Over the weekend, the annual "Double Eleven" shopping festival has just passed, and I believe many friends are indispensable for shopping. Unlike in the past, credit payment is so common today that in many cases it has even become the first choice of payment method.
In such a hand-shopping festival where everyone is carnival, it is inevitable to buy some big items, and usually they will choose to use credit card to pay. After all, I don’t seem to feel bad about spending the borrowed money. Only when the bill comes out and I need to repay it, I realize that I have spent so much money, which makes me feel painful.
At this moment, someone comes to your door to help you pay off your credit card. The interest rate is cheaper than that of the bank. Do you want it?
Perhaps you have not encountered this type of platform, but in fact the credit card reimbursement business has grown by leaps and bounds this year, and many have even entered the capital market.
This so-called credit card reimbursement business actually means that the platform helps you repay your credit card, and your original credit card debt is transferred to the platform. In other words, these platforms help you pay off your credit card in one lump sum, and then you Just return it to the platform in installments.
Then the question arises. Banks also have installment business. Why do they need to use credit cards for repayment?
The reason is simple: "cheap"!
Usually such credit card reimbursement platforms mainly promote their platform's low rates, high credit limits and fast disbursement to attract customers.
Next, let’s take a look at the plan of a certain credit card reimbursement platform.
If you borrow 10,000 yuan in 3 installments, you will save 116 yuan compared with the bank, if you borrow 6 installments, you will save 203 yuan, and if you borrow 12 installments, you will save 372 yuan than the bank.
Using IRR to calculate the actual interest rate, the results show that the interest rates for 3 periods, 6 periods, and 12 periods are all 10.95. Compared with the interest rates of banks that often exceed 15, it seems to be a lot more cost-effective.
But is this really the case?
Not necessarily! First of all, I believe that the interest rates given by the calculator must be the most favorable interest rates, otherwise how would it be attractive?
From the picture above, you can see a line of small words at the bottom: "The actual rate is calculated according to the applicant's credit rating, and the calculator is for reference only." This means that the final interest rate may be higher than the calculator. Much higher.
Secondly, the above picture is just a single case of a certain platform. The policies of different platforms may be different. For example, some platforms may charge additional fees similar to service fees. Taken together, some platforms may actually Not much cheaper than banks.
However, for these compensation platforms, their business is actually to rob bank installment business. Low rates can be said to be their only advantage. Therefore, they are completely untrustworthy.
Of course, there are still certain risks for individuals using such platforms.
The most obvious risk is credit reporting, because although the reimbursement platform is nominally a credit card repayment agency, it is actually a kind of loan.
Since it is a loan, the platform will definitely check your credit report, and every time the institution inquires about your credit report, it will be recorded. Generally speaking, there will be a record of the reasons for inquiries on your credit report in the past two years. So, if an institution frequently inquires about your credit report, when you need a large loan (such as buying a house or a car), the bank may deny the loan after looking at the credit report.
Therefore, for these credit card reimbursement platforms, I personally recommend not to use them unless it is a last resort. Even if you want to use them, you must calculate the actual interest rates in detail and don’t be fooled by the platform’s word games. Fooled.