Credit card is a payment method that can meet people's daily consumption. It has the characteristics of consumption first and repayment later, and is loved by the majority of card friends. For some friends who have temporary financial difficulties, they may want to borrow some money from a credit card to relieve the temporary financial pressure, but they are not sure whether this idea is feasible. After all, can I borrow money with a credit card? Is the interest rate high for borrowing money with a credit card? Let me give you a unified answer~

Can I borrow money using a credit card?

Although the credit card itself does not have funds deposited, the bank will give the cardholder a certain virtual credit limit for the cardholder's daily basic consumption. As far as I know, you can borrow money with a credit card. The specific method of borrowing money is actually the familiar credit card withdrawal, etc. Let’s talk to you about several ways to borrow money with a credit card.

1. Cash installment

Credit card cash installment is one of the most common functions of a credit card. As long as the cardholder explains the use of his funds, loan limit and other After receiving the relevant information, most banks will transfer the funds directly to the cardholder's card. This method of borrowing money with a credit card has no interest, but there will be a certain handling fee, so in actual use, the overall calculation of the funds consumed is relatively large.

2. Credit card loan

Credit card loan is the most direct and highest-amount way to borrow money using a credit card. The amount you can apply for through this method of borrowing money is high, but the application will be more difficult. After all, there is a big difference between applying for a loan and handling ordinary credit card business. Generally, banks will determine the credit limit or increase the credit card limit based on the cardholder's card usage and personal assets.

3. Cash advance

Cash advance is the credit card cash withdrawal I mentioned above. The operation is very simple. Cardholders only need to use their credit card to withdraw the amount of cash they want from the ATM machine. However, the cash withdrawal limit will vary according to the type of credit card and different cash policies. Most credit cards have a cash withdrawal limit of 30 or 50. The specific amount of cash withdrawal needs to be subject to the actual situation.

How to calculate interest on credit card borrowing?

As far as I know, credit card cash withdrawal interest is generally calculated based on an interest rate of 0.5% per day and is charged monthly. Different banks have different interest charging standards for credit card cash withdrawals, and the interest charging standards for domestic and overseas cash withdrawals are also different. These are all points that everyone needs to pay attention to.

In fact, you can borrow money with a credit card, and there is more than one way to borrow money. You can choose the credit card borrowing method that suits you according to my introduction above.