How to repay each other with two credit cards, both "eat and vegetables"

What should I do if I have no money to repay the credit card on the final payment day? Failure to repay means that we will face Overdue credit cards will affect your personal credit record. In fact, card friends can use two credit cards to repay each other. Today I will tell card friends how to repay each other with two credit cards.

1. Withdraw cash by credit card

You can directly withdraw the amount in one of the credit cards and repay it at an ATM or counter. This is a more formal way. However, the bank will charge a handling fee and a daily interest of 0.05%. Each bank has different rules regarding the specific withdrawal fees. Using this method, the cardholder needs to keep track of the billing dates and repayment dates of the two credit cards.

Tip: The billing date of card B must be the same as the repayment date of card A, and the billing date of card A must be the repayment date of card B. For example, for Card A, the bill date is the 19th and the repayment date is the 9th; for Card B, the bill date is the 5th and the repayment date is the 25th.

2. Help others to swipe their cards

Use another credit card to swipe a friend's card and let them pay their own cash. The cash obtained can be used to return the other credit card. It is suitable for small businesses. Amount of repayment.

3. Use a credit card to swipe orders at the merchant’s POS machine. The merchant will give you cash. This is actually a credit card arbitrage behavior. In addition, credit card cash-out merchants have many customers, and the POS machines of cash-out merchants are easily targeted by banks, which may cause cardholders to have their cards blocked by the bank.

How do two credit cards repay each other?

Use an ATM or counter to withdraw cash from another credit card and repay it. This is the only formal way to repay a credit card with a credit card! But this comes at a cost, namely handling fees and daily expenses. Five-fifths of the interest.

Never follow the various online methods of using credit cards to recharge Alipay, online Taobao refunds, and swiping cards to give cash! In addition to ATM and counter cash withdrawals, other methods can be understood as credit card cash out. Cashing out by credit card means withdrawing the money within the limit in cash without paying any handling fees and interest. Cashing out by credit card is illegal. Cashing out on a credit card itself carries great risks. If the bank discovers malicious cashing out, it may freeze and deactivate the credit card. Serious arbitrage behavior requires legal responsibility and imprisonment.

Since February 8, 2012, Alipay has closed the channel for recharging Alipay with credit cards. The reason is that many Alipay users use credit card limits to top up Alipay and then withdraw cash. This is a kind of credit card arbitrage behavior! Since then, many third-party payment platforms on the Internet have also closed credit card recharge channels.

You can transfer the money from your debit card to Alipay to repay the credit card. Currently, the Alipay computer client is free of charge for repaying one's own credit card, and the Alipay mobile client is free of charge for repaying one's own credit card and other people's credit cards.

Although it is convenient to maintain a credit card, you still have to repay the full amount in cash and pay interest in the end. “If you don’t consume rationally, the final repayment pressure will be great. Once you max out your credit card, If you are unable to repay the debt in time, it will not only lead to personal credit bankruptcy, but also the bank.” At the same time, he also reminded those who have multiple cards, especially those who "use cards to support cards", to remember the repayment period of each card clearly to avoid penalty interest for delayed repayment.

How to repay each other with two credit cards

Method: The main principle of repaying each other with two credit cards is the time difference, staggering the repayment dates of the two credit cards. When the repayment period of the first credit card is about to expire, withdraw the balance from the second credit card and then pay it back to the first credit card. Wait until the repayment period of the second credit card is approaching, and then withdraw the limit of the first credit card. However, the gap between the repayment dates of the two credit cards should be as far apart as possible. Otherwise, if one credit card is paid off at the beginning and withdrawn later, the damage to the card will be great, but after a period of time, there will basically be no problem. negative impact. Rather than withdrawing the credit card balance directly, many friends will choose to use a POS machine to swipe it out.

After all, cash withdrawals will incur handling fees and interest, and using a POS machine to swipe it out simulates user consumption. You can use the interest-free period of your credit card to minimize losses.

It seems that the method of using POS machine to withdraw cash is almost lossless, but in fact the risk is very high. Because various payment industries have been greatly restricted now, many private POS machines have code hopping, and merchant types no longer support personal settings. In other words, you may have made a purchase of 900, but the merchant type shows a breakfast shop. If this kind of consumption limit obviously does not match the type of merchant, if it is really only once, the bank will not pay too much attention to the card, but as long as it occurs more than twice, it will immediately attract the attention of the bank, and in serious cases, it will directly lead to the credit card Derated or even banned.

To sum up, although it is possible in principle to repay each other between two credit cards, the negative impact on the cards will be relatively large, so everyone should try to use it as little as possible. .

Notes

If you withdraw cash directly from your credit card, the rate is relatively high. If a friend opens a store, you can directly go to the friend's store to swipe the card to cash out, or simply buy one yourself. Use a POS machine to swipe. Although cashing out is not allowed by banks, it is fine as long as the user does not make it too obvious or exaggerated. Friends, please do not swipe whole amounts from your credit card at once. Although the amount will be easier to remember, this behavior is too obvious and can easily be monitored by the bank and cashed out. Presumably the reason why you can't pay off your credit card is simply due to too much consumption. Friends, you can try to repay in installments, which can not only reduce the monthly repayment pressure, but also help to increase the credit card limit, but it is best not to exceed 6 installments. , otherwise it won’t be of much help to increase your credit card limit.

The cost of using credit card mutual repayment techniques is very high

In normal times, many people have several credit cards. At this time, many people think about repaying each other with credit cards, so as to avoid paying off their own credit cards. payment. So what are the tips for repaying each other with credit cards? Have you noticed it in your daily life? Below I will give you a detailed introduction so that you can use it correctly.

The trick for credit card mutual repayment is to use card A to withdraw cash and return it to card B, and then use card B to withdraw cash and return it to card A. However, there must be a certain interval between repayment dates. This method of returning a credit card is very uneconomical because withdrawing cash with a credit card will incur a certain fee.

The interest on credit card cash withdrawals is calculated based on the daily interest rate of 5/10,000, until the user returns all the cash withdrawal amount, and a certain handling fee is required when withdrawing cash. Different banks charge different handling fees. Yes, it is easy to fall into a high credit card debt crisis with this kind of repayment method, and eventually become a card slave.

In fact, when users cannot repay on time, they can use installment repayment or the minimum repayment amount. When using installment repayment, they can choose different installments. When choosing the installment, they are all based on It is determined by your monthly income. When your personal income is relatively large, users can choose a shorter number of installments.

In order to avoid being unable to repay credit cards on time, users must not exceed their personal tolerance when using credit cards on a daily basis. Generally, the monthly consumption limit does not exceed 50% of the monthly income to ensure on-time repayment. In fact, when an individual cannot repay the loan on time, he or she can borrow money from friends around him to repay it, thus effectively avoiding overdue loans.

When repayment difficulties occur, users should promptly reduce their consumption limit and increase their income at the same time, so that the debt can be paid off as soon as possible. In order to avoid excessive consumption in the future, users can set consumption limits or proactively request to reduce the credit card limit. This can gradually reduce the amount of debt owed, and can be paid back slowly and on time in the future.

Can credit cards repay each other?

Credit cards cannot repay each other, and credit cards cannot directly transfer repayments between credit cards. However, You can use the cash advance service to withdraw cash and repay it to another credit card, but credit card cash advances will charge interest and handling fees (maybe any).

Therefore, if two credit cards are used to repay each other in this way for a long time, a large amount of interest and handling fees will be accumulated. So it is better to develop good consumption and repayment habits.

Credit card repayment methods

The methods within the card issuing bank include: card issuing bank counter, ATM, online banking, automatic transfer, telephone banking repayment, etc. After repayment, the credit card limit will be restored immediately, and the payment will generally be credited to the account after the system processes it on the same day.

Weiyintong POS mobile phone and Weiyintong POS mobile phone are a mobile financial system personal payment terminals that can be used to directly repay by swiping cards, as well as perform transfers and other services. Instant payment!

Transfer/remittance repayment is mainly divided into two methods: inter-bank inter-bank in the same city and inter-bank inter-bank in different places. Regardless of the method of transfer or remittance, the remittance bank will charge a certain fee. At the same time, the time it takes for the money to arrive and the convenience of repayment are not as good as intra-peer repayment, online repayment, convenience store repayment and other methods.

The more common domestic online platforms for online repayment include: UnionPay Online, Kuaiqian, Shengfutong, Alipay, Tenpay, etc. Depending on the platform and bank you choose, the charging standards and specific payment arrival time will be different.

This method of convenience store repayment is mainly completed through the "Lakala" smart payment terminal installed in the convenience store. Generally, the payment time takes 2 to 3 working days. At the same time, using this There is no handling fee for repayment.

Counter repayment counter refers to bank cards issued by various networked financial institutions, which can be used to conduct RMB current deposit and withdrawal transactions through the counters of other bank branches registered in the UnionPay exchange center host system.

The "Xinpaytong" smart credit card phone for repayment is an innovative electronic product independently developed by China UnionPay, certified by the Bank Card Testing Center, and supported by financial services provided by China UnionPay's inter-bank information exchange network.

Repayment Tong uses "Repayment Tong" to repay, and the fees are generally charged according to the fee standards for intra-city inter-bank transfers and long-distance inter-bank remittances stipulated by the local People's Bank of China.

Other methods In addition to the methods mentioned above, card issuers have also opened their own unique repayment methods in order to facilitate cardholders' repayment.

That’s it for the introduction of how to repay each other with credit cards.