Can you buy cakes in China using credit card installments? or buy other daily necessities like hamburgers and lipstick using a credit card?
Want to know what the answer is? Come on, just look at the following article.
Using Credit Card Installments in China
Usually credit card installments are used for installments of goods that are quite expensive, such as home installments, cars, motorbikes, and others. However, for millennials in China this is not the case.
Millennials in China use credit card installments not only for expensive items . Apparently they use credit card installments for their daily needs as well.
In fact, they buy cinema tickets, hamburgers , and cakes using credit card installments. How could that be?
Based on a quote from the South China Morning Post , fast-growing credit payments in China are caused by very high property prices in the country.
So that makes some people use all of their income to pay for their property needs.
Therefore, there is only a little money left over that can be used to shop for other needs.
It turns out that millennial behavior in China is very surprising, you know? They use 3-year credit card installments to buy cakes. A small piece of cake in China can be repaid at a price of 0.46 dollars (Rp996) per month for 3 years.
Not only that, it turns out there are also lipsticks that can be repaid at a price of 1.93 dollars (Rp.4,226) per month for 2 years .
Maybe it sounds strange to you, huh? But it turns out this is a fact.
Even the purchase of daily necessities using a credit card is also a common thing you know for the millennial there.
However, what causes them to use credit card installments for such simple things? Are you curious?
That is because millennials in China have lower incomes. So, the micro-credit business is growing rapidly in China.
One of the micro credit businesses in China is Vexin Fintech
Vexin Fintech was founded in 2013. Vexin operates Penqile online store. The store offers various types of products such as cellphones, computers, cosmetics, and even snacks can be purchased with micro credit.
Apparently, paying for goods in installments has become a habit among the younger generation in China. Millennials born after 1990 tend to choose to pay in installments.
They are interested in paying in installments because they are very interested in trying unique and innovative things but they don’t have enough money.
But, even though millennials in China are still very optimistic and unyielding for their future. Wow, that’s very interesting. They are very eager to welcome their future.
How about you, are you also excited about welcoming your future?
Another interesting thing, it turns out that those who are interested in the installment trend in China are only the younger generation .
The older generation in China turned out to be anti-borrowing money. Moreover, borrowing money for small things like buying daily necessities, buying cakes, and others.
Older generations in China only borrow money or make credit installments to buy only expensive items. For example, they use installments to buy houses, cars, motorbikes, and purchase other expensive items.
If so, older generations in China are similar to people in Indonesia, where most of them only use installment loans for expensive items.
If the older generation in China is so, then why do young people in China still like credit? It turns out that young people in China use credit installments for daily consumption due to their ease.
Like the millennial generation in general, nowadays they cannot be separated from the gadget . Wake up the gadget you are looking for, want to sleep and also have a gadget . Now it’s all gadget .
Apparently this is what makes millennials in China prefer to use credit installments. They can make payments only through their cellphones.
They don’t need to go anywhere to make payments
Based on data, it is indicated that as of June 2018, Penqile already has 29.2 million registered users. And it turns out 95% of consumers are under 30 years old.
Using credit card repayments is actually fine as long as you can pay the bill on time. Do not get later to get fines or penalties for late payments.