Credit cards cannot pay off mortgages.

1. Credit cards are used for convenience and discounts, but once used improperly, it is easy to cause additional losses; 2. Want to use the interest-free period of the credit card to repay the mortgage in disguise;

3. Credit cards cannot be used as repayment accounts for mortgages. Credit cards cannot use the credit limit to repay through consumption, and cannot enjoy the credit card's interest-free period of up to fifty days;

4. The so-called using a credit card to repay the mortgage is actually withdrawing cash from the credit card to repay the mortgage;

5. Once the credit card uses the cash withdrawal service, the cardholder must pay interest. , calculated based on the daily interest rate of 5 and the annual interest rate of 18, which is equivalent to borrowing a high-interest loan in addition to the housing loan.

Credit cards accrue interest of 0.5% per day, and compound interest is calculated monthly without calculating liquidated damages and late payment fees. The interest for one year is approximately equivalent to (1 30*5/10000)^12- 1= 0.195618171 That is, the annual interest rate is 19.5, which is several times the mortgage interest rate

Not to mention that high late fees will be levied before maturity. If interest is added, the interest compounding will be very expensive.

Credit cards are a good tool for short-term card consumption, and can also be used for installment payments of general commodities. At most, it can only be said that your funds are a little tight in a certain month, and you can withdraw some for emergency use in a short period of time. It is recommended not to use a credit card to pay off your mortgage.

Extended information:

Credit Card, also called credit card. It is a non-cash transaction payment method and a simple credit service.

A credit card is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. Consumers holding credit cards can shop or consume at specially appointed commercial service departments, and then the bank will make settlements with merchants and cardholders. Cardholders can overdraft within the prescribed limit.

The credit card stipulated in the relevant laws of our country ("Interpretation of the Standing Committee of the National People's Congress on lt; the People's Republic of China and the Criminal Law of the People's Republic of China; and the relevant provisions on credit cards") refers to a credit card issued by a commercial bank or other financial institution. An electronic payment card issued by an institution with all or part of the functions of consumer payment, credit loan, transfer settlement, cash deposit and withdrawal, etc.

On December 1, 2017, the "English Translation and Writing Standards in the Public Service Field" was officially implemented, stipulating that the standard English name of credit cards is Credit Card.

Reference materials:

Baidu Encyclopedia-Credit Card