Why can’t I transfer money after my credit card is activated?

Currently, credit cards are becoming more and more common. Everyone who has used them knows that generally credit cards have a minimum interest-free period of 25 days and a maximum of 56 days. This period is also called the "interest-free period". To put it simply, it means borrowing as much as you want. Pay back as much as you want without paying extra interest. But can a credit card be used to transfer money to others?

Why can’t I transfer money by credit card?

If the credit card cannot be transferred, it may be due to the following reasons:

1. The transfer amount has exceeded the overdraft withdrawal limit stipulated by the card-issuing bank. For example, China Construction Bank stipulates that the daily limit per card for mobile banking and personal online banking channels is 20,000 yuan, and the monthly limit is 50,000 yuan.

2. All the cash withdrawal limit in the card has been withdrawn, but the customer has not yet repaid, so there is currently no cash withdrawal limit in the card, so transfers cannot be performed. However, as long as the customer repays the loan on time and the credit limit is restored later, the transfer can be made.

3. The status of the card is different. The magnetic stripe/chip may be damaged; or the account may be frozen by the card-issuing bank, resulting in temporary unavailability. If there is a problem with the receiving bank card, the transfer will not be successful.

4. Credit cards cannot transfer funds to each other. If customers want to transfer money, they can only transfer it to a savings card, which is actually equivalent to a cash advance.

5. The online banking/mobile banking system is busy and is undergoing repairs due to malfunctions.

6. The operation speed is too fast, resulting in timeout.

7. The network connected to the device is not good.

Can credit cards be used to transfer funds?

Credit cards cannot be used to transfer funds, even if a third-party payment is bound. Credit cards can only be used for swiping purchases, and can also be used for online shopping; however, when using a credit card for online shopping, many banks' credit cards will not generate points, but will count the number of swipes.

Credit cards do not have the function of transferring funds. Generally, savings cards have such a function. In normal times, credit cards can withdraw cash, but this kind of cash withdrawal requires a certain cost. There are usually cash withdrawal fees and interest. The cost paid by cardholders for cash withdrawals is relatively high.

Nowadays, many banks’ credit cards have the function of withdrawing cash online. Users can withdraw money from their credit cards to their debit cards, and then transfer money through the debit cards. Withdrawing cash online is the same as withdrawing cash, both require users to pay a certain cost.

The money in the credit card cannot be withdrawn to third-party payment platforms, such as Alipay; even if the credit card is bound to Alipay, it cannot be withdrawn to Alipay. After the credit card is bound to Alipay, it can only be used for online shopping or payment by scanning QR codes. When using, this is something everyone needs to pay attention to.

Can credit cards be used to transfer funds?

Credit cards cannot be used to transfer funds to others. The function of a credit card is mainly consumption, supplemented by cash withdrawal, and cannot transfer money, so cardholders cannot use the credit card to transfer money to others. Credit cards also have certain restrictions on cash withdrawals. Usually, the maximum cash withdrawal limit can only be 50% of the credit limit of the credit card. And cash withdrawals also require interest and handling fees.

The credit card limit is a credit limit granted by the bank based on the applicant's comprehensive personal situation. The cardholder can only use the credit card limit for consumption or cash withdrawal. The function of the credit card is based on consumption. Cash withdrawal is the only option and transfers are not possible.

If you want to transfer the money in your credit card to others, you can only withdraw the money through the credit card cash withdrawal function, and then deposit it into your own debit card or third-party payment platform before you can transfer the money to others. However, there is a limit to the existing limit and a certain fee will be charged.

Usually, the maximum credit card cash withdrawal limit is 50% of the credit limit. Only a few credit cards have a cash withdrawal limit that can reach 100% of the credit limit. Moreover, credit card cash withdrawals cannot enjoy the interest-free period. Cardholders need to start from the day of cash withdrawal. , the cash withdrawal interest is paid according to the daily interest rate of 0.05 on the cash withdrawal amount. In addition to the cash withdrawal interest, the cardholder also needs to pay a cash withdrawal handling fee. Different banks have different credit card cash withdrawal handling fees, usually the rate is around 1-3.

That is to say, if you want to withdraw cash through a credit card and then transfer it to a friend, you will need to pay a handling fee of about 100 yuan to 300 yuan to withdraw 10,000 yuan.

A credit card is a kind of credit card. It is a payment tool provided by banks to eligible cardholders for early consumption. Credit cards do not have a transfer function, so they cannot be transferred to others. We use credit cards to swipe payments. The bank's money is not your own money. Banks issue credit cards to encourage people to use their cards to spend more, rather than to allow credit card holders to withdraw cash. Therefore, credit cards can only enjoy the interest-free period after swiping their cards to make purchases and repay the money on time, while withdrawing cash with credit cards Not only do you need to pay interest, but you also need to pay cash withdrawal fees.

That’s it for the introduction of why credit card cannot be transferred.