Can I save money in a credit card?
A credit card can save money, but it cannot be used like a memory card.
You can deposit money with a credit card, but you can only use the card to make purchases after depositing, and there is no interest on the deposit. Withdrawing money is regarded as a cash advance by credit card. A handling fee is charged but no interest is charged. In addition, according to the regulations of the People's Bank of China You can only withdraw 2,000 yuan or the equivalent in RMB per day with a credit card. For example, with a China Merchants Bank credit card, there is no interest on the deposit, which is equivalent to an interest-free debit card.
It is not recommended to use a credit card or debit card as a savings card.
Not to mention no interest, other fees may be incurred, and there are many withdrawal restrictions.
Many banks now offer no charge for opening a savings card, and there is no annual fee for deposits above a certain amount. It is recommended to use a savings card to save money, which is more convenient and cost-effective.
Can I save money with a credit card?
You can save money with a credit card. The funds deposited into the credit card are called overpayments. This part of the funds will not generate interest and will be There will also be a handling fee when you withdraw the money. It is recommended that you try not to use credit cards to save money.
However, some banks have already canceled the handling fees for overpayment retrieval. For example, Bank of China, China Construction Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of Communications, Minsheng, China Everbright and other local banks are exempt from handling fees. However, since it does not accrue interest, credit cards are still suitable for saving money.
Extended information:
1. Credit card, also called credit card, is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. It takes the form of a card with the name of the issuing bank, validity period, number, cardholder name and other contents printed on the front, and a magnetic stripe and signature strip on the back. 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.
2. Credit cards stipulated in the relevant laws of our country ("Interpretations of the Standing Committee of the National People's Congress on Relevant Credit Card Provisions") refer to credit cards issued by commercial banks or other financial institutions with the functions of consumption payment, credit loans, An electronic payment card with full or partial functions such as 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 CreditCard.
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).
3. 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 cards A debit card refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve as required. When the reserve account balance is insufficient to pay, the card can be overdrawn within the specified credit limit. The so-called credit card generally refers to a credit card only.
Starting from January 1, 2021, the credit card overdraft interest rate will be determined independently by the card issuer and the cardholder through independent negotiation, and the upper and lower limit management of credit card overdraft interest rates will be cancelled. The daily interest rate is 0.7 times 5/10,000).
On May 25, 2021, the Supreme People’s Court issued and implemented the “Regulations of the Supreme People’s Court on Several Issues Concerning the Trial of Bank Card Civil Cases.”
Can I deposit money into a credit card?
Of course you can go to the bank and deposit money into your credit card. You can deposit as much as you want, but it is best not to exceed the limit.
Some people are used to putting more money into the card when repaying their credit card. However, there is actually no interest for the extra money (overpayment) stored in the credit card; if you want to withdraw it, you may need to pay a certain fee.
Each bank has different standards for withdrawing overpayment fees:
The most lenient regulations are Guangfa Bank. As long as the cardholder withdraws the overpayment within the country, Regardless of whether it is through bank counters or ATMs, whether within the bank, across banks, locally or in other places, handling fees are waived. At ICBC, China Construction, China Communications, Minsheng, Huaxia, Everbright and other banks, no handling fee is charged for withdrawing credit card overpayments through local bank counters or ATMs.
For China Merchants Bank credit card, if you apply for overpayment cash withdrawal at the counter, you will be charged a handling fee of 1% of the withdrawal amount, with a single handling fee capped at 50 yuan; if you use an ATM machine, the handling fee will be the same.
If you use a Shanghai Pudong Development Bank credit card and bring your credit card and ID card to the Shanghai Pudong Development Bank counter to withdraw the overpayment, the handling fee will be waived. However, if you handle this business at our bank's ATM machine, you will be charged a 0.5% fee. The handling fee is a minimum of 5 yuan per transaction; when handled at other banks' ATM machines, the handling fee is 3%, with a minimum of 30 yuan.
Industrial Bank's credit card overpayment withdrawals also require a 0.5% handling fee, with a minimum of 5 yuan and a maximum of 50 yuan. The daily limit for cash withdrawals from ATM machines is 20,000 yuan.
In addition, banks such as Ping An, Postal Savings Bank of China, Agricultural Bank of China, and CITIC also charge a handling fee of 0.5% to 2% for cash withdrawals from overpayments.
Tips: Transfer excess payment to a debit card first
In fact, there is a shortcut to withdrawing the extra money saved in your credit card. That is: transfer the money from your credit card to your savings card.
Users of Shanghai Pudong Development Bank and Bank of Communications credit cards can transfer the overpayment from their credit cards to the debit card of the bank under their name through telephone banking customer service. The funds can be credited within one day and no formalities are required. fee. China CITIC Bank also stipulates that if you transfer excess payment to a savings card in your own name through online banking, there will be no handling fee.
However, some banks also charge handling fees for this curved way of saving the country. For example, with a China Merchants Bank credit card, if the cardholder applies to transfer the overpayment to his or her savings card through telephone banking, he or she needs to pay a 0.5% handling fee, with a minimum starting fee of 5 yuan and a maximum cap of 50 yuan.
Can I deposit money on a credit card?
You can save money with a credit card. Although you can save money, there is no interest because the main purpose of a credit card is for consumption, not deposits and withdrawals. The money stored in the credit card is called overpayment. There is usually a handling fee for withdrawing the overpayment, but some banks will also waive the handling fee for overpayment withdrawal.
If there is an overpayment on the credit card, the credit limit will be increased, and this part of the money will be deducted first when making purchases. The credit limit will be deducted after the overpayment is deducted. When the consumption is less than the overpayment, the credit card will not be overdrawn. You can also directly swipe the credit card to use the money when shopping until the money is used up. Neither of these two methods of handling overpayments will incur interest or handling fees.
Credit cards are very practical for today’s young people, because credit cards can meet their consumption philosophy, which is to consume first and then repay later, so most people go out for shopping or shopping. When we travel, we usually carry our own credit cards to buy things or swipe the card. When we swipe the card, we feel more handsome, but we cannot just swipe the card to consume. We should consume rationally and not blindly.
Although credit cards can bring us benefits and solve our money problems in a timely manner, we must pay attention to reasonable consumption, otherwise we will be faced with the situation that the credit card cannot be repaid in time. Overdue phenomena occur. If we fail to repay in time after the due date, we will face the phenomenon of poor personal credit, so we should avoid such phenomena from happening.
We must clearly understand that personal credit reporting is very important, as it represents a person’s economic strength. If the economic strength is not good, it will affect our future loan behavior. When we When we buy a house and then get a loan, or when we buy a car and get a loan, we will face the bank's refusal to lend us money.
Can I deposit money with a credit card?
Can I deposit money with a credit card?
1. Credit card deposits refer to the money that enterprises deposit into bank credit card accounts in accordance with regulations to obtain credit cards. Refers to the amount of money that an enterprise deposits into a special bank credit card account in order to obtain a credit card;
2. Credit cards can deposit cash, but standard credit card deposits have no interest, and payment procedures are required to withdraw the deposited money. fee (this situation is called overpayment recovery). However, there are also some special cards with savings functions, so before applying for a credit card, you must read the terms and be aware of them.
A credit card can be used without depositing money, but a debit card (deposit card) can be used only after depositing money. With a credit card, the bank first lends money to the cardholder for consumption, and the cardholder then returns the money to the bank within a specified period of time. A credit card, also called a credit card, is a non-cash payment method and a simple credit service. The bank will issue it to the cardholder based on the user's creditworthiness and financial resources. The cardholder does not need to pay cash when using the credit card, and will repay according to the bill on the repayment date.
Features of credit cards:
1. Compared with ordinary bank savings cards, the most convenient way to use them is that they can be used for ordinary consumption without cash in the card.
2. You can use overdrafts without deposits, and enjoy an interest-free period of 20-56 days. No interest will be charged for on-time repayment (most banks will charge an interest of 50,000 cents on the day of withdrawal) and handling fees);
3. It is safe and convenient to swipe the card when shopping, and points will be given as gifts;
4. You can enjoy discounts when using the card at the bank's special merchants;< /p>
5. Accumulate personal credit;
6. Have a validity period: It is known that the validity period of domestic credit cards is generally three or five years.
Can I save money with a credit card?
You can save money. The credit card itself has the basic functions of a general bank card. Therefore, the credit card can be inserted into an ATM machine to save money like an ordinary debit card or savings card, or it can be transferred through transfer. The money is transferred to the bank card.
But it should be noted that the credit card itself has a limit given by the bank. If the money we deposit exceeds the credit limit, after spending or withdrawing cash on the credit card, the used limit will be topped up first, and then the amount used will be topped up. There is a form of overpayment.
The difference between depositing money with a credit card and a bank card
1. The bank will not give interest when depositing money with a credit card. Therefore, if you save money with a credit card, you may not get a cent of interest for two or three years. But if you put it in a bank card, it will be different. Interest will be settled every month at the base rate. In addition, cash withdrawals with bank cards are free of charge. Credit cards also charge a cash withdrawal fee, which is 1% to 2% of the cash withdrawal amount.
2. The money in the credit card may become bad debts, affecting your credit. After depositing money into a credit card, be sure not to leave it alone. If the credit card has not generated any transactions for more than 180 days, even if it is not overdue, it will affect your credit. It may be treated as bad debt by the bank and reported directly to the central bank for credit reporting. Leaving a bad debt record is much more serious than being overdue.
Function of credit card
1. Swipe card for consumption
The most direct function of credit card is to swipe card for consumption. Users can use credit card in stores, hotels, airports, convenience stores Waiting for consumption in other places, and the more they consume, the more banks like such users. It is best to achieve a monthly consumption limit of 70% of the credit limit of the credit card.
2. Withdraw cash
Credit cards also have the function of withdrawing cash, but using these functions requires certain handling fees and interest. The handling fee is generally about 1% of the cash withdrawal amount. Different banks There is a difference; interest income is generally collected on a daily basis, and the daily interest rate is 0.5%. Generally speaking, the interest paid for cash withdrawals with credit cards is relatively high.
3. Installment payment
Credit cards have the function of installment repayment. If users have difficulties in repaying after using the credit card, the user can use the installment repayment function. However, Users are required to pay a certain handling fee, which is calculated based on the number of installments. Users can repay in advance after handling the installment repayment, which can save a lot of handling fees and the credit limit will be restored in real time.
4. Remittance
Credit cards have the function of remittance. For example, when cardholders spend money abroad, they can repay or recharge at home, so that users can consume with confidence. There is no need to worry about insufficient funds or missing the repayment date. This function is beneficial to users when traveling.
This is the end of the introduction about whether you can save money with a credit card and whether you can save money in a credit card. Did you find the information you need?