The difference between Alipay credit card and Huabei

There are three obvious differences between Huabei and credit card:

1. Application threshold

As we all know, credit card applications are subject to strict review. The age, job, education, assets and other information of the card applicant are required to ensure that the applicant has good repayment ability before the card is approved. The threshold for Huabei is relatively low. The performance is particularly obvious in the review of college students. Credit card applications for college students are subject to strict review, and the credit card limits launched by banks specifically for college students are not high, and the initial limit may even be 0. In contrast, Huabei does not have as high requirements as bank credit cards. You only need to fill in the information on Alipay to apply, or you can open it with a Sesame score of 500 or more.

2. Convenience of use

1. Applicable scenarios: The credit card center has strategic preferential cooperation with many merchants, and discounts can be provided for card consumption in specific scenarios. Nowadays, mobile payment consumption through APPs of banks such as China Merchants Bank and Communications Bank is also very convenient. Huabei has joined more than 40 e-commerce platforms, such as Meituan, Amazon, Jumei Youpin, etc., and has connected with many merchants that accept Alipay payments.

2. Interest-free period: Huabei’s longest interest-free period is 41 days. Credit card regulations vary according to each bank’s interest-free period, which can be up to 60 days.

3. Repayment methods: Different repayment methods, Huabei and credit cards, each have their own advantages. If you choose bill installment, most banks' installment fees are lower than Huabei. But if you choose the minimum repayment, Huabei’s minimum repayment will calculate the interest on the unpaid amount, which is more cost-effective than the bank calculating the interest on the full amount.

3. Credit reporting

Currently, Huabei has not yet accessed credit reporting. Compared with credit cards, everyone knows that the credit report is already on when you apply for a card, and you should be extra careful about credit issues when using it later. Because Huabei "consumes first, repays later", many people sometimes use it without restraint, resulting in not being able to pay back the money. Some people simply refuse to pay it back. Huabei is currently not connected to the central bank's credit reporting center, so overdue records will not be uploaded to the central bank's credit reporting center. However, Huabei’s overdue negative records will be reported to Zhima Credit, which may affect Zhima Credit scores. In addition, when Huabei is overdue, corresponding overdue fees will be incurred, which are generally charged at an interest rate of 0.05% per day.

The difference between credit card and Huabei

The difference between credit card and Huabei: 1. The threshold of Huabei when applying is lower than that of credit card; 2. Some users of Huabei have not yet accessed credit information System, all credit cards are connected; 3. You can use installment repayment after use, but the installment rates are different. Furthermore, Huabei provides deferred repayment, which is not supported by credit cards; 4. There are certain differences in the scope of use, etc.

Credit cards and Huabei must be repaid on time after use. Overdue repayment is not allowed, because overdue repayment will accrue penalty interest, and the longer the time, the greater the penalty interest. Moreover, collection will be carried out after the due date. A common collection method is to call the borrower's phone number and continue to collect the money until the user returns it.

When Huabei is activated for the first time, the billing date given by the system is the 1st of each month, and the repayment date is the 9th or 10th of each month (whichever is displayed). After one year, you can apply to change the repayment date to the 15th or 20th, and the billing date to the 5th or 10th.

The credit card statement date and repayment date can be adjusted according to your actual situation. There is no time limit. However, there are limits on the number of adjustments per year, and different bank regulations vary. In order to avoid using credit cards or making late repayments on Huabei, you must measure your repayment ability and know what aspects of income to use for repayment.

Version information: Take Alipay version 10.2.60.8000, Apple 13 (IOS15.4.1 system), Huawei mate40 (HarmonyOS2 system) as examples.

Which one is more practical, Huabei or a credit card? A comparison of the four aspects will make it clear!

Both Huabei and credit cards can be used for overdraft consumption in advance, and you can also enjoy interest-free after consumption. For this reason, it is not a matter of being compared once or twice. Many people want to know who is better. Better than that. Today, I will analyze for you from four aspects, which one is more practical, Huabei or credit card.

1. In terms of quota:

The maximum quota of Huabei is only 30,000 yuan, and many users generally only have a quota of more than 10,000 yuan.

In contrast, credit card limits are relatively higher, especially credit cards from commercial banks, such as China Merchants Bank, Bank of Communications, etc. Customers with average qualifications can have a limit of 10,000 yuan without any problem.

In addition, it is also difficult to increase the credit limit of Huabei. I have used Huabei for several years, but the maximum is only 10,000 yuan. However, credit cards are different. As long as you repay on time and spend more with the card, you can often make more purchases. If you do it in installments, the rate of increase is very fast. Generally, it can take up to 6 months to increase the amount.

2. Interest-free:

Although Huabei and credit card purchases can enjoy interest-free, the interest-free period is different. It is obvious that Huabei’s interest-free period is shorter. , the bill is issued on the 1st of each month, and the payment must be made on the 9th or 10th. If you want to enjoy the longest interest-free period, you have to spend 30 days after the 10th.

In contrast, the interest-free period of a credit card is much longer. Although the shortest interest-free period is only more than 20 days, if you spend the day after the bill date, you can have the longest interest-free period. The interest-free period lasts for more than 50 days, not to mention that credit cards can also extend the interest-free period by modifying the statement date.

3. Credit bureau:

Many friends think that the reason why Huabei is more practical than credit cards is that Huabei does not need to be listed on the credit bureau, so they definitely do not use credit cards. What I want to say is that using Huabei may also lead to a credit report, especially after the Huabei service is upgraded and Ant Small Loan cooperates with other banks or financial institutions to lend. In this case, the credit report will also be 100% .

In addition, the impact of Huabei's credit report is greater than that of a credit card. Especially when applying for bank credit business, the bank will think that you must be short of money if you want to borrow even this small amount of money. But credit cards are different. If you repay on time, the bank will see that your credit report is good and it will be easier to approve.

4. Discounts:

Although Huabei can be consumed online and offline, there are no discounts. But credit cards are different. You can make money by participating in bank preferential activities. Merchants with points can also earn points. When the points reach a certain level, you can go to the credit card mall to exchange for physical goods, etc., and you can also recharge phone bills. Which is practical? You will know after a comparison.

In short, which one is more practical, Huabei or credit card? Through the comparison of the above four aspects, it is not difficult to find that credit card is indeed slightly better than Huabei.

I would like to ask if Huabei is the same as a credit card?

Huabei is different from a credit card. The two have nothing to do with each other and are not linked.

Huabei is a "spend first, repay later" payment method launched by Alipay. The limit ranges from 500 yuan to 50,000 yuan. Cash withdrawals and transfers are not allowed. Delays, installments, and minimum repayments are available. ; And a credit card is an overdraft financial instrument issued by a bank with a physical card. It can be withdrawn in cash, but cannot be cashed out. It can be repaid in installments with a minimum amount.