Can I pay off my credit card in advance?

It is possible to pay off my credit card in advance, but it is taboo to pay off my credit card in advance.

1. Why is it taboo to pay off your credit card in advance?

1. High handling fees

Only users who repay in full and on time can win the favor of banks. Regardless of whether it is early repayment or late repayment, in the eyes of most banks These are all breaches of contract and require payment of liquidated damages to the bank. Of course, the previously agreed handling fee still needs to be charged, so when cardholders choose to repay early, they need to pay an additional fee to the bank.

2. Credit card has been reduced

Banks approve credit cards for cardholders for consumption in order to bring more income to themselves. If they always repay in advance, they will Let banks question their customers’ spending needs. Therefore, in order to avoid wasting resources, banks generally take measures to reduce the credit limit, which will have a negative impact on future credit card limit increases.

3. Affect future loan application or card application results

Whether it is a loan or a credit card, the purpose of the lending institution is for the user to use it. However, if the user only uses it temporarily, Then you have to make repayments, unable to maximize the benefits of your credit card. Then, when faced with such users submitting loan or credit card applications again, lending institutions will generally take rejection measures.

2. Credit card repayment process

(1) Repayment from the card issuing bank

1. Log in to the ATM repayment homepage of the account opening bank and click on credit card repayment;

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2. Fill in the credit card repayment information: follow the prompts, select the credit card issuing bank, enter credit, cardholder name, monthly repayment date, repayment amount and contact information and confirm;

3 Complete the payment in the transferred debit card online banking: follow the prompts and use other bank's debit card to complete the payment through online banking;

4. The repayment is completed, the transaction is inquired, and the receipt is printed.

(2) Online repayment

As one of the main repayment methods for credit card repayments at the bank where the account is opened, online repayment has become a common repayment method for the majority of credit card users. means. Mobile phone series mobile terminals are iPhones or Android smartphones. The iOS system version needs to be 4.0 or above, and the Android operating system version needs to be 2.0 or above. Take the China Merchants Bank APP as an example.

1. Fill in the name of the credit card holder for the payee’s account name; fill in the “Credit Card Center of the payee’s account opening bank”; fill in the 16-digit credit card when transferring to the payee’s account number; note the credit card repayment;

2. Enter the all-in-one card withdrawal password and confirm;

3. After confirmation, the system will prompt whether the transfer is successful and the amount of the transfer.

4. Cardholders can use the "Payment Plan" function to pre-set the payment date. Online banking will transfer funds from the All-in-One Card to the cardholder's credit card in one go or on a monthly basis based on the cardholder's request. Or repayment by credit card transfer from another person designated by the cardholder.

Can a credit card be repaid in advance?

Credit card loans can generally be repaid in advance, but the specific regulations shall be subject to the bank's regulations. Since credit card loans sometimes charge a one-time handling fee, repaying the loan early does not save the handling fee. At the same time, according to the provisions of the contract, sometimes early repayment requires liquidated damages.

Credit cards, also called credit cards, are credit certificates issued by commercial banks or credit card companies to consumers with qualified credit. It takes the form of a card with the name of the issuing bank, validity period, number, cardholder name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially appointed commercial service departments, and then the bank will make settlements with merchants and cardholders. Cardholders can overdraft within the prescribed limit. Credit cards are divided into credit cards and quasi-credit cards. A credit card refers to a credit card in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; a quasi-credit card refers to a credit card in which the cardholder can A quasi-credit card that deposits a certain amount of reserve fund and can be overdrafted within the specified credit limit when the reserve account balance is insufficient for payment. The so-called credit card generally refers to a credit card only.

Product types: According to different card issuers, they can be divided into bank cards and non-bank cards; according to the different issuing objects, they can be divided into corporate cards and personal cards; according to the credit status, status and other credit conditions of the card holders, they can be divided into Ordinary cards and gold cards; according to the different payment methods, credit cards can be divided into credit cards and quasi-credit cards; according to the different circulation scope of credit cards, they can be divided into international cards and regional cards. Applicants for credit cards can be divided into units and individuals. Applicants should be institutions, enterprises and business units, foreign-funded enterprises and individual industrial and commercial households with independent legal person status in my country. Each unit applying for a credit card can receive a main card and multiple supplementary cards as needed. To apply for a credit card, an individual must have a fixed occupation and a stable source of income, and provide a guarantee to the bank. The forms of guarantee include personal guarantee, unit guarantee and personal capital guarantee. The application method is generally by filling in a credit card application form. The content of the application form generally includes the name of the applicant, basic information, economic status or source of income, guarantor and his/her basic information, etc. And submit certain copies of documents and certificates to the card issuing bank. After the customer fills in the application form truthfully according to the content, the customer must also submit the relevant credit certificate while submitting the completed application form. The application form is accompanied by a credit card use contract. The applicant authorizes the card-issuing bank or relevant departments to investigate its relevant information, and submits a statement of the authenticity of the information, the card-issuing bank's privacy protection policy, etc., and must have the applicant's signature.

Can I pay off my credit card in advance?

Credit cards can be repaid in advance, and repaying them at the right time can also help increase your limit. I will explain it to you from the following points:

1. Repayment before the billing date

First of all, let me explain the billing date. After you apply for a credit card, the credit card will Set a bill date for you. On this date every month, the bank will settle all the consumption amounts for you between last month's bill date and this month's bill date. The total amount is your bill for this month. You You need to pay the total amount of this bill this month.

After knowing the meaning of billing date, if you repay before the billing date, your repayment will be included in the amount of your billing date, that is, the bill amount will be Subtract this repayment. For example: For example, if your bill date is the 25th of each month, and you made a total of 10 purchases between September 25 and October 25, and the total of the 10 purchases was 2,000 yuan, you If you repaid a sum of 1,000 yuan on October 12 before the October 25th bill date, then the bill on October 25 is =2000-1000=1,000 yuan; if you repaid a sum of 2,000 yuan on October 12, then The bill on October 25 is =2000-2000=0 yuan; if you paid a sum of 3,000 yuan on October 12, then the bill on October 25 is =2000-3000=-1,000 yuan; -1,000 yuan appears. It means that if you save an extra 1,000 yuan, your limit is originally 20,000 yuan, and next month you can spend 21,000 yuan.

2. Repayment after the bill date

Repayment after the bill date means repayment within a period of time after the bill date. This repayment period varies from bank to bank, but it is all within 15 -About 20 days. As long as you repay within 15-20 days after the bill date, it will have no impact on you.

3. Repayment after the final payment date

I just talked about the billing date and the repayment date. The final repayment date is the last day of the 10-15 days after the billing date. , that is, the last repayment date. If you repay after the last repayment date, the bank will count your repayment record as overdue and report it to the credit reference center.

In general, early repayment has no impact on your credit score, but you should pay attention to two dates, the billing date and the final payment date. Paying off before the billing date can reduce the amount of your bill. If you repay before the final payment date in the future, it will be a normal repayment, which means it will not affect your bill or credit score. However, repayment after the final repayment date will have an impact on your credit score.

This is the end of the introduction about whether it is possible to repay a credit card early and how to repay a credit card loan early. I wonder if you found the information you need?