Can a credit card be used to repay a loan? Do I have to pay off my credit card to pay off my mortgage?
Nowadays, when many people need money, they take out loans through loan companies. Generally, repayment is done after the loan. Generally, if repayment is required, it is done when making the repayment agreement of the loan. It will be bound to a bank card for subsequent repayments, so can the credit card be used to repay the loan? Do I need to pay off my credit card to get a mortgage? Next, let’s learn about it together.
Nowadays, when many people need money, they take out loans through loan companies. Generally, repayment is done after the loan. Generally, if repayment is required, it is done when making the repayment agreement of the loan. It will be bound to a bank card for subsequent repayments, so can the credit card be used to repay the loan? Do I need to pay off my credit card to get a mortgage? Next, let’s learn about it together.
Can a credit card be used to repay a loan?
1. If we go directly to the bank’s app, it is not possible to repay the loan with a credit card. If you want to repay the loan with a credit card, you can only withdraw cash. Under normal circumstances, credit cards have a 50% cash withdrawal limit. We can withdraw cash from the credit card at an ATM machine or online banking, and then use the money to repay the loan.
2. Credit cards are special carrier cards issued by banks to individuals and organizations, which can be used to purchase and consume from specially contracted organizations and deposit and withdraw cash from banks. They have consumer credit. In layman's terms, a credit card is a small loan payment tool provided by banks to users to consume first and repay later.
3. Credit card consumption can only be used for activities such as shopping in shopping malls. Credit cards can be used to purchase cars and houses, but there are no points. Therefore, the so-called using a credit card to repay the loan is actually withdrawing cash from the credit card to repay the loan.
Do I have to pay off my credit card to pay off my mortgage?
1. No bank stipulates that credit card debt must be paid off before taking out a loan, but some banks will treat credit card debt as a liability when calculating the approval limit, which will reduce the loan limit. .
2. However, if the credit card is in the process of repayment, it also means that the repayment ability is not very strong, and the bank will consider the repayment ability.
3. If you have money in your hands, be sure to exchange the money in your credit card first, because the interest on credit card repayment is actually higher than 18%. If you take a 30% discount on a mortgage for more than 5 years, 4. Calculated at 158%, it is more than three times higher than the mortgage interest rate, which is a waste of money.
The above is about whether you can repay a loan with a credit card and whether you need to pay off the credit card when applying for a mortgage. Using a credit card is actually similar to a loan. You consume first and then repay. If you plan to use a credit card to buy a house, you must know whether you have the ability to repay. After using the credit card, it will be very serious if you fail to make the payment.
Can a credit card be used to repay a loan?
The person concerned can use a credit card to repay the loan. Credit cards have bank credit lines and overdraft functions, but credit card holders cannot directly use the credit card to repay the loan. Instead, they must withdraw the credit line of the credit card in cash and then use it to repay the loan.
Extended information:
How to withdraw cash with a credit card
Credit card withdrawals mainly include overdraft withdrawals and overpayment withdrawals. Overdraft withdrawals are made by the bank for the cardholder. The small-amount cash loans provided help cardholders flexibly allocate funds when they are in urgent need.
Cash withdrawal of overpayment refers to the funds that credit card customers overpaid when repaying or the funds deposited in the credit card account. A certain amount of handling fee is required to withdraw the overpayment. This amount can increase the available limit of the cardholder's credit card or be used directly for consumption repayment. If there is an overpayment on the credit card, the overpayment will be deducted first and then the credit limit. If the overpayment is greater than the consumption amount, there will be no overdraft.
Can a credit card directly repay a loan?
Can a credit card directly repay a loan?
Can a credit card directly repay a loan? Credit cards are issued by banks to individuals and organizations. It is a special carrier card with consumer credit that can be used to shop and consume from special entities and deposit and withdraw cash from banks. The following is the answer to whether a credit card can directly repay a loan.
Can a credit card be used to repay a loan directly? 1
A credit card cannot be used to repay a loan.
Credit cards cannot be used directly to repay loans, because this is a cash-out behavior and is a taboo for banks. Once such behavior is discovered, the card will be locked directly and will be included in the blacklist. Whether you want to apply for a card or get a loan, it will be very difficult. However, you can withdraw the money from the credit card directly, or you can repay the money from the credit card through transfer. These two methods are allowed by banks, because using these two methods, you yourself bear the responsibility of credit card overdraft withdrawal. The interest that needs to be paid.
The application methods for credit cards are:
1. Apply at the counter. Individuals need to bring their credit certificate to the bank counter to apply.
2. Online banking application. You can choose to apply for a credit card under the credit card service page, fill in the information and submit it. The review progress and results will be displayed on the online banking.
3. Apply by phone. By calling the bank’s customer service number, individuals can operate according to the voice prompts.
How to apply for a credit card the fastest
Choose the right card issuer
Different banks have different application thresholds for credit cards. For example, the four major state-owned banks have relatively high thresholds and a stronger awareness of risk control, so they will be more strict in selecting applicants. If the cardholder has good credit, repayment ability and financial ability, you can choose a state-owned bank. credit card.
If you are not qualified in terms of qualifications and cannot meet the high requirements of the bank, you can try to apply for a credit card from a commercial bank, such as China Merchants Bank, Industrial Bank, Minsheng Bank, etc. These banks have requirements for applicants. Relatively loose.
Meet the conditions for priority application of credit cards
If your personal fixed assets, personal credit, bank deposits, etc. are all very high, it is very easy to apply for a credit card. The salesperson in charge of credit cards is eager to have customers like this, and will even take the initiative to make an appointment with you and come to your door to apply for a credit card in person.
Try to apply online
Generally speaking, applying for a credit card online is the fastest and can save you a lot of tedious processes. After logging into the official website of the card issuer, you will usually see the entrance to apply for a credit card. After filling in and submitting the relevant information, the bank's salesperson will contact you within 24 hours. After successfully passing the interview, you can get it within one to two weeks. to a credit card.
Can I repay the loan directly with a credit card 2
If we directly use the bank’s app, it is not possible to repay the loan with a credit card. If you want to repay the loan with a credit card, you can only withdraw cash. Under normal circumstances, credit cards have a 50% cash withdrawal limit. We can withdraw cash from the credit card at an ATM machine or online banking, and then use the money to repay the loan.
Credit cards are special carrier cards issued by banks to individuals and organizations, which can be used to shop and consume with special organizations, deposit and withdraw cash from banks, and have consumer credit. In layman's terms, a credit card is a small loan payment tool provided by banks to users to consume first and repay later. But this kind of consumption can only be used for activities such as shopping in shopping malls. Credit cards can be used to purchase cars, houses, etc., but there are no points. Therefore, the so-called using a credit card to repay the loan is actually withdrawing cash from the credit card to repay the loan. Once a credit card uses the cash withdrawal service, it is the beginning of the cardholder's interest "trap": various banks charge a handling fee ranging from 0.5% to 1% for domestic cash withdrawals. In addition to the handling fee, the cardholder must also pay There is interest, calculated based on the daily interest rate of 5% and the annual interest rate of 18%. It is equivalent to borrowing a high-interest loan in addition to the mortgage.
Credit card application conditions:
1. Aged 18 or above;
2. Hold a valid ID card;
3. None Bad credit record;
4. Proof of regular employment;
5. Proof of income stamped with the financial seal of the unit;
6. Other proof of financial resources, such as Real estate, cars, stocks, bonds, etc.;
7. Social pension insurance certificate;
8. Provide two contacts.
The first three conditions must be met, and providing 4-7 supporting materials as much as possible will increase the success rate of card application and credit limit.
Can a credit card be used to repay a loan directly? 3
On December 16, it was learned from the official website of the China Banking and Insurance Regulatory Commission that the China Banking and Insurance Regulatory Commission issued the "Notice on Further Promoting the Standardized and Healthy Development of the Credit Card Business" (Draft for Comments)" Announcement for Public Comments.
The "Notice" requires that banking financial institutions should take effective measures to promptly and accurately monitor and control the actual use of credit card funds. Credit card funds must not be used to repay loans, investments, etc., and are strictly prohibited from flowing into policy-restricted or prohibited areas.
The "Notice" requires banks not to directly or indirectly use card issuance volume, number of customers, market share or market ranking as the single or main assessment indicator.
Strengthen the dynamic monitoring and management of sleep credit cards. The number of long-term sleep credit cards that have had no active transactions from customers for more than 18 consecutive months and whose current overdraft balance and overpayment are zero accounts for the proportion of the total number of cards issued by this institution at any point in time. No amount shall exceed 20%, except for credit cards with additional policy features.
Banks exceeding this ratio are not allowed to issue new cards. In the future, the China Banking and Insurance Regulatory Commission will dynamically lower the limit on the proportion of long-term sleep credit cards and continue to urge the industry to reduce the proportion of sleep cards to a lower level.
In addition, the "Notice" also lists prohibited marketing activities such as default check-box consent and forced bundling sales, and clearly stipulates that without unified internal qualifications of the bank, no one is allowed to engage in the institution's credit card issuance marketing activities. .
Warm reminder
1. Failure to pay off the minimum payment of the current bill within the due payment date (including the 3-day grace period) is considered overdue.
2. If the card has been suspended and needs to be restored, please call the customer service number of the credit card center for consultation.
3. To repay the China Merchants Bank credit card through transfer from other banks, it is recommended to handle it 1-2 days in advance, and pay attention to the timeliness of the account.
4. There will be no fees for full repayment, and interest fees will be incurred for the minimum repayment.