Some banks are bypassing cash installment plans and re-spinning prices, with interest rates again dropping below 2%.

Reporters have noticed that in recent times, many banks have launched limited-time promotional activities for their cash installment services on credit cards, with some banks offering interest discounts as low as 1.7 times. After the promotion, the annualized interest rate of cash installment products, which traditionally had higher interest rates than general loans, has dropped to below 3%, with the lowest being 2.76%. It is worth noting that previously, consumer loans faced intense price competition and were "put on the brakes" by regulations, requiring that as of April 1, the annual interest rate should not be lower than 3%. An employee of a joint-stock commercial bank's credit card department told reporters, "After the interest rate was not allowed to be lower than 3%, customers' willingness to borrow decreased," so the bank has recently increased the interest rate discounts for its cash installment products.