pricing - The subsidy is not expected to directly alter the pricing mechanisms for credit card installments, as banks will still need to cover risk and operational costs [12]. - The subsidy is viewed as an external support mechanism that may enhance the attractiveness of installment products without changing nominal interest rates [12]. - In the short term, the subsidy could boost consumer interest in installment options, while in the long term, banks must remain cautious to avoid excessive expansion of installment lending [12][13].