How to use the cash advance function of a credit card?

Cash advance is one of the basic functions of a credit card. The so-called cash advance is to convert the credit limit of the credit card into a deposit account. Small cash loans can be provided, and cardholders can obtain funds without pre-deposit. According to the processing channels, they can be divided into cash withdrawals and overdraft transfers. So, how to use the cash advance function of a credit card?

1. There are many restrictions on overdraft withdrawals: Credit card overdraft withdrawals generally do not exceed 50 of the credit limit (for cash withdrawals, cash transfers, and cash installments), and do not exceed the current available limit of the card. The amount of cash withdrawals is also limited upper limit. When withdrawing cash through the UnionPay network in China, the cumulative daily cash withdrawal amount per card through counter channels and self-service machine (such as ATM) channels shall not exceed 30,000 yuan. The daily overdraft cash withdrawal limit for each card through counter channels is 20,000 yuan. The card's daily overdraft cash withdrawal limit is 10,000 yuan.

2. Cash advances do not enjoy the minimum repayment amount: credit card overdraft transfers and overdraft cash withdrawals cannot be repaid according to the minimum repayment amount and need to be paid off in one go before the specified repayment date. At the same time, the business expenses of cash advance also include handling fees and interest. In terms of handling fees, each bank has different standards for cash withdrawals. In terms of interest, interest-free repayment is not available from the day of application to the date of settlement.

3. Usually, the cumulative cash advance limit of a bank shall not exceed 50% of the total credit limit. However, it is not easy to borrow money from banks. There are many restrictions on the amount and repayment of cash withdrawals and overdraft transfers. Cardholders need to pay extra attention to avoid overdue situations.

The above is an introduction to how to use the cash advance function of a credit card, please adopt it.

Is there a credit check for a credit card cash advance? This situation will have an impact

After applying for a credit card, many cardholders will encounter times when they are short of money. In this case, they can apply for a credit card cash advance. Many people don't know much about credit card cash advances and are afraid of going through a credit check when applying. So, what is the real situation? Let me introduce it to you here.

Does it cost a credit card to borrow cash?

Under normal circumstances, a separate account will be opened for credit reporting business at the bank. However, if the cash advance is handled in a credit card account, there is no independent account, so the credit reporting will not be reported after the application is successful. of. However, this does not mean that the cash advance has nothing to do with credit reporting. This still depends on the repayment after the cash advance.

If you can repay the loan on time after successfully applying for a cash advance, your personal credit will not be affected. On the contrary, if it is overdue, it will inevitably affect your credit. Here everyone needs to know how to repay the cash advance.

Many bank cash advance loans do not support installments, nor do they allow minimum repayment. After successful application, the principal of the cash advance and the interest generated must be repaid in one go until the final repayment date. Otherwise, if you miss the payment, the bank will consider you overdue and report the overdue record to the central bank's credit reporting system, which will create a bad credit record.

Many people think that credit card cash advances can be helpful in increasing your balance. This is indeed true. Use your credit card to borrow cash in moderation and repay it in full and on time. The bank will think that firstly, you have the ability to repay and secondly, you have good credit, so it will be much easier to apply for a limit increase.

However, it is not recommended that you use this method to raise the balance, because there are certain risks in borrowing cash in advance. If the amount of cash advance is too large, it will be very difficult to pay it back in one go. It is easy to be overdue, which will not only damage your credit, but also cause your credit card to be reduced.

Comprehensive introduction to credit card cash advance (interest on limit repayment method)

Credit card cash advance is a credit card overdraft withdrawal, and overdraft interest will be charged from the bank accounting date. However, many friends are not clear about the amount, interest and repayment method of cash advance. This article will give you a comprehensive introduction.

1. What does the credit card cash advance limit mean?

Credit card cash advance means that the cardholder uses the credit limit to overdraft and withdraw cash, and the cash advance limit means that the cardholder uses the credit card to withdraw cash. The maximum amount of cash you can withdraw through self-service terminals such as ATMs. Generally speaking, the amount of cash advance you can borrow ranges from one-third to the full amount of your credit limit. However, some banks have daily limit requirements. If you need money urgently, you can use this function for temporary turnover. No guarantee is required within the limit and you can get cash quickly.

2. How to repay a cash advance borrowed by a credit card

For cash advances, many friends want to know whether they can apply for installments. Most banks cannot handle cash advance installments, but China Merchants Bank provides cash installment services. In addition, cash advance loans should be repaid in full as soon as possible. The bank will calculate the loan interest (compounded daily and monthly) from the day the cash is withdrawn, and the annualized rate can be as high as 10%. Many banks have issued new regulations on cash advance business, adjusting repayment In the future, cash advances cannot enjoy the minimum full amount treatment. For details, please see: 2018 New Regulations on Credit Card Cash Withdrawals

3. How to calculate the interest on credit card cash advances

Cash advances by credit cards cannot be used. Enjoy the interest-free treatment, and charge interest at a daily interest rate of 5% from the accounting date, and compound interest on a monthly basis. Taking the China Merchants Bank credit card as an example, you not only have to pay interest on the cash advance amount, but also charge certain procedures. No matter which method is used for cash advance, the minimum charge for domestic RMB is 10/transaction, and the minimum charge for overseas (including Hong Kong, Macao, and Taiwan) is 30/transaction. $3/transaction.

What does credit card cash advance business include? Pay attention to these matters

Credit card cash advance can be provided to cardholders. Although it is not interest-free, it can be used for those who need money urgently. It is also a life-saving straw for my friends. If you want to apply for a credit card cash advance, it is best to understand what its business types include and what matters need to be paid attention to.

Credit card advance loan. What does cash business include?

The credit card cash advance business of many banks includes two types, one is credit card cash withdrawal and the other is credit card transfer.

1. Credit card cash withdrawal: that is, holding cash. Cardholders can use ATM machines or bank branch counters to withdraw the credit limit and exchange it for cash.

2. Credit card transfer: You need to apply to the bank, and the bank will transfer the money from the credit card. You can withdraw cash from the debit card in your name provided by the cardholder, or make direct purchases.

What should you pay attention to when borrowing cash from a credit card?

First of all, you should pay attention to it. Quota. No matter what kind of cash advance business you handle, there is a limit, which is up to 50% of the credit card limit. There is also a single limit depending on the processing channel.

In addition, pay attention to the fees. Interest will be calculated at a daily interest rate of 5/10,000 from the date of success, and you will also have to pay a cash withdrawal fee or a transfer service fee, which is usually 1 to 3% of the processing amount.

Finally, pay attention to the payment. The cash advance principal and the handling fees and service fees incurred will be included in the minimum repayment amount of the bill. It cannot be paid in installments and the minimum repayment cannot be made. If it is not repaid in full, it will be overdue. Not only will it affect your credit, it will also result in high penalty rates.

The above is the relevant introduction to "what is included in the credit card cash advance business", I hope it will be helpful to everyone.

How to apply for/activate a CMB credit card cash advance

If you have a CMB credit card, you can apply for a credit card cash advance to obtain emergency funds when you encounter an urgent need. Then, this cash advance business can provide you with emergency funds. How to apply? What are the requirements? Let’s find out together.

Many cardholders don’t know much about this cash advance. Cash advance is one of the basic functions of a credit card. For a small cash loan, the cardholder can obtain funds through cash withdrawal or overdraft withdrawal without pre-depositing in the credit card.

However, there are preconditions for using this function. This condition is that your credit card must set a transaction password and activate the cash advance function. Let’s introduce it to you separately.

1. CMB credit card transaction password setting

There are many channels to set CMB credit card transaction password. You can use Palm Life APP, Mobile Banking APP (Pad Bank), Online Banking, Customer Service The details are as follows:

1. Mobile Life: First download a China Merchants Bank Credit Card Mobile Life app, then click "Card Payment" → "Card Manager" and select "I want to open a card". Follow the prompts to set a transaction password.

2. Mobile Banking: Download CMB Mobile Banking on your mobile phone. After logging in, enter "Card Management", find "Transaction Password Management" and set the transaction password.

3. Online banking: Open the official website of China Merchants Bank Credit Card, log in and enter "Card Management", find "Transaction Password Management", if it is not set, you can set it according to the prompts.

4. Telephone voice: Use the reserved mobile phone number to call the China Merchants Bank credit card service hotline, enter the 6-digit phone password to verify your identity, and then follow the voice prompts to enter the transaction password setting.

2. How to activate the cash advance function

After setting the transaction password, we can activate the cash advance service. There are multiple processing channels, as follows:

1. Online processing: You can activate the cash advance function through credit card online banking, mobile banking, Pad banking, and mobile life;

2. Telephone processing: You can call the China Merchants Bank credit card service hotline, Activate the cash advance function in the credit card customer service hotline voice system.

What are the methods of credit card cash advance

In addition to overdraft consumption, credit cards also have the function of cash advance, which means that when cardholders are in urgent need of funds, they can Funds can be obtained through this function. However, starting in 2017, there is another way to use credit cards to advance cash. Below, I will introduce to you how to use credit cards to advance cash.

Introduction to credit card cash advance methods

2017 is a new credit card regulation that clearly defines the types of cash advance business and mainly divides cash advance business into cash withdrawals, cash transfers and There are three types of cash recharge, the specific methods are as follows:

1. Cash withdrawal:

It means that you can withdraw cash at bank counters, ATM machines and other self-service devices with your credit card and transaction password. , please note that the logo on the ATM machine for withdrawing cash must be the same as that on the credit card, otherwise you will not be able to withdraw cash. If you want to withdraw cash, you must set a transaction password.

2. Cash transfer:

It refers to calling the credit card’s 24-hour customer service hotline and following the voice prompts, or logging into the credit card online banking, selecting Account Management → Cash Advance, and following the system Follow the prompts to transfer the amount in the credit card to the debit card account in your name.

3. Cash recharge:

This is a cash advance method under the new credit card regulations. It means that when the debit card does not have sufficient funds, you can use Use a credit card to recharge third-party payment accounts such as WeChat and Alipay. Please note that the payment account should be your bank settlement account and your payment account respectively. You cannot use other people's credit cards to recharge your own Alipay.

Summary: No matter which method you use to handle cash advance business, you need to note that cash advance cannot enjoy the interest-free repayment period, which means that you cannot apply for a cash advance loan. From the day of the transaction, the bank will charge interest based on the daily expected annualized interest rate of 5/10,000, and compound interest will be charged on a monthly basis, so do not handle this business unless necessary.

That’s it for the introduction to pre-loan credit cards.