The difference between credit card and Huabei

There are three obvious differences between Huabei and credit card. Application for credit card is subject to strict review and depends on the age and job of the applicant. , academic qualifications, assets and other information to ensure that the applicant has good repayment ability before being approved for the card, while Huabei's requirements are lower.

1. The full name of Huabei is Ant Huabei. It is a consumer credit product launched by Ant Financial. After applying for activation, you will receive a consumption limit ranging from 500-50,000 yuan. When users are consuming, they can prepay Ant Huabei's credit and enjoy the shopping experience of "spend first, pay later".

2. Ant Huabei has gone beyond the Alibaba e-commerce platform and has integrated into more than 40 external consumer platforms: most e-commerce shopping platforms, such as Amazon, Suning, etc.; local life services Websites, such as Koubei, Meituan, Dianping, etc.; mainstream 3C official malls, such as LeTV, Haier, Xiaomi, OPPO and other official malls; and some overseas shopping websites.

3. For young users, the attraction of Ant Huabei is that they can make purchases with credit limit, and the interest-free period can be up to 41 days. Among Ant Huabei users, trendy girls and foodies have become the main force. Data shows that among the products purchased using Ant Huabei, fashionable women’s products such as women’s clothing, accessories, beauty and skin care, women’s bags, and women’s shoes account for more than 20%; food products such as snacks, specialties, and beverages rank 10th. Two; followed by digital products, maternal and infant products, etc.

Fourth, the data also shows that users use Ant Huabei to complete more transactions through mobile phones, and their mobile transactions account for 60%. At present, Ant Huabei has implemented all mobile application operations, including function activation, bill inquiry, repayment, etc. Today, as mobile payment becomes increasingly popular, Ant Huabei is expected to become a killer mobile payment application.

5. Ant Huabei’s quota is granted based on the user’s accumulated consumption, repayment and other behaviors on the platform. Users’ various behaviors on the platform are dynamic and changing, and the corresponding quota is also dynamic. , when the user behaves well within a period and complies with the quota increase policy, the corresponding quota may be increased. Ant Huabei cannot be opened or raised through others. Please do not trust others and leak personal information.

6. The 9th of every month is the repayment date for Huabei. Users need to pay off the Huabei bills that have been generated on the repayment date. On the due date of repayment, the system will automatically deduct the balance of Alipay account, Yu'E Bao (requires Yu'E Bao deduction function), and debit card quick payment (including card) to repay the unpaid portion of the bill. You can also take the initiative to make repayments. To avoid overdue payments, please ensure that your Alipay account has sufficient funds. If the payment is overdue, a late fee of 0.05% will be charged per day. The difference between credit card and Huabei

The difference between credit card and Huabei: 1. The threshold for applying for Huabei is lower than that for credit cards; 2. Some Huabei users have not yet accessed the credit reporting system, and all credit cards have access; 3. You can repay in installments after use, but the installment rates are different. Furthermore, Huabei provides deferred repayment, which is not supported by credit cards; 4. There are certain differences in the scope of use, etc.

Credit cards and Huabei must be repaid on time after use. Overdue repayment is not allowed, because overdue repayment will accrue penalty interest, and the longer the time, the greater the penalty interest. Moreover, collection will be carried out after the due date. A common collection method is to call the borrower's phone number and continue to collect the money until the user returns it.

When Huabei is activated for the first time, the billing date given by the system is the 1st of each month, and the repayment date is the 9th or 10th of each month (whichever is displayed). After one year, you can apply to change the repayment date to the 15th or 20th, and the billing date to the 5th or 10th.

The credit card statement date and repayment date can be adjusted according to your actual situation. There is no time limit. However, there are limits on the number of adjustments per year, and different bank regulations vary. In order to avoid using credit cards or making late repayments on Huabei, you must measure your repayment ability and know what aspects of income to use for repayment.

Version information: Take Alipay version 10.2.60.8000, Apple 13 (IOS15.4.1 system), Huawei mate40 (HarmonyOS2 system) as examples. The difference between Alipay credit card and Huabei

There are three obvious differences between Huabei and credit card:

1. Application threshold

As we all know, credit card The application is subject to strict review, and the card applicant's age, job, education, assets and other information are required to ensure that the applicant has good repayment ability before the card is approved. The threshold for Huabei is relatively low. The performance is particularly obvious in the review of college students. Credit card applications for college students are subject to strict review, and the credit card limits launched by banks specifically for college students are not high, and the initial limit may even be 0. In contrast, Huabei does not have as high requirements as bank credit cards. You only need to fill in the information on Alipay to apply, or you can open it with a Sesame score of 500 or more.

2. Convenience of use

1. Applicable scenarios: The credit card center has strategic preferential cooperation with many merchants, and discounts can be provided for card consumption in specific scenarios. Nowadays, mobile payment consumption through APPs of banks such as China Merchants Bank and Communications Bank is also very convenient. Huabei has joined more than 40 e-commerce platforms, such as Meituan, Amazon, Jumei Youpin, etc., and has connected with many merchants that accept Alipay payments.

2. Interest-free period: Huabei’s longest interest-free period is 41 days. Credit card regulations vary according to each bank’s interest-free period, which can be up to 60 days.

3. Repayment methods: Different repayment methods, Huabei and credit cards, each have their own advantages. If you choose bill installment, most banks' installment fees are lower than Huabei. But if you choose the minimum repayment, Huabei’s minimum repayment will calculate the interest on the unpaid amount, which is more cost-effective than the bank calculating the interest on the full amount.

3. Credit reporting

Currently, Huabei has not yet accessed credit reporting. Compared with credit cards, everyone knows that the credit report is already on when you apply for a card, and you should be extra careful about credit issues when using it later. Because Huabei "consumes first, repays later", many people sometimes use it without restraint, resulting in not being able to pay back the money. Others simply refuse to pay it back. Huabei is currently not connected to the central bank's credit reporting center, so overdue records will not be uploaded to the central bank's credit reporting center. However, Huabei’s overdue negative records will be reported to Zhima Credit, which may affect Zhima Credit scores. In addition, when Huabei is overdue, corresponding overdue fees will be incurred, which are generally charged at an interest rate of 0.05% per day. Is Huabei the same as a credit card (debit card)? What's the difference?

Huabei and credit cards (credit cards) are different. The specific differences are:

1. Different definitions: Credit cards (credit cards) are issued by banks with overdrafts Functional bank card, and Huabei is a consumer credit loan product launched by Ant Financial;

2. The usage records of credit cards (debit cards) are all uploaded to the central bank’s credit reporting system. If Overdue or cash withdrawals will be recorded in the personal credit report, which will have an impact on your credit. It will not be easy to apply for a mortgage or car loan at the bank in the future. Huabei mainly relies on Zhima Credit. Generally speaking, overdue situations are not If it is particularly serious, the credit report will not be submitted;

3. Credit cards (debit cards) can withdraw cash, but Huabei does not support cash withdrawal.