Can I pay a credit card for the down payment of a house?

Nowadays, the cost of getting married is very high. Many people require buying a house before they can get married, but not everyone has a bulging wallet. Even if you take out a loan to buy a house, you still need to collect a down payment first. For this reason, many friends have begun to think about credit cards and want to know whether they can use a credit card to pay the down payment. Let me introduce it to you below.

1. Can I use a credit card to pay the down payment when buying a house?

Although it is still unclear whether a credit card can be used to pay for a house, logically speaking, the money in the credit card is a credit fund given to you by the bank. As long as you do not engage in illegal activities, It can be spent at will, such as for a down payment or something.

After all, buying a house is also a consumption behavior and is not illegal. Generally, as long as the sales department has a POS machine, you can buy a house with a credit card. After all, there is no regulation from the real estate company that POS machines can only swipe debit cards, so credit cards are also acceptable. (pS. There are no points for buying a house with a credit card. For those who want to buy a house but have no money to collect the down payment, it can be said to be very convenient to use a credit card to pay the down payment. It can avoid the trouble of running around and borrowing money to raise the down payment. . In addition, using a credit card during the interest-free period can also provide cardholders with a certain buffer period.

Except for a few banks that set card usage limits for real estate consumption, most bank credit cards are. It can be used to pay the down payment. But there are some things to pay attention to.

2. Things to note when buying a house with a credit card:

1. The down payment for buying a house is usually in the tens of thousands. , up to hundreds of thousands, but many friends’ credit card limits may only be tens of thousands. Therefore, if you want to use a credit card to pay a down payment of hundreds of thousands, obviously one card is not enough, so you can only swipe multiple cards to make up the money. Down payment.

2. Once the down payment for a house is refunded with a credit card, the refund time will be relatively long, so pay attention to the distance between the credit card payment date and the due date, and do not worry about the refund. If the payment takes a long time and becomes overdue, it will affect your personal credit.

3. When using multiple credit cards to make a down payment, be sure to remember the repayment time of each card clearly and ensure that the credit card debt is paid on the last payment date. Don’t make late payments, otherwise your own credit will be affected.

4. There are no points for paying the down payment of a house with a credit card. Credit card points cannot be accumulated for this type of consumption transaction.

5. Real estate credit card POS machines generally use UnionPay channels, so only UnionPay cards can be used, and single-currency cards cannot be used.

Can credit cards be used for the down payment of a house?

Yes. Yes. You can use a credit card to pay the down payment for a house. There is a handling fee for credit card consumption, but this handling fee is usually borne by the merchant, but this is not the case in house purchase transactions. The handling fee for credit card consumption needs to be borne by the cardholder. You still need to be cautious when taking out a loan, and consider your actual repayment ability.

Extended information:

A credit card refers to recording relevant information about the cardholder's account, and has bank credit lines and overdraft functions. Various media that provide relevant banking services to cardholders

Credit cards stipulated in my country's relevant laws ("Interpretation of Relevant Credit Card Regulations by the Standing Committee of the National People's Congress") refer to commercial banks or credit cards. Electronic payment cards issued by other financial institutions with all or part of the functions of consumer payment, credit loan, transfer settlement, cash deposit and withdrawal, etc.

Credit card consumption is a non-cash transaction payment method. No need to pay cash, repayment will be made on the billing date (BillingDate).

Credit cards are divided into credit cards and quasi-credit cards. Credit cards mean that the cardholder has a certain credit limit and can. A credit card in which you consume first and then repay within the credit limit; a quasi-credit card refers to a cardholder who deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, an overdraft can be made within the specified credit limit. Credit card. The credit card generally refers to a credit card.

The down payment is the minimum proportion of the first payment according to the national proportion when buying a house. Of course, the payment can be higher than this amount, but it cannot be lower than it. The remaining balance is borrowed from a bank loan.

From June 1, 2006, the down payment ratio of personal housing mortgage loans shall not be less than 30%.

Taking into account the housing needs of low- and middle-income people, the down payment ratio of 20% is still required for those who purchase self-occupied houses with a floor area of ??less than 90 square meters.

The amount of down payment is determined according to the country’s policies at the time. For example: a house of 30,000 yuan/square meter, a house of 100 square meters is 3 million yuan. So, 20% down payment is 600,000, 30% down payment is 900,000, and 40% down payment is 1.2 million.

The developer advances the down payment to achieve "zero down payment". This seems to be a "free lunch" but there are risks hidden behind it. A professor at the School of Economics at Shandong University said that in the face of frequent price cuts in real estate markets in various places, real estate companies are forced to adopt promotional measures to recover cash flow. There is no such thing as a free lunch. Developers advance down payments, and some have to repay interest, while others get back the profits by secretly raising housing prices, which in turn raises housing prices in disguise.

Can I pay the down payment of a house with a credit card?

Yes.

A credit card can be used to pay the down payment for a house. There is a handling fee for credit card consumption. However, this handling fee is usually borne by the merchant, but this is not the case in home purchase transactions. The handling fee for credit card consumption requires the cardholder. At your own risk.

Relevant knowledge supplement:

1. The advantages and disadvantages of credit cards.

1. Benefits of credit cards: Overdraft in advance can reduce financial pressure. Payment by credit card is convenient and fast. Credit card users can enjoy credit card preferential activities, such as full discounts and discounts.

2. The disadvantages of credit cards are that they easily lead people to spend blindly, and late repayments by cardholders will also have a negative impact on personal credit reports.

Sometimes you need money urgently but money is tight, you can use a credit card to overdraft in advance. This avoids the embarrassment of borrowing money from others but being rejected, reduces financial pressure, and the credit card can be used directly for hotels. Make reservations, pay by card, etc., so that even if you forget to bring cash when you go out, you can still spend normally, and credit cards have discounts in some aspects. For example, if you dine in a specific restaurant and pay with a credit card, you can enjoy full discounts. However, using a credit card will make people feel like "they are rich", which will lead to spending money like water, blind consumption, and finally not being able to pay back the loan, and late repayment will also have an impact on personal credit.

2. How to use credit card correctly?

Use credit cards in moderation, consume within a reasonable range that you can afford, avoid not being able to pay back the money due to excessive consumption, and develop good consumption habits. When using credit cards, you should also pay attention to the repayment period. You must repay before the repayment date. Frequent overdue repayments will affect your personal credit score, which will in turn affect other consumer behaviors. For example, people whose credit score has become black will not be able to buy train tickets.

3. Things to note when paying the down payment with a credit card.

1. Use a credit card to pay the down payment for a house. Since the down payment for a house is generally large, multiple credit cards will be required to meet the payment needs. So, if you want to use a credit card to pay the down payment for a house, you need to hold multiple credit cards.

2. If the credit card limit itself is not enough, you can apply to adjust the temporary limit. The scope of temporary limit adjustment for each bank's credit card is different. Some banks can adjust the limit based on 100%, while others can only adjust the limit. Turn up 80%. After applying for a temporary limit and paying the down payment by swiping the card, the cardholder needs to pay off the temporary limit in one lump sum before the current repayment date, and cannot pay it in installments.

3. Once the down payment for a house is paid with a credit card, the refund will take a long time. Therefore, you should pay attention to the distance between the credit card payment date and the due repayment date. Do not overdue due to a long refund time, which will affect your personal credit.

4. Credit cards must be repaid in full and in a timely manner. Cardholders must repay credit cards based on their ability to repay. Do not spend excessively in advance to avoid being unable to repay in time, causing the credit card to be overdue and subject to interest and late payment fees. , and even affect personal credit records.

5. There are no points for paying the down payment of a house with a credit card. Credit card points cannot be accumulated for this type of consumption transaction.

6. Real estate POS machines generally use UnionPay channels, so only UnionPay cards can be used, and single-currency cards cannot be used.

In short, the down payment can be paid with a credit card, but the home buyer must use it properly. If the credit card debt is not paid later, it will be himself who will be miserable in the end.

Can I use a credit card to pay the down payment for the house?

It is possible to pay the down payment by swiping a credit card.

There is a handling fee for credit card consumption, but this handling fee is usually borne by the merchant, but this is not the case in home purchase transactions. Developers take advantage of the home buyers' lack of funds and want to buy a house, and then require the handling fee to be borne by the home buyer. , home buyers who are eager to buy a house often accept this handling fee.

The down payment for a house is different from ordinary consumer goods. The amount is usually larger. Some people’s credit card limit is not high enough and it is difficult for one card to pay a large down payment, so they use multiple cards to make up for it. If the credit limit is insufficient and multiple credit cards are used for large purchases at the same merchant at the same time, it is easy for the bank to determine that there is arbitrage.

Cash-out itself is an illegal act. At worst, the bank will recover the funds and block the card, or at worst, the credit report will be included in the bad credit record. Some home buyers paid the down payment using multiple credit cards by increasing the temporary limit, expecting to be able to reduce the repayment pressure through subsequent installment payments of bills. However, real estate transactions cannot be paid in installments and can only be paid off in one go.

Take China Merchants Bank as an example. It clearly states on its official website that “cash advance transactions, installment transactions, real estate transactions, RMB funds that have been applied for foreign exchange purchases, and other transactions designated by the Bank cannot be accepted. "Apply for bill installment". If you fail to repay in time on the repayment date, your personal credit record will be stained, and the gain outweighs the loss.

Extended information:

Risks in paying down payment with credit card

1. The refund process is cumbersome and the risks are difficult to control

Purchasing a house It is good that everything goes smoothly in the process, but not all problems can be completely controlled by oneself. Once uncontrollable factors occur and the contract relationship breaks down, refund issues will be involved.

Even if the developer agrees to refund, there are usually cumbersome procedures, and the specific refund time is difficult to control. The time required for the entire refund process is likely to have exceeded the interest-free period of the credit card. , then the home buyer needs to make the repayment on his own first. If there is a problem with the capital chain at this time, then there will be a situation where the payment cannot be made.

2. Potential repayment risks of high leverage

Using a credit card to solve the problem of temporary insufficient funds, I successfully paid the down payment for the house. Although the down payment problem was temporarily solved, But then you have to face high repayment problems, not only the down payment, but also the bank commercial loan.

If the home buyer does not have sufficient funds on hand, it may be overdue in the process. The high leverage puts the home buyer under greater repayment pressure. If there is an emergency for himself or his family during the period, he needs money. , which is even worse.