Can a credit card be used as a down payment for a house?

Yes. A credit card can be used to pay the down payment of 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 needs to be borne by the cardholder. However, you still need to be cautious when taking out a loan and consider your actual repayment ability.

Extended information:

Credit cards refer to various media that record cardholder account information, have bank credit lines and overdraft functions, and provide cardholders with related banking services.

Credit cards stipulated in the relevant laws of our country ("Interpretation of the Standing Committee of the National People's Congress on Relevant Credit Card Regulations") refer to credit cards issued by commercial banks or other financial institutions with the functions of consumption payment, credit loans, transfer settlement , cash deposit and withdrawal and other full or partial functions of the electronic payment card.

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

Credit cards are divided into credit cards and quasi-credit cards. Credit cards refer to credit cards in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card It refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, the cardholder can overdraw within the prescribed credit limit. The so-called credit card generally refers to a credit card only.

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 implemented 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 across various regions, real estate companies are forced to adopt promotional measures to recover cash flow. There is no such thing as a free lunch. Some developers advance the down payment, and some have to repay the interest, while some get back the profits by secretly raising housing prices, which in turn raises housing prices in disguise.

Is it feasible to buy a house with a credit card? What should I pay attention to?

First of all, thank you very much for answering this question for you here. Let me lead you into this problem. Now let us discuss it together.

When using a credit card to buy a house, the first thing you need to face is whether the city and bank allow it. At present, control measures have been issued in cities such as Suzhou and other popular real estate cities, which do not allow credit cards to be used for down payments.

In fact, not allowing credit card overdrafts to buy houses is not only a need for government real estate regulation, but also a risk control measure for banks.

For example, buying a house requires a loan. If you also use a credit card as a down payment, it is equivalent to adding another layer of leverage. Banks may not allow this due to risk considerations.

And when buying a house with a large amount of credit card, most real estate developers will use a capped POS machine. The handling rate of capped POS machines is lower, which can save merchants a lot of handling fees for large transactions. However, using a capped POS machine to "swipe a card" for large purchases can easily be judged by the bank as a risky transaction, and it will be difficult to successfully apply for a credit card limit increase in the future.

After September 6, 2016, the debit and credit separation policy will be implemented in credit card rates. The new version of the credit card processing fee no longer implements a cap on credit card processing fees for the real estate, automobile, and wholesale industries, which means that there will no longer be a cap on the processing fee for credit card consumption in the future. The introduction of similar new policies may become another obstacle to buying a house with a credit card.

Using a credit card to buy a house to pay the down payment is a disguised "loan" and liability for the home buyer, but if you want to use the provident fund to repay this money, there may be a relatively large sum. It’s difficult, because it’s not easy to prove to the provident fund management center that the amount swiped through the POS machine was actually used to buy a house.

Therefore, when applying for repayment using provident funds, it is easy to be rejected.

There are still quite a lot of "risks" in using a credit card as a down payment to buy a house. Whether it is cost-effective or not, you still need to carefully consider. If using a credit card to buy a house gives you a month's interest-free period, and it helps you, that's good. But if you have financial difficulties and you don’t hesitate to buy a house at high interest rates, this is not worth advocating.

The answers to this question shared above are all personal opinions and suggestions. I hope the answer to this question I shared can help everyone.

I also hope that everyone will like my sharing. If you have a better answer to this question, please share it and leave a comment to discuss this topic together.

I am here at the end. I wish you all to work happily and live happily every day, live healthily every day, have a happy family and everything, make a fortune every year, and have a prosperous business. Thank you!

As bank housing loans continue to tighten, many people are focusing on credit cards and want to pay for their houses through the "curve" of credit cards. Purchasing a house with a credit card is the same as ordinary consumption in the same form and method. There is no need to make an appointment in advance or activate related services. As long as the user's credit limit is sufficient, no matter whether the down payment or the full amount is used, it is acceptable. Compared with credit card overdraft, credit card installment payment is more cost-effective. Credit card overdrafts not only require a handling fee ranging from 1 to 2, but also require an interest of 0.05%. In comparison, installment payment is more economical. Credit card house purchase does provide convenience for users who cannot apply for a loan, but it still has many shortcomings compared with loans in some aspects.

1. Low limit

Compared with loans, the biggest drawback of credit card house purchase is that the limit is not strong. The maximum credit limit for gold and ordinary cards is generally within 50,000 yuan, but not every cardholder can obtain such a high limit as 50,000 yuan. Generally, the credit limit for ordinary users is around 10,000 to 30,000 yuan. House prices are generally calculated in “millions”, and even just paying the down payment requires dozens of credit cards.

2. High fees

Although credit card installment does not have the trouble of interest, the cardholder needs to pay a handling fee to the bank. Compared with the loan interest rate, the proportion of the installment handling fee The higher it is, the greater the repayment pressure that cardholders will have to bear. Therefore, it is best for home buyers who are qualified to apply for a loan to avoid choosing a credit card to buy a house. In addition, although the credit card installment business solves an urgent need for "housing slaves", the interest rate is much higher than that of ordinary bank loans. Calculated based on the installment payment of 150,000 yuan, divided into 12 installments, the total handling fee in one year is 10,500 yuan, which is equivalent to an annual interest rate of about 7. The current benchmark interest rate for a one-year loan is about 4.9. In this way, the cost of purchasing a house will be It is much higher, so not everyone is suitable to buy a house with a credit card.

3. No points

Although some banks support credit card installment purchases, almost all banks stipulate that there are no points for the purchase when users use credit cards to purchase houses. Even though the depreciation of points has become a mainstream trend in the market, for those who use credit cards to buy houses, hundreds of thousands of points are not low in value.

Special reminder:

We suggest that if there is a shortage of funds for home purchase, it is not a good idea to use credit cards to make up for it. The first choice is to ask relatives and friends for help. If that doesn't work, It is best to get a loan from a bank. "Buying a house with a credit card" is a last resort.

In the context of continued real estate control, if home buyers use credit cards to purchase houses, some commercial banks no longer accept the installment payment business for this type of consumption. The credit card customer service of banks such as Industrial and Commercial Bank of China, China Construction Bank, China CITIC Bank, and Hua Xia Bank clearly stated that as long as the POS consumption terminal displays the purchase of a house or a parking space, payment by credit card in the field of bulk commodity wholesale cannot be applied for installment payment.

At the same time, the China Banking Regulatory Commission also requires strengthening the control of real estate loan risks, conscientiously implementing real estate control policies, implementing differentiated mortgage requirements, and strengthening list-based management and stress testing. If a user uses a credit card to "purchase a house" to pay the down payment, the consumer credit function of the credit card will undoubtedly be transformed into an inflow of funds into the real estate field, with immeasurable risks, and the current regulatory authorities are strictly controlling various risks in the real estate field.

It is basically not feasible to buy a house with a credit card. After the bank system recognizes that the merchant you are swiping your card from is a real estate merchant, it will not allow you to swipe your card successfully. Unless you cash out on other POS machines, the cost will increase a lot. The longest interest-free period for a credit card is 50 days. For a house worth 1 million, you need to pay a down payment of 300,000. If your credit card limit is less than 1 million, it is best not to spend the 300,000, otherwise the repayment pressure will be great.

If the funds to buy a house can be available in the short term, it is feasible: use a credit card to purchase and enjoy interest-free for a certain period, and use it to wait for the funds to be available or use your own funds for short-term financial management to obtain certain returns. It is not feasible if the funds cannot be provided in the short term: because the interest-free period of a credit card is short, it is close to two months at most, and the one-time repayment pressure is huge when it expires. If you make a credit card installment, you will face a certain proportion of installment fees and interest. (Usually higher than normal mortgage interest), and the installment period is short, usually up to three years, and the repayment pressure in each installment is high.

Now the state is focusing on controlling the flow of credit card funds into the real estate industry. Generally, credit card swiping has been restricted. You can still spend 10,000-20,000 yuan, but you cannot pay a down payment. Later, the lending bank will also check the credit report. , banks with credit card debts will also require you to repay them before they can grant a loan!

It’s not possible to buy a house with a credit card. Because you paid the down payment with a credit card first. In the next month, you will need to pay off your mortgage and credit cards. If your salary or savings are not enough to pay these two amounts. You may choose to use credit card installments and then cash out the money in the credit card. This will lead to a vicious cycle, resulting in more and more money owed to the credit card and more and more interest paid. The pressure will also increase. You may end up losing both money and house. The correct use of credit cards should be to relieve emergencies rather than to save the poor. If you can't control your desire for money, you will fall into the trap of credit card, borrow - installment - repay - borrow again - installment - repay again. So as to pay more money

Can I get a credit card loan to buy a house? Is it cost-effective to get a credit card loan to buy a house?

Buying a house can be said to be the first problem to be solved when getting married in the 80s and 90s, but for those who don’t have much savings, It is very difficult for people to buy a house, so some friends put their thoughts on credit cards and want to know if they can use credit cards to get a loan to buy a house. Let me introduce it to you below.

As we all know, a credit card is equivalent to a consumer loan provided by the bank to the cardholder. The cardholder uses the card to make purchases or withdraw cash within the available range of the credit card, so buying a house with a credit card loan can be regarded as taking Just go to the real estate company directly with your credit card to swipe the card for consumption. Of course, this must be done with policy support.

Can I get a loan to buy a house with a credit card?

In the credit card application contracts or articles of association of some banks, it is only required that the credit card shall not be used to invest in the stock market, futures market and other markets, and the credit card shall not be used for investment purposes. Tax evasion, debt evasion, cash withdrawal, production and operation overdraft and other illegal and illegal activities.

As for the issue of buying a house, there is no clear explanation, which means that a credit card can be used to buy a house. Many real estate companies also said that banks do not stipulate that credit cards cannot be used to purchase houses. It is actually very simple to use credit cards to purchase houses. Just swipe the card just like purchasing other goods.

How to get a loan to buy a house with a credit card

Although you can buy a house with a credit card, you still need to consider some issues when buying a house, such as whether it is better to swipe one credit card directly or use several credit cards. Collect money.

Here, it is recommended that when buying a house with a credit card, it is best to use 2 to 3 credit cards. After all, even the down payment costs tens of thousands of yuan. If you pay directly with one credit card, it will be easily controlled by the bank. Thinking that you are cashing out is not a good deal, but using multiple credit cards to pool the down payment can avoid this risk.

In addition, one advantage of using a credit card to buy a house is that you can apply for installments after the bill comes out to relieve financial pressure.

If the fixed limit is not enough, you can also call the credit card customer service to apply for adjusting the temporary limit. The temporary limit can generally be increased by 50-80. It should be noted that the temporary limit has a validity period. Generally, It is 1-2 months. After using the temporary limit, you cannot apply for installments, nor can you repay according to the minimum repayment amount. You must pay it off in one go.

No points will be accumulated when swiping a credit card to pay the down payment. Cardholders should also swipe the credit card according to their own repayment ability. Do not spend excessively in advance to avoid being unable to repay in time, causing the credit card to be overdue, and to bear interest and late payment fees, which may even affect the individual. Credit history.

Is it cost-effective to buy a house with a credit card loan?

Whether it is worthwhile to buy a house with a credit card depends on its expected annualized interest rate. Here is a comparison between the credit card bill installment rate and the expected annualized interest rate of ordinary bank loans.

Based on the installment payment of 150,000 yuan with Everbright Credit Card, divided into 12 installments, the total handling fee in one year is 10,500 yuan, which is equivalent to an annual interest rate of about 7, and the benchmark expected annual interest rate of a one-year loan is is 6.

It can be seen that although the credit card installment business can solve the urgent need, it is much higher than the expected annualized interest rate of ordinary bank mortgage loans.

This ends the introduction about credit card house purchase fees and why credit card house purchase fees are so high. I wonder if you found the information you need?