Can I pay off my credit card with a credit card? How to pay off a credit card?

Can I pay off my credit card with a credit card?

Credit cards can be used to repay credit cards, provided that you have two credit cards and the credit card used for repayment has a higher limit than the credit card to be repaid.

Method 1: Withdraw cash and repay through bank counters, ATMs, etc. The most direct way is to withdraw cash and then repay the credit card. The disadvantage of this repayment method is that there are handling fees. Some banks have no handling fees for credit card withdrawals (this requires a full understanding of the credit card you have), and the amount of direct cash withdrawal will be directly included in the fees payable in the next repayment cycle. In other words, it can only relieve your immediate needs, but you will still be in pain next month.

Credit cards have a limit that allows you to withdraw cash directly. If you are in a hurry, you can only use this stupid method.

Method 2: Recharge a third-party payment account with a credit card and then repay the payment

The advantage of using a third-party account as a transitional method of recharging first and then repaying is that you don’t have to withdraw money directly. Relevant operations can be completed online. What should be noted here is that this repayment method requires two steps. The first is to recharge the third-party account. Let’s take Alipay as an example. The second is to use Alipay to repay the credit card.

Comparison of fees for two credit card repayment methods

ICBC credit card cash withdrawal fee rules:

Free for local banks; 2 yuan/transaction for local inter-bank transactions; 1% of the amount of cash withdrawals from our bank, with a minimum of RMB 1 per transaction and a maximum of RMB 50 per transaction; 1% of the amount of cash withdrawals from other banks across the country, with a minimum of RMB 1 per transaction and a maximum of RMB 50 per transaction, plus an additional charge of RMB 2 per transaction Inter-bank handling fees.

ICBC credit card overdraft withdrawals do not enjoy the interest-free repayment period. From the accounting date to the repayment date, overdraft interest will be charged at a daily expected annualized interest rate of 5/10,000, calculated on a monthly basis. Compound interest.

Repay your own credit card: If the name on the account is the same as the name on the repayment credit card, the repayment will be free of charge. No matter whether the repayment is on the computer or the mobile client, there is no handling fee.

Situation 1 of repaying money for others: The account name is inconsistent with the name of the repayment credit card account. There are two situations. If you use Alipay wallet (Alipay mobile client) to repay, there is no handling fee. Situation 2 for repayment by others: If you repay for others on the computer client, you need to pay a handling fee. If you repay others on the computer, a service fee of the repayment amount will be charged (minimum 2 yuan/transaction, maximum 25 yuan/transaction) ).

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 withdraw it. 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.

How to repay by credit card

Method 1: Repay via third-party payment platform

Different platforms and different banks have different charges.

Advantages: Various and simple repayment methods, with a large space for choice;

Disadvantages: The account may not be received in time, and there are account security issues; in addition, many third-party repayment methods Repayment is not supported.

Method 2: Automatic repayment

Automatic repayment of credit cards is generally done by binding a bank debit card and activating the automatic repayment function, so that on the last credit card repayment date of each month Previously, banks would automatically transfer money from debit cards to credit card accounts. There are two automatic repayment methods: full repayment and minimum repayment. Cardholders can choose according to their own needs.

Advantages: Timely repayment is possible, and cardholders do not need to worry about repayment every month.

Disadvantages: If there are insufficient funds on the debit card, the repayment will fail and various overdue fees will be incurred.

Method 3: Online banking repayment

For online banking repayment, the cardholder only needs to turn on the computer and log in to the bank account to repay. However, it should be noted that different repayment banks have different charging standards and specific payment arrival times.

Advantages: Simple and hassle-free, no need to go to the bank counter, only a computer network is needed to repay the loan

Disadvantages: There are security issues such as password leakage and account theft; in addition, there is a charge A certain handling fee

Method 4: Mobile repayment

Mobile repayment is divided into mobile banking repayment and telephone repayment. For mobile banking repayment, as long as you make sure you have a debit card with sufficient balance, you can log in to mobile banking via your mobile phone and transfer funds to credit cards of the same person or across banks. Currently, mobile banking transfers from the five major banks are free of fees.

In addition, telephone repayment is completed by calling the customer service hotline of each bank to complete the repayment of the credit card. However, when making a phone repayment, cardholders usually have to go to the bank counter to bind their debit card, otherwise the bank does not support the phone repayment method.

Advantages: Repay at any time, more convenient; low risk;

Disadvantages: You need to activate the mobile repayment function at the counter first;

Method 5: Repay at an outlet Repayment

Going to the bank counter to repay is the most conservative method of repayment, and it can be credited to your account in real time. In addition to this, many cardholders also choose ATM machines to repay. ATMs are more convenient than counter repayments in terms of time, but the control of the amount is less accurate than counter repayments. Generally, more cash needs to be deposited than the repayment amount. If the repayment is made across banks, not only do you have to pay a certain inter-bank transfer fee, but you also cannot receive it in real time.

Advantages: The most direct, safe and relatively timely.

Disadvantages: time-consuming, energy-consuming, and subject to many restrictions on bank business hours, branches, etc. If the repayment is made across banks, not only do you have to pay a certain inter-bank transfer fee, but you also cannot receive it in real time.

How to pay off a credit card?

You can handle credit card repayment through the following channels:

1. Palm Bank: Please log in to the Palm Bank APP and click "Credit Card → Repayment" on the homepage to make your own Agricultural Bank of China credit card payment , repay other people's Agricultural Bank of China credit cards; click "Credit Card → Repayment → Set Agreed Repayment" to apply for automatic repayment of your own Agricultural Bank of China credit card debt.

2. Online banking: Please log in to personal online banking, click "Credit Card → Repayment → One-click Repayment" to repay your Agricultural Bank of China credit card debt; click "Credit Card → Repayment → Agreed Repayment", You can apply for automatic repayment of your own Agricultural Bank of China credit card debt; click "Credit Card → Repayment → Repay Other People's Cards" to repay other people's Agricultural Bank of China credit card debt.

Warm reminder: If you need to repay credit cards from other banks, you can do so through "transfer".

(Answer time: June 25, 2021. In case of business changes, please refer to the actual situation.)

This is the introduction of credit card repayment.